Changes to Personal Spending Accounts Beginning January 1, 2011
With the passage of national health care reform, important changes have been made to Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), and Health Reimbursement Arrangements (HRAs).
The law impacts a number of areas in all three types of accounts, including reimbursements and withdrawals, and reimbursements for over-the-counter (OTC) medications and products. This article outlines some of those changes.
For more information about these changes, please contact your FSA/HSA/HRA account administrator.
HSA Limits for 2011
The Internal Revenue Service has set the contribution and other limits for Health Savings Accounts for 2011 at the same level as 2010.
|2011 Limits for HSAs and High-Deductible Health Plans|
|High-deductible health plan minimum deductible amounts||Individual: $1,200 / Family: $2,400|
|High-deductible health plan maximum out-of-pocket amounts||Individual: $5,950 / Family: $11,900|
|HSA statutory contribution amount||Individual: $3,050 / Family: $6,150|
|HSA catch-up contributions (age 55 or older)||$1,000|
To learn more, please see the following resources:
Account Administrator Information
Bank of America
Administers HSAs, HRAs, and FSAs. A Bank of America account provides competitive monthly fees with no setup charges, robust online portals for employers and members, comprehensive support for questions about account funding and investment options, and more.
Administers HRAs and FSAs. Members with an HRA and/or FSA through Benefit Concepts have access to online tools that allow them to view and submit claims, manage PSA account balances, access forms, documents, and other tools.
Wells Fargo Health Benefit Services
Administers HSAs. Wells Fargo, a highly recognized financial services company offers a competitive rate, employer and employee portals to manage HSA account activity, and a strong service and account management support team.
This information is provided for informational purposes only and does not constitute legal advice. Please consult your legal counsel regarding your specific situation.
Please note that this content is only intended to describe national health care reform requirements under the Patient Protection and Affordable Care Act (PPACA). It does not address Massachusetts law requirements or the potential impact of Massachusetts law on federal PPACA requirements.
For purposes of PPACA implementation, Blue Cross Blue Shield of Massachusetts assumes the plan year is the policy year, unless an account notifies us otherwise.