Stephen Bowers, a member of Cozen O’Connor’s Employee Benefits Practice Group, discusses the impact of baby boomer retirement in Employee Benefits News. As more baby boomers retire, certain benefit services will become necessary for the significant number of Gen X employees caring for an elderly parent as health care costs increase. Steve explains that, “Some workers can list their parent as an eligible dependent and use an HAS to cover medical expenses, including long-term care insurance. However, workers who use their HSA on non-dependents can bear substantial tax penalties.”
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