HSA News for December 28, 2020
HSA News is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Congress Passes $2.3T Coronavirus Relief, Government Funding Deal
Congress passed a sweeping year-end bill to provide long-delayed coronavirus relief and fund the government, capping off a months-long fight for more assistance. The bill, which passed the House earlier on December 21, now goes to President Trump’s desk, where he has until December. 28 to sign it.
Trump Signs $2.3T Relief, Spending Package Despite Criticism
President Trump signed the government funding and coronavirus relief package on December 27, averting a government shutdown and delivering economic aid as the pandemic worsens. Trump signed off on the $2.3 trillion package days after he expressed displeasure with the spending and complained that the coronavirus relief measure should include direct payments of $2,000 per person, up from $600.
Surprise Medical Bill Prevention Included in Year-End Legislative Package
Bipartisan legislation to protect patients from getting massive “surprise” medical bills is included in a year-end package deal, clearing the way for the measure to pass Congress after almost two years of negotiations. The legislation will protect patients from getting medical bills for thousands of dollars in common situations like going to the emergency room.
Senate Approves Repeal of Health Insurers' Antitrust Exemption
The Senate approved a bill that would repeal a partial antitrust exemption for health insurers and dental insurers on December 22. Congress is now sending the bill to President Trump. Health insurers, the National Association of Insurance Commissioners and the National Council of Insurance Legislators have been defending health insurers’ exemption from federal antitrust regulation for decades.
HSA Industry Best Practices
HSA Rollover: What To Tell Your Employees
One key benefit of HSAs is that funds automatically rollover from year to year keeping past investments within reach to pay for future medical expenses. This is particularly important with regards to HSAs, as employees can only contribute a limited amount each year to their accounts otherwise.
HSA Industry News
Starship Teams with Upwork to Bring HSAs to Freelancers Nationwide
Starship has teamed up with Upwork to make it easy for its network of independent talent nationwide to reap tax advantages and healthcare perks available through an HSA. A recent Upwork study found that 36 percent of U.S.-based workers over age 18—nearly 59 million people—made some or all of their income from freelance work.
The HSA Market
HSAs and the Employer’s Role in the Development of an Equitable Plan Environment
With the right employer support, HSAs can be an attractive option for all employees and can improve access to cost-effective health care while simultaneously empowering employees to be better health care decision-makers. This generates not only more affordable health care coverage, but also leads to happier, more engaged employees, stronger retirement readiness and improved health outcomes.
HSAs & Retirement
Are You Missing Out on $60,000 in Free Money for Retirement?
There's another low-effort source of retirement money you may be overlooking: Matching contributions in your HSA. As with 401(k) match, you only get your employer-funded HSA deposits when you actually contribute to the HSA yourself. Therein lies the problem for many U.S. workers. Many workers aren't contributing to an HSA and others haven't yet opened an account.
Maximizing Your HSA
Enrolling in an HSA Program? Here Are Some Tips to a Successful Beginning
You've signed up for coverage on an HSA-qualified plan and want to fund a Health Savings Account. What do you need to know now? Now's the time to learn a little more about what steps you can take to leverage your account to deliver its full benefits to you. Here are some steps and tips to get you started.
Time to Spend Your Remaining Balance? Depends on Your Account
If you're an HSA owner, enjoy the holidays without the stress of tracking your balance because your unspent funds roll over automatically every year. If you participate in a Health FSA and have unspent funds, be sure to understand whether your employer's plan has a grace period or a carryover provision.
Can You Pay for Mental Health Expenses With an FSA or HSA?
Once you’ve found a therapist you’d like to work with, there’s the inevitable issue of payment, which usually brings a host of logistical questions: Does the therapist accept insurance? If they do, are they in network? If you’re paying out of pocket, can you afford it? But there’s another way to help pay for mental healthcare that many people don’t use to their advantage: flexible spending or health savings accounts.