A few weeks ago, the Securities and Exchange Commission (SEC) issued an informational bulletin (Bulletin) on Health Savings Accounts (HSAs). The Bulletin provides a basic overview of what an HSA is, the tax-advantaged benefits an HSA can provide, and guidance on how an HSA can be used to cover both current and future medical expenses. None of this is either foundational or transformational guidance, especially considering that the SEC does not regulate HSAs.The Bulletin reminds individuals to compare the HSA products offered by different financial institutions (not just those made available by their employer) and consider which features best fit their needs, including ease of access, fees and investment options. Aptly, the Bulletin directs readers to consult the IRS before making investment decisions. With the Bulletin, the SEC succeeds in adding non-biased HSA informational guidance to the public forum but it provides no new or authoritative guidance.
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