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This Web site contains a compilation of more than a thousand consumer finance  columns written by Tony Novak from the 1980s through 2006, updated and reformatted for maximum usefulness today.  New material was added after 2010.

Content is the opinion of the author and does not represent the position of any other person or entity. Information is from sources believed to be reliable but cannot be guaranteed.

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Small busines HSA over age 65

originally posted: 11/22/2006  reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If in doubt, please send a new question or ask for an update.

Q: My company started a health savings account health plan and everyone except me received a cash deposit into their account. Since I am over age 65, I am not eligible for an HSA. My employer says he would pay me the same amount in cash, but that it might not be legal to do so. Is this true?

A: It sounds like the underlying problem is that your company set up the HSA insurance and individual accounts as a "stand alone" health plan rather than integrating this into an appropriate tax-qualified Consumer Driven Health Plan. This almost always reslults in a lower level of employee satisfaction than an HSA as an option under another type of health plan. Your company should adapt a Health Reimbursement Arrangement (HRA) that incorporates the HSA that will allow you to receive benefits comparable to other employees even without the HSA. Fortunately, this is fast and easy to fix, and you can still receive full benefits for this current year. See the HRA page at for details. The article listed below gives step-by-step instructions.


More resources:

How to Start a Successful Consumer Driven Health Plan