HSA News for October 21, 2019
HSA News is compiled by Mr. HSA, Roy Ramthun.
News from Washington
Key House Committee Passes Sweeping Drug Pricing Bill
The House Energy and Commerce Committee approved House Speaker Nancy Pelosi’s sweeping drug pricing bill on October 17, a key step in getting the legislation to the full House floor for a vote later this year.
Health Care Stayed Front and Center at Democratic Debate
Voters got a better look at Democrats’ health care priorities on October 15, as 12 of the leading candidates vowed to codify abortion access, threatened to jail opioid company executives and added a few more details to their health plans during the fourth Democratic debate.
New Study: Full-Scale 'Medicare for All' Costs $32 Trillion Over 10 Years
A new study from the Urban Institute and the Commonwealth Fund finds that a full-scale single-payer health insurance program, also called "Medicare for All," would require $32 trillion in new federal revenue to pay for the plan, highlighting the immense cost of a proposal at the center of the health care debate raging in the presidential race.
Medicare for All Loses Support Amid Lack of Detail on Costs to Voters
Support for "Medicare for All" is showing signs of slipping as top-tier Democratic presidential candidates Sens. Elizabeth Warren and Bernie Sanders struggle to sell the proposal without providing specifics on the financial costs for voters. Polls show many voters still don’t understand what specific plans would do.
HSA Studies & Analysis
Employers May Have to Ask for HSAs That Allow Investing
A new survey by HealthSavings finds that just 16% of benefit professionals said they actually counsel accountholders to invest their HSA funds. More than one-third (36%) of benefit professionals stated it is not important to focus on investing rather than saving or spending, and 74% simply encourage their accountholders to save. But, employers disagree.
The HSA Market
ABA’s McKechnie Discusses HSA Market in Podcast
In this podcast, Kevin McKechnie, executive director of the ABA HSA Council, sat down recently with William Boyles, executive editor and publisher of the Consumer Driven Market Report. McKechnie discusses what has changed in the HSA banking space since the product’s creation, HSAs as a part of financial wellness, and how HSAs are working with more complex insurance products.
Have a High-Deductible Health Insurance Plan? You're in Good Company.
If you're stuck with a hefty deductible, you're no doubt aware that it can make for a very stressful financial situation when you encounter medical expenses you're forced to pay for in full until your insurance plan kicks in. But there is one way to capitalize on a high-deductible health plan, and save yourself some serious money in the process: Sign up for an HSA.
New Connecticut Task Force Begins Examining High-Deductible Health Plans
A task force focused on high-deductible health plans got to work October 16 to tackle the issue, which they quickly discovered was more complicated than they initially thought. Generally, the idea behind these plans is to get consumers to take a closer look at how much things costs and to shop around for services. However, according to studies done on the subject, that’s not what’s happening.
HSAs & Retirement
Retirement: Make a Plan for Health Care
The only sure thing about health care in retirement is that the cost will rise over time. To help with medical bills in retirement, consider opening an HSA while you're still working, if you have a high-deductible health insurance policy.
Can I Contribute to an HSA if I'm on Medicare?
There is one major catch when it comes to HSAs, and it's that not everyone can qualify to contribute to one. Even though Medicare comes with deductibles, you can't contribute money to an HSA once you sign up for it. Therefore, if you have the option to hold off on enrolling in Medicare, it could pay to do so.
Maximizing Your HSA
2020 HSA Changes: How HSAs Can Help You
Every year, the rules covering HSAs change slightly, and most years, that gives HSA users a bit more of an opportunity to reap tax savings. Most of the changes taking effect in 2020 are adjustments for inflation. In a nutshell, here are the main changes to HSAs.
What Happens to Your HSA if You Leave Your Job?
You may be wondering what happens to your HSA if it’s connected to a workplace healthcare plan and you are ready to quit your job. Does your money disappear? The fact that HSA funds are always going to be yours is another big benefit of this type of account. This also means that, once you leave your job, you can continue spending the money from your HSA account whenever it makes sense.
Here's One Way to Save 25% on Medical Costs
With rising health costs becoming a burden for many Americans, HSAs are gaining traction as a way to offset some of those expenses. Still, too few people take advantage of this account with “amazing” tax benefits, especially in retirement, personal finance expert Jean Chatzky said this week.
My Health Insurance Plan Means an Emergency Could Cost Me Upwards of $6,000, but I’m Not Worried About It
My wife and I have had a healthcare policy with a $6,000 deductible for the majority of our marriage. That means we've always known in the back of our minds that a medical emergency could cost us thousands of dollars out-of-pocket. And that can be stressful. But one of the things that took a lot of our anxiety away was the fact that our policy qualified us for an HSA and an employer contribution to it.
Brace Yourself for the Cost of Orthodontia
Orthodontic treatment usually spans two (or more) calendar years and is typically billed as a big up-front charge to install hardware and then a monthly fee for adjustments and maintenance. So, how can you use an HSA or a Health FSA to reduce those costs? Here’s how.
Consumer-Driven Health Care
Patients Want Transparent, Easy Billing, New Survey Shows
A new survey of patients finds they want physicians to adopt billing practices that are both modern and transparent—and they will change providers to find the experience they are looking for.
Patients Eligible for Charity Care Instead Get Big Bills
Nonprofit hospitals are required to provide free or discounted care to patients of meager incomes — or risk losing their tax-exempt status. And yet 45% of nonprofit hospital organizations are routinely sending medical bills to patients whose incomes are low enough to qualify for charity care, according to an analysis of reports the nonprofits submit annually to the Internal Revenue Service.
When Medical Debt Collectors Decide Who Gets Arrested
Across the country, thousands of people are jailed each year for failing to appear in court for unpaid bills. Some debtors who have been arrested owed as little as $28. More than half of the debt in collections stems from medical care. The sickest patients are often the most indebted, and they’re not exempt from arrest.
ONC Advisory Committee Mulls Adding Price Transparency Focus
The Health Information Technology Advisory Committee may sharpen its focus on price transparency next year, members discussed during the group's monthly meeting on October 16. Price transparency has come up several times this year. The committee could establish a "new HITAC task force" on the issue or formalize price transparency as a component of the group's existing task force.
Here Are All the Areas in Health Care Amazon Could Look to Expand to, According to One Analyst
Retail giant Amazon’s expansion into health care has already begun, but there’s a lot more room for it to grow, a financial analyst told CNBC on October 15. “We think there are a lot of opportunities for Amazon in the health-care space,” the retail analyst said, arguing there are three main areas for the company to target.