HSA News for December 21, 2020
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Congress Clinches Sweeping Deal on Coronavirus Relief, Government Funding
On December 20, Congressional leaders reached a mammoth deal to fund the government and provide long-sought coronavirus relief as lawmakers race to wrap up their work for the year. The deal will tie a $1.4 trillion bill to fund the government until October 1, 2021 to roughly $900 billion in coronavirus aid.
How Health Policy Is Expected to Play Out Under the Biden Administration
Now that the 2020 election is over and the transition is taking place, it’s time to take a look at health care policy under the new administration. People keep asking, how is a Biden administration going to treat health care differently than Trump’s administration? Let’s take a deep dive together.
HSA Compliance Corner
Spouses Can't Make Catch-up HSA Contributions? Not True, if . . .
HSA owners can make a catch-up contribution once they turn a certain age if they remain eligible to fund their accounts. What about spouses? There is one caveat with a spouse and catch-up contributions. There are no joint HSAs.
HSAs, FSAs and 401(k)s: 11 Figures to Know for 2021
From a planning standpoint, the beginning of the year is important for employers in many ways. It also marks a new beginning for certain benefit components—including several account limits set by the IRS. From contribution limits to out-of-pocket amounts, here are 11 figures employers need to know—all of which come into play in January.
The HSA Market
5 Ways to Improve Your HSA Benefit Information in a Remote Workspace
Many employees don’t know how to use their health savings accounts and aren’t taking advantage of several tax saving strategies as a result. A recent survey identified a lack of education and health insurance literacy as two of the main reasons for people not contributing money. Here are five tips to help communicate HSA benefits to employees in the current environment.
Inside Amazon's Efforts to Build a National Telehealth Business Geared Toward Big Employers
Amazon is building a telehealth business and pitching the service to major employers. It's a part of Amazon's massive ambitions in healthcare. Through Amazon Care, the $1.6 trillion shipping giant is getting into the business of actual medical services for the first time, dealing with patients, their protected health information, and their doctors.
HSAs & Retirement
I Thought My HSA Was for Medical Costs Only, and Ended Up Missing a Big Opportunity to Save More for Retirement
While your workplace 401(k) and an IRA are a good place to start for retirement, there is actually a superior type of investment account for retirement. I started looking into my HSA options just a few years ago, and was surprised to learn that an HSA is actually a great way to take your retirement saving to the next level.
My Traditional 401(k), My Roth 401(k), and My HSA
HSAs are different from 401(k) plans, 403(b) plans, and other traditional retirement accounts. But they can play an important role in maximizing your spending power and freedom in retirement.
Maximizing Your HSA
5 Ways You Can Celebrate the HSA Birthday and Superpower Your Account
Seventeen years ago, on December 8, 2003, the law that created HSAs was signed into law. To celebrate, here are five ways to help your HSA perform even better. Mark the birthday of your favorite health savings tool by learning new ways to save better and spend smarter!
Instead of Stockpiling Cash, Do This With Your HSA
What's the best way to make your HSA grow and last a long time? There are two key steps. First of all, you've got to actually use your HSA, starting with putting money into it. Secondly, you've got to put your balance to work in investments while you're waiting to use money in your account. If you're guilty of failing to take either step, here are pointers to help remedy what you're doing.
A Financial Planner Explains How Much You Should Put in Your FSA vs. Your HSA Before the End of the Year
HSAs and FSAs are great tools that can reduce your taxes while you save for future medical expenses. It's important to understand how these accounts work to determine how much to contribute for yourself and your family.
Consumer-Driven Health Care
HSA vs. PPO Plans: Which Benefits You More?
Both HSAs and PPOs have advantages and disadvantages. To figure out which one makes the most sense, you should consider both how healthy you are and how you want to pay for healthcare. You'll need to weigh whether it's more important to you to have low monthly premiums or limited out-of-pocket costs.
It’s Not Just You: Picking a Health Insurance Plan Is Really Hard
For most Americans, with or without a Ph.D in economics, right now is the time to pick your health insurance. The range of choice is generally heralded as a good thing. But it turns out in real life most people are terrible at picking the health plan that is right for them.