HSA News for November 11, 2019
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Senate Fight Derails Bipartisan Drug Pricing Bills
A pair of bipartisan measures to lower drug prices were thrown off track November 7 by objections as senators battle over the issue. As Sen. John Cornyn (R-TX) came to the Senate floor preparing to seek passage of a measure cracking down on drug companies gaming the patent system to delay cheaper competition, Senate Minority Leader Charles Schumer (D-NY) was preparing to object to his measure.
House Vote on Pelosi Drug Pricing Plan Slips to December
The House will not vote on Speaker Nancy Pelosi’s (D-CA) plan to lower drug prices until December as the timeline for taking up the bill slips again. The Congressional Budget Office needs another two weeks to complete its analysis of the legislation, meaning there will not be time for the House to vote on the bill before lawmakers leave for the Thanksgiving recess.
Sen. Angus King Wants HDHPs to Pay for Regular Medical Checkups
Sen. Angus King (I-ME) is leading a new effort to help patients get routine checkups from their doctors.
King has introduced a bill that requires HDHPs to pay for two visits a year to primary care physicians below their deductible. Many Americans in those plans say they skip checkups because they can't afford the out-of-pocket cost.
HSA Compliance Corner
Coordinating With Your Spouse's Benefits
If your goal is to make and receive contributions to an HSA, be sure to coordinate employer-sponsored benefits with your spouse. You don't want ignorance to disqualify you from an HSA program.
HSAs & Retirement
How to Use the HSA, for Medical or Retirement Savings
The HSA can be a powerful savings tool—if you approach it the right way. These accounts are more than just a simple savings tool for medical emergencies. Retirement planners laud the HSA’s triple tax advantage and its use as a complementary savings vehicle to 401(k) plans.
Working Past 65? Beware of This Medicare Trap That Could Cost You Thousands in Taxes
More Americans are working past the traditional retirement age of 65. More are also taking advantage of employer insurance plans that include HSAs. Add these two facts together, and you end up with a pitfall that could cost unwary American workers as much as $2,700 a year in tax exemptions if they exercise their right to enroll in Medicare at 65.
Maximizing Your HSA
Choosing an HSA Can Save You Money Now and Make You Even More Later
Whether you have health insurance through your employer or purchase coverage through an exchange set up through the Affordable Care Act of 2010, the combination of a lower-cost, high-deductible health insurance and an HSA may provide great advantages.
What I’ve Learned as a 13-Year HSA Owner
As an HSA accountholder for 13 years now, I’ve seen and experienced the unmatched value of having and HSA. Here are eight things I’ve found most valuable as a health savings accountholder.
Stuck with Employer's HSA Partner? Nope! But . . .
Employers who sponsor an HSA-qualified medical plan usually choose a partner to provide HSAs to their employees. But what if you don't want to work with your company's designated provider? Can you opt out of the turnkey program and choose your own provider? Yes. But . . .
Consumer-Driven Health Care
With Medical Bills Skyrocketing, More Hospitals Are Suing for Payment
From Delaware to Oregon, hospitals across the country are increasingly suing patients for unpaid bills, a step many institutions were long unwilling to take. In some places, major hospitals now file hundreds or even thousands of lawsuits annually. Those cases strain court systems and often end in wage garnishments for patients.
How I Paid Cash for Health Care Instead of Using My Insurance Plan — and Saved Money
Paying cash to see the doctor out of network cost less than half of seeing the same doctor in-network with insurance. Why?
Florida Launches Health Care Cost Transparency Website
The State of Florida is now providing consumers with more information about health care costs. Governor Ron DeSantis visited a Walmart on November 4 to announce the launch of a website where people can go to find prices for common services. The data on floridahealthfinder.gov is based on nearly 70 million claims provided by insurers.
LeapFrog Group Releases Bi-annual Hospital Safety Grades
One third of the 2,600 general, acute care hospitals across the nation rated in The Leapfrog Group's fall 2019 Hospital Safety Grades got an 'A,' grade, while 1% flunked, the patient safety monitors said.
Diabetic Patients With High Deductibles May Discontinue Medication, Study Finds
Diabetic patients who switch to a high-deductible health plan may be more likely to leave name-brand medication unfilled, according to a new study. The study authors found that patients covered by a high-deductible health plan that used branded medication were more likely to leave their prescriptions unfilled.