HSA News for February 24, 2020
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
No Federal Surprise Billing Resolution in Sight
Everyone agrees that surprise medical bills are a problem. And nearly everyone believes that the federal government has an important role in helping consumers. But that’s where the agreement ends. At least for now.
HSA Studies & Analysis
HSA Facts: Check Out What's New and the Best HSA Accounts for 2020
We judged dozens of HSA account providers to pinpoint ones likely to best fit your health savings goals. HSA accounts were evaluated on the metrics that matter most. That includes investment quality and options. And since money inside an HSA will likely grow for a long time, we paid special attention to fees.
11 Best HSA Providers by Fees, Features and Investment Options for 2020
You can pick from numerous HSA administrators, whether or not your employer offers an HSA plan. Where to start your search? Investor's Business Daily editors identified 11 Best HSAs based on account features, customer reviews, benefit consultants' input and Morningstar fund ratings. The HSA providers aren't ranked and are listed by total accounts.
The HSA Market
Investing HSA Assets
The marketplace for investing HSA assets continues to evolve. Even after 15 years, the HSA industry is still in a developmental phase. HSA investment selection activity to date turns out to be highly correlated with the objectives for adopting HSA-capable health options and HSAs. Perhaps most plan sponsors and participants are still "learning to walk" when it comes to HSAs and the opportunities they present.
HSAs & Retirement
Calculating Spending Power of a Contribution
As you plan for retirement and read articles touting one type of investment versus another, remember that HSA owners don’t need to weigh as many current versus future considerations as they determine their financial strategies. HSAs offer a full range of tax benefits that other accounts can match only partially.
This Is the No. 1 Reason for Overspending Among Older Households
Overspending is a common problem for seniors. Unfortunately, seniors generally aren't overspending on extravagant trips or spoiling grandkids. Instead, when they spend more than their income, it's often because of a medical issue. Because medical expenses typically aren't optional, they're something you need to plan for to ensure your own expenditures don't exceed income available in your later years.
If You’ll Still Be Working at Age 65, Here’s How to Handle Medicare
If you’re counting on working past your 65th birthday, be sure to consider how Medicare may factor into your plans — even if you already have health insurance through your job. While workers at companies with fewer than 20 workers generally must sign up for Medicare at age 65, people working for larger companies typically have choices.
Maximizing Your HSA
HSAs and Last-Minute 2019 Tax Deductions
Filing taxes may not be the most exciting thing to do, but there is a silver lining: You can still contribute to your HSA for 2019 before April 15, 2020 (or before you file your taxes, whichever comes first) and count the contribution as a last-minute tax deduction toward your 2019 income tax filing.
HSA Investment Advice for 2020: Think Twice Before Spending HSA Funds
With only 5% of HSA holders investing their funds, most people are not taking advantage of HSA investment benefits. Not everyone can afford to invest all or most of their HSA funds every year. But a larger part of the problem is people still think HSAs are like flexible spending accounts.
With Stretch IRAs Dead, HSAs Can Be a Wealth Transfer Vehicle
By creating a depletion date on “stretch IRAs,” Congress has limited their effectiveness as a means of tax-free bequests. However, individuals can take advantage of a little-known provision in HSA legislation to provide tax-free funds to their beneficiaries.