b&e Newsletter: Application of ERISA to Health Savings Accounts

Health Savings Accounts (“HSAs”) – created by the Medicare Modernization Act (“MMA”) signed by President Bush on December 8, 2003 – are designed to help individuals pay for current health expenses and save for future qualified health expenses on a tax free basis. In enacting the MMA, Congress recognized that HSAs would be established in conjunction with employment based health plans, but failed to address the application of the Employee Retirement Income Security Act of 1974 (“ERISA”) to HSAs. This client update provides guidance regarding the application of ERISA to HSAs…

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