HSA News for March 23, 2020
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Trump Signs Coronavirus Aid Package With Paid Sick Leave, Free Testing
On March 18, President Trump signed into law a multibillion-dollar emergency aid package aimed at helping Americans impacted by the coronavirus. The House-passed measure was approved by the Senate earlier in the day and includes provisions offering paid leave benefits for Americans, bolstered unemployment benefits and free diagnostic testing for the virus.
Senate GOP Releases Coronavirus Relief Plan
Senate Republicans released their proposal for a third coronavirus relief package on March 19 as Washington pushes to try to head off economic disaster. The legislation includes cash payments to Americans and relief for small businesses and major industries hammered by the global pandemic. The final measure will be subject to talks with Democrats and the White House.
Senate Democrats Block Mammoth Coronavirus Stimulus Package
Senate Democrats on Sunday blocked a coronavirus stimulus package from moving forward as talks on several key provisions remain stalled. Hopes of a quick stimulus deal quickly unraveled on Sunday as the four congressional leaders and Treasury Secretary Steven Mnuchin failed to break the impasse.
Treasury Delays Tax Filing Deadline to July 15
On March 20, Treasury Secretary Steven Mnuchin said that the deadline for filing tax returns is being moved from April 15 to July 15, after his department earlier this week similarly extended the due date for tax payments amid the coronavirus.
The HSA Market
Investing HSA Assets
HSA investment menus and selections will likely evolve whenever the employer reconsiders the HSA-capable health plan insurer/administrator, should the employer add automatic features for HSAs (directly or through contract with the HSA vendor), or simply over time where employers contribute to the HSA and/or as assets under management increase.
78% of Companies Signing Up for a New Individual Coverage HRA Are Small Businesses
With just two months since the start of the new employer-sponsored health insurance plan, 78% of the enrollees in the plan are small businesses. Nonprofits and associations account for 20% of the early adopters, followed by professional organizations that include engineers and architects (14%). Other adopters include tech companies (11%) and healthcare providers and services (9%).
HSAs & Retirement
Saving for Retirement Without the Promise of Social Security
In 2020, Social Security will pay out more in benefits than it receives in funding for the first time since 1982, and this is expected to continue. Barring congressional action, Social Security will only be able to pay around 80 percent of promised benefits by 2035. One strategy for saving is consider an HSA and contributing the maximum to it.
Maximizing Your HSA
How to Choose the Best HSA for Your Needs
Since most of us expect to run into health issues at some point in our lives, choosing to save for that eventuality is a good idea. An HSA can help you cover medical expenses in an extremely tax-efficient way. Today we will take a closer look at exactly what an HSA is, how to pick an HSA, and if is a good choice to max out your HSA.
Higher Out-of-Pocket Costs on HSA-Qualified Plan? Check Your Facts!
Though burdened with the negative label "High-Deductible Health Plans," HSA-qualified coverage has statutory caps on out-of-pocket costs that are far lower than traditional plans.
Stock Market's Down! Now What?
I’m not a licensed investment professional, so I can’t provide advice. But I know a sale when I see one. And stocks and mutual funds are on sale due to the pandemic. It may be time to pull the trigger on HSA investments. In fact, it's always the right time to invest. But few account owners do.
Consumer-Driven Health Care
Most Health Insurance Enrollees Don't Understand How Their Coverage Works for COVID-19
Sixty-nine percent of close to 600 individual and family health insurance enrollees lack a basic understanding of how testing and treatment of the COVID-19 novel coronavirus would be covered by their health insurance plan, according to a new survey released by eHealth.
6 Things You Need to Know About Your Health Insurance Coverage During the Coronavirus Crisis
It's important to be as prepared as possible in case you or a loved one become ill -- and that means you should review your insurance coverage now while you're still healthy. It makes sense to know exactly what's covered. That way you can also be financially prepared for any routine illnesses that might come up. There are six key things to watch out for as you take a look at the coverage available to you.
How to Pay for Coronavirus Tests and Treatments
While the test for coronavirus would be free and a doctor visit would be covered under federal legislation, the cost of being treated for COVID-19, the disease cause by the virus, could still be expensive, especially if you need to go to the emergency room or are admitted to the hospital. Here’s what you need to know about paying for care if you need it.
Alternatives to Traditional Medical Care
Americans are turning to alternative models of primary care. Options include full-service walk-in health clinics in big-box stores or at drugstores; apps that offer real-time video chats with a healthcare provider; and high-end concierge practices at large university medical centers.The big question: Can these options provide convenient, affordable ways for you to get the quality of care you need?