WASHINGTON — A recent Government Accountability Office report finds that the jury is still out on Health Savings Accounts.
HSAs are tax-free savings accounts that can be used to pay for medical expenses including prescription and over-the-counter drugs incurred by individuals, spouses or dependents. These accounts are accompanied by high-deductible comprehensive insurance policies that cover preventive care and larger medical bills. Unused HSA money rolls over from year to year and can then be used to pay for medical care up to the plan's deductible.
With research gathered from a mix of IRS data on HSA withdrawals and three large employers, the GAO report, Early Enrollee Experiences with Health Savings Accounts & Eligible Health Plans, finds that although focus group HSA-eligible enrollee participants generally reported positive experiences with their plan, most would not recommend these plans to all consumers.
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