HSA News for October 28, 2019
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Premiums for Popular Obamacare Plans to Drop 4 Percent
Premiums for key plans sold on HealthCare.gov will drop by 4 percent on average next year, with several states seeing double-digit declines, the Trump administration said October 22. This marks the second straight year that the benchmark premium has dropped and is a further sign that the Obamacare insurance marketplaces are stabilizing.
Conservative House Republicans Unveil Obamacare Replacement Plan
Months after President Donald Trump declared the GOP would become the "party of health care," House conservatives are set to announce a sweeping health care proposal. On October 22, the House Republican Study Committee unveiled what members described as a "framework," nine months in the making, even as the White House continues to develop its own set of principles behind closed doors.
Vulnerable Republicans Balk at Trump-Backed Drug Pricing Bill
Vulnerable GOP senators up for re-election next year are giving the cold shoulder to a bipartisan bill aimed at lowering drug prices sponsored by Senate Finance Committee Chairman Chuck Grassley (R-IA) wth Sen. Ron Wyden (D-OR), something seen as a rare area for possible bipartisan agreement this year.
FDIC to Issue Proposal on Brokered Deposits by Year-End, Chairman Says
The Federal Deposit Insurance Corp. plans to release a proposal by the end of 2019 to simplify rules around how it defines brokered deposits, FDIC Chairman Jelena McWilliams said October 21. “We’re aiming by the end of the year to have a proposal out there,” she said.
HSA Compliance Corner
Beware the Health FSA
Did you know that a Health FSA could disqualify you from making and receiving HSA contributions? And it's not just your own Health FSA that could affect you. If you're planning to enroll in your company's HSA program during open enrollment, here are some important facts that you need to know.
The HSA Market
How HSAs Will Improve, Evolve With Time
Some people are reluctant to embrace HSAs because of the time-consuming paperwork required to enroll and manage them, as well as the complex information they often must digest in order to make the best possible HSA decisions. Fortunately, those issues are rapidly disappearing as new technologies are making HSAs easier, faster and less complicated to open and manage than ever.
HSAs & Retirement
This Under-the-Radar Account Can Help You Save for Medical Expenses in Retirement
With health care costs rising more than twice as quickly as the rate of inflation and a 65-year-old couple retiring this year projected to spend $285,000 on medical expenses throughout retirement, not using an HSA could be a costly missed opportunity, especially if you don’t have to fund it all yourself.
How HSAs May Help Women Clear Retirement Saving Obstacles
If women want to sustain a secure lifestyle during their retirement years, they’ve got to save more. The good news is that there are ways for them to boost their retirement readiness through a number of methods. One that’s often overlooked is incorporating an HSA into their savings strategy early on.
Lose HSA Eligibility at Age 65? Nope!
A common misconception is that you’re required to enroll at Medicare when you turn age 65. Under current law, anyone enrolled in any Part of Medicare is disqualified from making and receiving additional contributions to their HSAs. The good news is that many people aren’t required to enroll in Medicare at age 65. Let’s get to the facts.
Maximizing Your HSA
3 Ways to Make the Most of Your HSA
If you have access to an HSA, you'll have an opportunity to ease the burden of paying for healthcare by doing so in a tax-advantaged fashion. Of course, participating in an HSA is a smart move by itself. But if you really want to make the most of that account, here are three important steps to take.
Why HSAs Make Huge Sense
HSAs are the stealthiest ways to save money. You can sock away thousands and get some major benefits. What can a HSA be used for? The list is long from dental care to health care deductibles. The best part of a HSA is that the money is yours. If you don’t spend it, it stays in your account compounding interest.
Have an HDHP at Work? Chances Are, You Get This Benefit, Too
Many workers choose to get on high-deductible health plans to save money on premium costs. And while employers aren't obliged to offer an HSA, 90% of companies with these plans do just that. If you're on an HDHP and have the opportunity to participate in an HSA, it pays to capitalize on it. Here are a few reasons why.
It's Open Enrollment Season. Have You Taken a Good Look at an HSA?
For some employees, the decision to participate in an HDHP is a choice; it appears alongside a traditional healthcare insurance plan like a PPO. But for some, the HDHP is their sole health-insurance option. If you've foregone the HDHP/HSA combo in the past, use open-enrollment season for employee benefits to revisit it.
Consumer-Driven Health Care
Primary Care Doctors Paid by Patient Monthly Fees, Not Insurance, Gaining Traction
Direct primary care is a growing trend in Pennsylvania and elsewhere, with more than 1,000 practices across the country and at least 30 in Pennsylvania. The urgency of the issue is that some people are skipping primary care because of the expenses involved.
Drugstore Drones: UPS Will Fly CVS Prescriptions to U.S. Customers
United Parcel Service's new Flight Forward drone unit will soon start home prescription delivery from CVS Health. The service, which will debut in one or two U.S. cities in the coming weeks, shows how the parcel delivery company plans to expand its upstart drone business beyond hospital campuses.