HSA News for November 18, 2019
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
White House Rolls Out Sweeping Transparency Rules for Hospitals, Insurers
On November 15, the Trump administration announced sweeping new rules aimed at making it easier for consumers to learn how much hospitals charge health insurers — part of a broader transparency push that's prompted industry giants to promise legal challenges.
Drug Cost Legislation Gets a Push From White House
The White House is ramping up its push to get a bill through Congress that curbs prescription drug costs, feeling a new urgency as the impeachment investigation advances amid the 2020 election campaign.
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HSA Studies & Analysis
The HSA Effect: How Two School Districts Reversed Runaway Healthcare Costs
Moving to an HSA-qualified health plan enabled employees to take control of their healthcare and two school districts to take control of exploding healthcare costs. Now, employees are on a path to long-term financial security—and the districts are too.
HSA Compliance Corner
Veterans and HSA Eligibility: Oil & Water or PB&J?
Veterans aren’t disqualified from making and receiving contributions to an HSA just because they served their country. But they have to make some choices between out-of-pocket costs and tax savings.
HSA Industry News
Harland Clarke Expands into HSA Market
On November 12, Harland Clarke announced it is extending its payment and marketing services offering to HSAs. With many of its financial institution clients offering and acting as custodians for HSAs, Harland Clarke will help them connect with employers to increase HSA knowledge, participation and balance growth.
The HSA Market
Employees Are Overlooking HSA Benefits When Choosing Health Coverage
When it comes to choosing health insurance, many employees are forgetting a critical piece of the puzzle. Monthly premiums, coverage limits, and co-pay costs are more important to employees than whether the health plan meets the requirements for a companion HSA.
Americans Aren't Saving Enough for Medical Care, Data Shows
Healthcare is a grueling expense for Americans of all ages, and new data from AccessOne highlights the fact that working adults on a whole aren't adequately prepared for it. But the last thing you want to do is let healthcare costs drive you into debt, or force you to delay care and compromise your health in the process, so here are a couple of ways to avoid either fate.
Consumers Cutting Expenses to Afford Health Care Premiums
More than 4 in 10 consumers are having difficulty paying their monthly health insurance premiums. As a result, many are cutting back on other monthly expenses, a new survey shows. Affordability challenges may be contributing to the appeal of HDHPs.
HDHPs Are a Financial Gamble for Many Employees
While almost half of employees plan to sign up for an HDHP during this year’s open enrollment, many workers find the high deductibles and out-of-pocket costs financially out of reach according to new research by Unum. 41% of survey respondents said they would not meet their yearly deductible, and 39% said they could not afford out-of-pocket costs associated with their care.
HSAs & Retirement
HSA Holders Looking to Invest, But What Will They Find?
Although investment menu designs are better, there are still improvements that can be made and items plan sponsors should evaluate when selecting an HSA provider.
Bad News, Seniors: Your Medicare Costs Are Going Up
As current enrollees can attest, coverage under Medicare is by no means free. It's not unusual for the costs associated with Medicare Part B to rise from year to year. But unfortunately, seniors may be in for some unpleasant changes going into 2020.
Maximizing Your HSA
An HSA Is a Triple-Tax Advantaged Tool That Can Be Used for More Than Healthcare Costs
It's open enrollment season, a time when people often overlook one of the best deals around: an HSA. From triple tax advantages to flexibility to long-term growth, HSAs offer much more than just covering current healthcare costs. Here's why you should consider one.
HDHPs: How to Think About Your True Costs
If you’re considering an HDHP, or your employer forces you into one, it’s crucial to understand that lower upfront premiums come with an agreement that you will cover a lot more in upfront costs. You’ll need a plan for what you’ll have to shell out. Some employers offer help with upfront costs through an HSA.
Consumer-Driven Health Care
I Developed a 5-Step Strategy to Cut My Healthcare Costs After Getting Slammed With Surprise Medical Bills
After a few years of trial and error — including some surprise bills — I've developed a system for budgeting for out-of-pocket expenses. Here's my strategy.
Hospital Sticker Prices Can Rise Faster Than Inflation
U.S. hospitals’ sticker prices for two common sources of surprise medical bills have climbed far faster than economic inflation, a new study suggests. Adjusted annual increases in chargemaster prices were 28% in emergency medicine and 32% in anesthesiology, the study found.
Here’s How Amazon Employees Get Health Care Through a New App — a Glimpse of the Future of Medicine
Amazon has now launched its Amazon Care app into major app stores as part of its strategy to help its Seattle-area employees get more convenient and affordable health care. A website is live, and the company recently released apps that offer health advice, virtual medical visits and in-person support via a health professional that shows up at an employee’s home or office.