CFPB Says Health Savings Account Junk Fees Cause Harm to Workers

Fees charged for health savings accounts, tax advantaged accounts used by consumers to pay health-care expenses, “often eat away at the benefits that Congress intended to provide,” according to a new report from the Consumer Financial Protection Bureau.

The tax benefits that are intended to help pay the costs of the high deductible health plans that generally accompany HSAs are being offset by charges such as monthly maintenance fees and account closure fees, according to the report released Wednesday. Many providers that offer HSAs employ a range of “costly, complex, and captive junk fee structures,” along with low interest yields, ...