PSCA Forms New Committee Focused on Health Savings Accounts
The Plan Sponsor Council of America (PSCA) announced today that it has created a new committee to address Health Savings Accounts (HSAs) as they relate to plan management and participants’ overall financial wellness and retirement readiness. The use of HSAs has grown dramatically the last 5 years with double the assets held in accounts in 2016 over 2012 and is likely to climb further. In fact, the proposed American Health Care Act, the House GOP’s health plan to replace the Affordable Care Act, increases the savings limits to HSAs to match the high deductible health plan limits of $6,550 for an individual and $13,100 for a family.
“Increasingly, health savings accounts are seen as another way to save and prepare for retirement,” said Tony Verheyen, Executive Director for PSCA. “This new committee will help direct research and share best practices so that our plan sponsor members can make the most of their firms’ HSA benefits.”The new committee will be chaired by Tom Gordon, HR Director, Total Rewards, Aon. Other preliminary committee members include Heather Cambray, Greatland Corporation, Carla Nelson, Robert W. Baird & Co., Inc., Pat Jarrett, Health Savings Administrators, Kelley Long, Financial Finesse, and Karin Rettger, Principal Resource Group Inc.
“In the coming months, we will look to refine the committee’s focus and add other interested members to this committee,” said Tom Gordon, committee chair. “Plan sponsors are always looking to collaborate and gain better insight in order to help achieve optimal wellbeing and performance for employees and the organization.”
PSCA is launching its first-ever snapshot survey on Health Savings Accounts to begin identifying and tracking common plan design features and administrative practices. As with PSCA’s other reports, the survey findings will provide benchmarking data to plan sponsors. The findings will be released in conjunction with PSCA’s 70th Annual National Conference.