HSA News for April 13, 2020
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Pressure Mounts on Congress for Quick Action With Next Coronavirus Bill
Lawmakers are facing mounting pressure to move to the next phase of coronavirus legislation, less than two weeks after passing a historic $2.2 trillion economic relief bill. A combination of factors has triggered a new urgency among Capitol Hill lawmakers, even as the funding in the third is just starting to trickle out the door.
Senate Blocks Dueling Coronavirus Relief Plans
On April 9, the Senate blocked dueling plans to provide hundreds of billions of dollars to help small businesses contend with the coronavirus-fueled economic meltdown amid a stalemate over the scope of the package.
'Surprise' Billing Fix Could Hitch Ride on Next Coronavirus Relief Bill
The coronavirus crisis is spurring leaders of two congressional health committees to renew bipartisan efforts to end “surprise” medical bills over fears that thousands of Americans exposed to the disease could get hit by staggering balances for out-of-network or emergency care.
HSA Compliance Corner
“Mr. HSA” Finalizes 2021 HSA Projections
I am now finalizing my projected HSA amounts for next year. You can find my projections on my website at AskMrHSA.com. The IRS will make these amounts official in the coming weeks.
COVID-19 Treatment Covered in Full? Probably - but Not Definitely
Insurers can cover COVID-19 treatment below the deductible. But that doesn't mean that they will. Patients' financial responsibility for the cost of treatment isn't mandated. So not everyone will receive care with no out-of-pocket costs. As of April 3, at least 13 insurers have waived copays, deductibles, and coinsurance for COVID-19 treatment.
HSA Industry News
DriveWealth to Bring Fractional Trading to HSAs
Trading software provider DriveWealth is launching a new division aimed at modernizing the investing tools within HSAs. The technology will allow individuals to trade real-time fractional shares of U.S. equities, exchange-traded funds, American Depositary Receipts, and mutual funds inside HSAs.
HSA Industry Best Practices
Suggestions for Making Holders of HSAs Into Investors
To encourage employees to use their HSAs as longer-term savings vehicles, EBRI recommends employers consider two strategies. First, an education strategy could be effective in encouraging accountholders to invest. Second, employers should consider contributing some seed money to new accountholders, particularly those with very high deductibles.
The HSA Market
Congress Should Expand HSAs in Next Coronavirus Relief Package
In the face of the coronavirus pandemic, Senate Majority Leader Mitch McConnell has said there will likely be additional legislation focusing on healthcare measures. One policy that should be considered is an expansion of HSAs. Legislation introduced by Sen. Ted Cruz and Rep. Ted Budd lifts the mandate that an HSA can only be paired with an HDHP for the duration of the coronavirus emergency.
Maximizing Your HSA
Expanding Reimbursement of OTC Drugs and Medicine
For years, owners of HSAs and participants in Health FSA programs, along with their employers and plan administrators, have lobbied Congress to allow tax-free reimbursement of over-the-counter drugs and medicine without a prescription. Those pleas fell on deaf ears for eight years. Last month, Congress reversed course and changed the law.
Consumer-Driven Health Care
Coronavirus Already Changing Medical Care in the U.S.
The coronavirus pandemic, is already causing one important shift: It has accelerated moves to restructure how basic medical care is provided and paid for in the U.S. Doctor groups and insurers say there’s been a dramatic surge of interest in large-scale changes in the way primary care doctors are paid, an overhaul that policy experts have envisioned for decades.
Coronavirus Means Americans Are Finally Embracing Virtual Health Care
Until now, the nation’s health-care system was slow to adopt new technologies allowing doctors, nurses and other medical providers to see or monitor patients remotely. Millions of Americans being quarantined may be what finally gets telemedicine widespread acceptance in the United States.
How Virtual Care Can Make Medicine Even More Human
If there is a silver lining to be found in the COVID-19 crisis, it is that necessity has catalyzed promising new care innovations. That shift is delivering immediate dividends that are sure to continue far into the future. It conserves PPE and expands patient access to our services. But most of all, and perhaps counterintuitively, it enhances human connection.
Drugmaker Eli Lilly Caps Insulin Costs at $35 as Coronavirus Crisis Deepens
Drugmaker Eli Lilly & Co. announced on April 7 that it has rolled out a scheme to cap the out-of-pocket cost for insulin at $35, a move which will ease the financial burden on diabetes patients across the United States who may be struggling amid the coronavirus pandemic.
NPA: Supplements Should Be Covered Under FSAs and HSAs
The Natural Products Association called for allowing nutritional and dietary supplements to be covered under HSAs and FSAs as Congress and the IRS consider relaxing rules and expanding coverage during the pandemic. Due to the pandemic, proper nutrition is becoming more important but harder to access.