GLASTONBURY, Conn. --- Open Solutions Inc., a leading provider of integrated enabling technologies recently joined New Jersey-based Information Strategies Inc., to co-host an event for financial institutions on Health Savings Accounts in Washington, D.C.
Some 70 senior executives from major HSA custodial institutions, insurance companies, community banks and credit unions representing more than 95% of all U.S. HSA account holders attended the briefing and luncheon.
"Open Solutions was very happy to co-sponsor this event with Information Strategies Inc. for a second year in a row," said Open Solutions Corporate Financial Solutions Vice President/General Manager Rob Pinataro. "Although still a relatively new market, there is increasing interest in High Deductible Health Plans and Health Savings Accounts as a means of reducing the costs of high quality healthcare. We look forward to working with the healthcare and financial industries to bring these visions to reality."
This year's HSA briefing and luncheon focused on recent legislation proposals, trends affecting the HSA market, and the commitment level to HSAs of the political parties involved.
Keynote speaker at the briefing was Keith Hennessey, deputy assistant to the president on Economic Policy, National Economic Council, who spoke about the strong belief and commitment the current Administration has in HSAs and expressed delight at the way the HSA market has taken off and wants it to continue to flourish. He also reinforced the commitment for system changes such as the proposed new standard tax deduction for health insurance that would provide everyone with equal treatment when it comes to purch- asing health insurance.
Joining Hennessey was Howard Radzley, acting deputy secretary, Department of Labor and William Thomas Reeder, benefits tax counsel, Office of Tax Policy, Department of the Treasury. Radzley discussed how the Administration wants a health insurance system that is based on individual freedom of choice as well as removing the barriers from HSA adoption by employers.
According to Reeder, new guidance will be released within the next two months addressing comparability rule inconsistencies with respect to contributions, and a Q&A document that will address frequently asked questions.
Following the briefing, a luncheon was held for attendees to further examine HSA-related issues. Addressing the group were Jon Sheiner, chief health care advisor to Rep. Charles Rangel (D-N.Y.), chairman of the House Ways and Means Committee, and Brendan Dunn, legislative assistant to Sen. Orrin Hatch (R-Utah).