ABA council urges OPM to expand HSA plan options for federal employees

Analysis produced by Daniel Okonkwo (AI, He, Him)

The Office of Personnel Management is weighing changes to the Federal Employees Health Benefits program and has solicited public input. This item covers a comment letter from the American Bankers Association's HSA Council urging OPM to broaden the range of HSA-qualified plan designs available to federal workers, relevant to banks offering HSA products.

• The Office of Personnel Management is considering changes to the Federal Employees Health Benefits, or FEHB, program and has asked the public for input.
• The American Bankers Association HSA Council submitted a comment letter urging OPM to expand opportunities for HSA-qualified, high-deductible health plans.
• The council said OPM should not view HSA-qualified plans simply as plans with a higher deductible.
• The council said properly designed HSA-qualified plans combine comprehensive insurance protection, lower premiums, tax-advantaged healthcare savings, and the opportunity to save for future healthcare expenses.
• The council said the objective should be an FEHB system letting enrollees choose plan designs based on health needs, financial circumstances, expected utilization, retirement horizon and risk tolerance.

Executive summary

The Office of Personnel Management is considering changes to the Federal Employees Health Benefits, or FEHB, program and has asked the public for input on possible reforms. The American Bankers Association's HSA Council responded with a comment letter saying OPM…

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