Treasury Department, IRS Release New Guidance on HSAs
The Treasury Department and the Internal Revenue Service released Notice 2008-59, which provides employers and employees with a new set of formal questions and answers on Health Savings Accounts (HSAs).
Since HSAs were created as part of the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, Treasury and the IRS have issued a large number of formal guidance items containing questions and answers on HSAs. Notice 2008-59 contains more than 40 new frequently asked questions and answers that cover a wide range of topics, including:
Who is an Eligible Individual;
Issues related to High Deductible Health Plans;
Contributions to HSAs;
Distributions from HSAs;
Establishing an HAS;
Establishing an HSA; and
To view the 28-page document, go to www.discoverybenefits.com/forms.aspx?permalink=299 and click on the PDF icon. The principal author of the notice is Leslie R. Paul of the Office of Division Counsel/Associate Chief Counsel (Tax Exempt and Government Entities); she can be reached at (202) 622-6080 (not a toll-free call).