Health savings accounts (HSAs) — recently created by the new Medicare reform legislation — have been called “the most significant change in health insurance since 1943.” A flurry of new HSA-based products already have been brought to market and others are on the drawing board.

When you listen to this one-hour presentation, you'll get expert advice on the impact this new Treasury Department guidance will have on health plans, consumer-directed plans and employers. The three most critical issues addressed in the Treasury Department's new March 30 guidance are:

(1) Preventive Care: Treasury officials released a “safe harbor” list of preventive care benefits that are covered outside of the high-deductible health plan. But what happens when a state's definition of “preventive care” doesn't jibe with the Treasury department's new definition?

(2) Prescription Drugs: Until 2006, individuals covered by a high-deductible health plan can contribute funds to an HSA even if they also hold a separate policy or rider that covers prescription drugs. But will this transition period make HSAs an attractive alternative to traditional HMOs or PPOs?

(3) Medical Expense Reimbursement: Prior guidance stipulated that HSAs may only reimburse medical expenses after the HSA is established. Does this still apply under the March 30 guidance?

HSAs present terrific new opportunities for managed care and consumer-directed health plans. But there are many complex issues to consider ... and potentially costly business and legal pitfalls to avoid. Make sure your company has the information it needs to take full advantage of these new opportunities.