HSA News for December 2, 2019
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Surprise Billing Negotiations Revived in Congress
After months of stalemate in Congress, committee negotiations on legislation to address surprise medical bills are moving again in both the House and Senate. Bicameral negotiations are ongoing between leaders of the Senate health committee and the House Energy & Commerce Committee as other lawmakers in each chamber lobby to get their approaches incorporated into a compromise.
Lawmakers Ask IRS to Expand HSAs to Include Nutritional Supplements
Members of the House of Representatives and the Senate recently asked the IRS to allow selected categories of nutritional supplements to be considered "medical expenses" under HSAs, FSAs, and HRAs.
Proposals to Expand the List of Qualified Expenses
Some members of the House and Senate have been thinking about HSAs, as well as Health FSAs and HRAs. At a time when Congress is accused of being unable to get anything done, our elected representatives are at least thinking about HSAs. And the thinking is positive.
HSA Industry News
Charles Schwab to Acquire TD Ameritrade
The Charles Schwab Corporation and TD Ameritrade Holding Corporation announced their entrance into a definitive agreement for Schwab to acquire TD Ameritrade in an all-stock transaction. The integration of the two firms is expected to take between 18 and 36 months, following the close of the transaction.
The HSA Market
Open Enrollment Is Coming: Consider an HSA
While many employees spend time thinking about their 401(k) plans and health insurance, now is also the time to get more familiar with the best legal tax-avoidance strategy available to American taxpayers: the HSA. There are three major mistakes that people often make when it comes to HSAs.
How Do HSAs Factor Into the Growing Freelance Boom?
If you're an HSA owner, you can breathe a little easier when venturing into the independent workforce. Even if you don't have an HSA from a prior full-time role, an HSA is a very attractive, attainable option when sorting out the health insurance landscape as an independent worker.
Charge of High Deductible Health Plan Task Force Debated
It was the fourth task force meeting, but Dr. Gregory Shangold felt he had heard enough to say HDHPs are “a serious impediment to the delivery of healthcare.” However, in a room full of different interests, not everyone on the task force felt the same way.
HSAs & Retirement
Should I Put Money in an HSA or Increase My 401(k) Contributions?
If you are already contributing enough to your 401(k) to take full advantage of your employer's matching contributions, and you're eligible to contribute to an HSA, there are a few good reasons you might want to divert some of your paycheck into one. For one thing, you can use the money before you retire. But money in your HSA can also be invested, so this can be a big benefit.
Let Seniors Save for Health Care Tax-Free
The Health Savings for Seniors Act (H.R.3796), a House bill authored by Ami Bera, a California Democrat, and , a Missouri Republican, would give America’s seniors a powerful new way to save for health care in retirement. Specifically, the bill would make HSAs available to everyone enrolled in Medicare.
HSAs Could Cure Cost Crunch for Seniors
A new, bipartisan effort in Congress wisely aims to reduce out-of-pocket medical costs for senior citizens without requiring a complicated, systemic revamping of the whole Medicare system. H.R. 3796 would essentially allow out-of-pocket expenses to be treated on a pre-tax, rather than post-tax, basis.
Maximizing Your HSA
Have an HSA? Don't Make This Glaring Mistake
If you've been neglecting to hold funds in your HSA and invest them, you should know that you're passing up a big opportunity to grow your balance in a tax-free fashion. You're also missing the chance to save money for healthcare purposes for when you might need it the most: retirement.
Considering a FSA, HSA or HRA? Learn How the Employer Plans Differ
As employees wade through health insurance options for 2020, some are finding an alphabet soup of health savings plans: HSAs, HRAs and FSAs. Each is for out-of-pocket health care expenses and has advantages and limitations. What are the main differences between the plans?
Consumer-Driven Health Care
The Shocking Rise of Prescription Drug Prices
No federal law or regulation effectively keeps drug prices in check. But to pin all the blame on Big Pharma is an oversimplification. How much a consumer pays for meds is also driven in part by drug supply system middlemen whose wheeling and dealing with drugmakers contributes to rising drug costs.
Health Plans For State Employees Use Medicare‘s Hammer On Hospital Bills
States are just as perplexed as the rest of us over the ever-rising cost of health care premiums. Now some states are moving to control costs of state employee health plans. Their strategy: Use Medicare reimbursement rates to recalibrate how they pay hospitals. If the gamble pays off, more private-sector employers could start doing the same thing.
The Great American Eye-Exam Scam
In every other country in which I’ve lived, it is far easier to buy glasses or contact lenses than it is here. Why does the United States require people who want to purchase something as simple as a curved piece of plastic to get a prescription, preceded by a costly medical exam?