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The Public Health Insurance Marketplace

One of the most impactful changes provided under the Affordable Care Act was the establishment of public health insurance exchanges, or marketplaces. Health saving accounts (HSAs) are a perfect companion to health insurance purchased on private insurance exchanges. If your clients buy insurance on a public insurance exchange, they can keep their HSAs or even open one at HSA Bank, should they not have one already.

Though this new world of health insurance has caused confusion for some, one constant is the HSA Bank Health Savings Account. As always, should the insurance plan your client purchases on the new public exchanges be considered a high deductible health plan, they can continue to fund their HSA Bank HSA up to the allowable limits, which in 2017 are $3,400 for a single plan and $6,750 for a family plan. In 2018, maximum contributions will be $3,450 for a single plan and $6,900 for a family plan.

Your clients benefit greatly by keeping their HSAs with HSA Bank's industry leading customer service, 24/7 account accessibility, and the industry's best, easy-to-use investment options.

It is worth noting that the deductibles required for a health plan to be eligible for the HSA companion are a minimum of $1,300 for individuals and $2,600 for families. Out-of-pocket costs, to include deductibles and copayments, but not premiums, are limited to $6,550 for an individual and $13,100 for a family. Beginning in 2018, annual out-of-pocket expenses will be limited to $6,650 for individuals and $13,300 for families. In most public exchanges, the bronze plans are most often HSA eligible, though some silver plans may also qualify. While shopping, there will be a designation that the account is HSA compatible somewhere near the top of the plan listing.

Using the HSA Plan Setup, sign up clients today for HSA Bank's HSA program.

To sign up clients for HSA Bank's FSA, HRA, or Commuter Benefits, find and contact your Regional Vice President of Sales for assistance.