HSA News for February 10, 2020
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Bipartisan Ways and Means Leaders Unveil Measure to Stop Surprise Medical Bills
The bipartisan leaders of the House Ways and Means Committee released their legislation to protect patients from getting massive, surprise medical bills as congressional action on the subject intensifies. The bill is a rival approach to the bipartisan bill passed last year by the House Energy and Commerce Committee.
Pelosi Enters Fight Over Surprise Medical Bills
House Speaker Nancy Pelosi (D-CA) is entering a contentious battle over protecting patients from getting “surprise” medical bills, trying to allow a bipartisan priority to move forward. Pelosi met with the Chairmen of the House Energy and Commerce Committee and House Ways and Means Committee and urged them to figure out a way to bridge the gap between their rival approaches.
House, Senate Bills Would Expand HSAs
In the midst of a national health-care debate, a new front has been opened on Capitol Hill: expansion of HSAs. Introduced in December 2019 in the Senate and House, the Personalized Care Act (S. 3112 and H.R. 5596), would expand HSAs and make several other reforms aimed at giving patients more choices in selecting their health-care coverage.
HSA Studies & Analysis
The Best Cash Rates for HSAs
HSA holders should seek HSA administrators that offer competitive rates of return on their uninvested cash to at least keep up with inflation. We’ve taken the work out of finding the best high yielding HSAs on the market. In this article we highlight HSA administrators that offer the best interest rates on default core positions.
HSA Industry News
Lively Launches ‘HSA-Compatible FSA’
Lively Inc. has announced the launch of a new FSA offering that includes medical/health care FSAs, HSA-compatible “limited purpose” FSAs, and dependent care FSAs. The company says the launch is happening in response to “overwhelming customer and partner demand.”
HSA Best Practices
3 Ways to Nudge Employees Towards HSA-Qualified Health Plans
Employers are increasingly encouraging their employees to enroll in HSA-qualified plans, open HSAs, and be engaged health care consumers. If you don't already know about strategies for maximizing employee engagement, here are three things to tell employer clients about how they can nudge employees onto HSA-qualified health plans.
HealthBridge Aims to Keep Employees Healthier and Lower Health Care Costs
HealthBridge Inc. can help reduce health care costs for their employees and keep them from putting off the care they need because of high deductibles. HealthBridge negotiates lower co-pays with health care providers, pays them promptly, then provides interest-free or low-interest loans to the employees as they pay HealthBridge back.
The HSA Market
Clearing the Haze Around HDHPs with HSAs
To help employers, employees and their insurance representatives understand the realities of HDHPs with HSAs, ArmadaCare has published a free whitepaper for brokers to share with their clients that addresses how the HDHP/HSA combination can create a false sense of security, the drawbacks of HSAs, and the benefits of back-filling insurance deductibles.
HSAs & Retirement
Near Retirement? Avoid These 3 Hiccups With Your HSA
HSAs can be a great tool for retirement medical costs — if you don’t make any mistakes using them. If you plan on remaining in the workforce through your 60s, pay close attention to how you fund this account. Here are three potential hiccups older savers might face.
The 1 Financial Product That Could Spell the Difference Between Retirement Readiness or Not
If you're not setting funds aside in an HSA for future medical costs, you're running the real risk that you'll struggle financially in retirement once those bills start pouring in. And that's a mistake you're more likely than not to regret.
An Overwhelming Majority of Older Americans Are Missing Out On This Retirement Savings Tool
When we think about socking away funds for the future, it's common to focus on popular savings plans like IRAs and 401(k)s. But there's another type of savings account you should consider when planning for your senior years: the HSA. Like IRAs and 401(k)s, there are a number of tax benefits to be reaped when you save in an HSA -- yet most middle-aged and older Americans don't have one at present.
Can HSAs Be the Next Retirement Success Story?
HSAs provide an excellent opportunity for retirement savers to accumulate wealth. While there are significant challenges for individuals, employers, and policymakers to overcome in order to make it a success like the 401(k), education about these accounts from employers and advisors could help increase adoption and help more individuals benefit from tax savings.
Maximizing Your HSA
HSAs Are the Best Deal Going if You’re Careful and Organized
I’m a big fan of HSAs. They’re becoming more popular as a way to pay for medical costs—and, they can also be a valuable addition to your retirement plan. What’s so great about HSAs? If used properly, they’re triple tax-favored. You get a tax deduction when you deposit funds. The growth thereafter is tax-deferred. And if you use distributions to pay for qualified medical expenses, withdrawals are tax-free.
HSAs and 401(k) Deposits Have Equal Tax Treatment? No!
HSAs are often touted as triple-tax-free, putting contributions on par with the tax treatment of deposits into a traditional 401(k) plan. But HSA contributions receive even more favorable tax treatment than this retirement plan. Let’s see how.
Consumer-Driven Health Care
As Out-Of-Pocket Health Costs Rise, Insured Adults Are Seeking Less Primary Care
A new study concludes that adults with commercial health insurance are visiting primary care providers less often than they did about a decade ago. Interestingly, preventive checkups actually increased, but problem-based visits fell by more than 30 percent.
Virtual Primary Care ‘Visits’? That Future Is Already Here
As Americans increasingly conduct their lives online—shopping, banking, socializing—health care payers, providers, and many employers are counting on primary care delivered by the computer or mobile device as one of the main ways to tame health care costs while boosting access to care.
Health Care Needs Disruption – Trump's Price Transparency Plan Could Start It
As Americans increasingly conduct their lives online—shopping, banking, socializing—health care payers, providers, and many employers are counting on primary care delivered by the computer or mobile device as one of the main ways to tame health care costs while boosting access to care.