HSA News for November 23, 2020
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Coronavirus Relief at a Standstill With No Leadership-Level Talks
Negotiations between congressional leaders on a fifth coronavirus relief bill are at a standstill, further dimming the prospects for an end-of-year deal even as cases climb across the country. Senate leaders traded blame for the lack of progress.
New Federal Drug Rule Directs Insurers to Reveal What They Pay for Prescription Drugs
Health insurance companies will have to give their customers estimated out-of-pocket costs for prescription drugs and disclose to the public the negotiated prices they pay for drugs, under an new Trump administration rule. The administration said those requirements will promote competition and empower consumers to make better medical decisions.
HSA Compliance Corner
HSAs and Domestic Partners
How do the HSA rules apply to an employee who covers a domestic partner under the HDHP? The short answer is that the employee will be able to make a "family" contribution to their HSA but will not be able to take tax-free distributions from their HSA for their domestic partner’s medical expenses.
HSA Industry News
HSA Bank Announces Innovative Safety Net Solution Through MedPut Partnership
HSA Bank announced a new partnership with MedPut to provide a benefit solution for employees that will help ease some of the financial stress and burden caused by healthcare expenses. MedPut makes healthcare expenses more manageable for employees by paying healthcare expenses upfront on employees' behalf, allowing employees to spread the expense out via payroll deductions over time.
Bend Financial Selected as Premier HSA Provider for Tufts Health Plan Members and Employees
Tufts Health Plan has selected Bend Financial as the premier HSA vendor for HDHP options offered to their employer-sponsored commercial members, as well as to their own employees.
Industry Best Practices
Opportunity Is Knockin’ on the Door! Let ’em In!
Despite the growth in HSAs, most employees still miss out on America’s most valuable tax-favored benefit. As of 2019, fewer than 11% of American adults have an HSA, with an average account value of less than $300. We offer some “best practice” guidance on maximizing the utility and value only possible through an HSA.
The HSA Market
More Financial Advisors Providing HSA Services to Clients
A recent survey found that more financial advisors are providing health savings account services to their corporate clients, and they’re bullish about the future growth of HSA investments and assets in general.
AMA Issues Recommendations to Ease Challenges of HDHPs
The American Medical Association is recommending a slew of policy changes payers could adopt to help mitigate the challenges related to high-deductible health plans. During a special meeting of its House of Delegates on November 17, the group approved actions it says will " promote innovative health plan designs and improve access to meaningful, affordable coverage."
HSAs & Retirement
4 Things You Need to Know About Healthcare in Retirement
Many seniors find that their expenses go down once they retire. But healthcare is the one cost that tends to rise during retirement, and often, seniors find themselves unprepared for it. To avoid that fate, here are a few points you should keep in mind about healthcare in retirement in the course of your financial planning.
Nearly Half of Americans Worry About Paying Healthcare Bills in Retirement. Here's Advice for Them
Estimates on what healthcare will cost in retirement vary tremendously, making it difficult to save appropriately. It's not surprising, then, to learn that 46% of workers today are worried about their ability to pay medical bills in retirement. Having an HSA could mean the difference between covering your medical expenses during retirement with ease versus struggling to keep up with them.
Building a Retirement Savings Bundle With a 401(k) and HSA in Open Enrollment
Health care is an annual consideration, but if you only think about your health care annually you are missing a major factor; your health care decision affects how much tax-free money you can save for retirement. It might not only change your approach to health care coverage, but also how you save for retirement.
A Financial Planner Says Open Enrollment Is a Prime Opportunity to Build Your Retirement Savings — Here's How
For most people, open enrollment doesn't go beyond signing up for health insurance coverage for the coming year. But, it can also be used as a time to access a specific type of investment account that could help you save more for retirement: a health savings account.
Maximizing HSAs
It’s Open-Enrollment Season. Is an HSA Still Right for You?
According to Mercer, 71% of large companies offer a high-deductible health plan, and the savings can be substantial. Comparing the options may not be as easy as we would like, but it pays to do the math. Here's what to do and consider.
Why You Should Enroll in a Health Savings Plan for 2021
It’s so important to take the steps that will help protect you, not only health-wise, but financially, too. Enrolling in an FSA or HSA can be one of the tools that allows you to get the healthcare coverage that you need, while protecting your finances.
Can't Reimburse Old Expenses? There's an Exception, if You Qualify
When you've owned an HSA in the past, then lost your eligibility to make additional contributions, you may be able to reimburse expenses that you incurred before you open and establish a new account.
Medical Savings Account vs. Health Savings Account: Which Is Right for You?
When it comes to paying for medical expenses, MSAs and HSAs are two common types of tax-advantaged vehicles designed to help you cut down on costs. MSAs are for people enrolled in a high-deductible Medicare plan, while HSAs are designed for those enrolled in a typical HDHP. Determining which account is right for you can be difficult. Read on for more on how the two stack up.
How to Choose a Health Savings Account
If your employer doesn't offer an HSA, or if you buy your health insurance on your own, you need to find an HSA provider yourself. There are now more than 500 HSA providers. With so many HSA providers to choose from, it's important to shop around because the fees, investing choices and rules can vary a lot.
Consumer-Driven Health Care
This Is How Amwell, Doctor On Demand Predict Telehealth Visits Will Be Different in the Future
Among the biggest changes that could come out of the massive shift in telehealth use during the pandemic? Payers will increasingly encourage "virtual first" healthcare. The idea is to make telehealth the backbone of care delivery while offering an option for patients to get in-person follow-up visits, if necessary.
Amazon Jumps Into the Pharmacy Business with Online Prescription Fulfillment, Free Delivery for Prime Members
Amazon is entering the pharmacy business with a new offering called Amazon Pharmacy, allowing customers in the United States to order prescription medications for home delivery, including free delivery for Amazon Prime members.
What Is Concierge Medicine?
Is concierge medicine right for you? Do you know how it's different from a traditional medical practice? Doctors in concierge medicine groups typically have fewer patients than physicians who are in traditional medical practices. That means shorter waits for patients, who can access their doctor or another concierge physician immediately, even on holidays.