HSA News for October 14, 2019
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
HSA Compliance Corner
When Do We Have to Comply With Changes to the Recommendations or Guidelines on the Preventive Services Requirement?
How soon must our plan comply with changes to the recommendations or guidelines relating to the coverage of preventive health services? Plan sponsors and advisors should ensure that plans cover all preventive services listed in the various federal recommendations and guidelines for plan years beginning one year or later after the applicable recommendation or guideline is issued.
HSA Industry News
WEX Health to Host HSA Education Event
WEX Health will host a free live-streamed panel discussion aimed at educating Americans on the uses, benefits and tax advantages of HSAs at 3 p.m. ET on National HSA Awareness Day, Tuesday, October 15. Financial expert and 2019 HSA Day education ambassador Jean Chatzky will moderate the panel.
Countdown to HSA Awareness Day
WEX Health is sponsoring the inaugural HSA Awareness Day with a multi-media blitz culminating in a live broadcast on October 15. Why is it necessary to promote greater awareness of a program that is 15 years old and already includes 25 million accounts? Because too many people don’t know what “HSA” stands for.
Sentinel Benefits & Financial Group Announces New Direct-to-Consumer Healthcare Benefits Offerings
Sentinel Benefits & Financial Group announced on October 8 that it now offers individual HSAs. Sentinel has offered HSAs to employers powered by WEX since 2008. New research shows that its HSA participants have invested 30 percent of their HSA contributions as of July 31, 2019 compared to the industry average of only 18 percent.
Platform Integrates Consumer Accounts Employee Benefits
Businessolver launched what it says is the first fully integrated consumer accounts benefits platform within the HR and benefits industry. The platform allows employees to manage all of their benefits, including consumer accounts, such as HSAs, FSAs, commuter benefits, fitness reimbursements and more from one holistic technology platform.
The HSA Market
3 Ways Employers Can Save With an HSA
HSAs provide many benefits to employees and can be a great way for them to save money on taxes and save for the future. However, you as an employer can also benefit from HSAs, and the savings can really add up. Below are three main benefits you can realize with HSAs.
Employees Still Perplexed by HSA Plans During Open Enrollment
Employees often don't know how to use HSAs and the HDHPs the accounts are coupled with. This leads some to bypass an HSA option during their employer's annual open-enrollment period, while others who enroll in HSA-eligible plans often fail to take full advantage of them.
HSAs & Retirement
This Is How Much Retirees Can Expect to Spend on Healthcare
Even with Medicare coverage, the average retiree will still pay an exorbitant amount for healthcare. Exactly how much you will spend depends on what type of care you need. Those with chronic illnesses will spend more than those who only go in for routine checkups, but even routine care can be expensive over the years.
Gender Differences When Planning For Retirement
On a recent podcast, I spoke to Jean Chatzky about the issue she has been most passionate about—and one she’s built a career educating the public on. I’ve said in the past that financial planning is not one-size-fits-all. But what Chatzky discusses is that not only is it different for everyone, it varies greatly between genders.
Maximizing Your HSA
HSA Mythbuster: Use-It-Or-Lose-It
Many employees confuse Health FSAs and Health Savings Accounts. The confusion is understandable, since the two programs offer the same tax advantages when money goes in and comes out. But any HSA balances that you don't use this year roll over for use next year, or a decade from now, or even in retirement.
Consumer-Driven Health Care
New State Database Helps Patients Figure Out Health Care Costs
Trying to figure out how much a medical procedure or treatment may cost can be time consuming and complicated, but Connecticut officials hope a new web tool may now make it easier for patients and their families.
Doctors Turn to Thumbs for Diagnosis and Treatment by Text
Welcome to the latest wrinkle in health care convenience: the chat diagnosis. Nguyen’s company, CirrusMD, can connect patients with a doctor in less than a minute. But such fast service comes with a catch: The patient probably won’t see or talk to the doctor, because most communication takes place via secure messaging.
Americans Now Spend Twice as Much on Health Care as They Did in the 1980s
The average American household spent almost $5,000 per person on health care last year. That’s a 101% increase from the roughly $2,500 per person that Americans spent in 1984, even after adjusting for inflation.
Up to $935B in U.S. Healthcare Spending Wasted, Says Study
It's no secret U.S. healthcare has a waste problem. But a new analysis from insurance giant Humana and University of Pittsburgh School of Medicine researchers underscores just how costly the problem is. According to their work, between $760 billion and $935 billion—or about a quarter of all U.S. healthcare spending—is spent on waste.
COPD Patients With High Insurance Deductibles More Likely to Skip Care
Patients with chronic obstructive pulmonary disease who were enrolled in private high-deductible health plans more frequently reported putting off or skipping care and ending up in the hospital or emergency department than patients without high deductibles, according to a new study.
Here's How to Make Your Healthcare Costs More Manageable
The typical U.S. employee spends a whopping $7,685 on it per year. That figure breaks down as $2,138 on out-of-pocket expenses and $5,547 on health insurance premiums. If you're struggling to keep up with your medical costs, here are a few ways to ease that burden.