HSA News for April 27, 2020
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Trump Signs $484 Billion Coronavirus Relief Package
On April 24, President Trump signed legislation providing $484 billion to replenish a popular small business lending program and support hospitals and COVID-19 testing amid the coronavirus pandemic. The legislation came out of several days of negotiations between Treasury Secretary Steven Mnuchin and congressional Democrats.
HSA Compliance Corner
Direct-Primary Care and HSAs? Not Yet!
Direct-primary care is becoming a popular way to receive primary care and remain healthy. But it still is deemed incompatible with Health Savings Accounts.
HSA Industry News
Webster Financial to Acquire State Farm Bank HSAs
Webster Financial's HSA Bank division has agreed to acquire the existing HSAs of State Farm Bank, a subsidiary of State Farm Mutual Automobile Insurance. Under the agreement, approximately 24,000 accounts, including an estimated $140M in deposits, will transition from State Farm Bank to HSA Bank.
HSAs & Retirement
Many Seniors Overlook This Unique Retirement Option
An HSA is one of the best ways to shore up finances during your golden years. Yet, a mere 8% of people in their 60s and 4% of those in their 70s currently have HSAs, according to a recent survey. Why is this a big deal? It’s because HSAs offer advantages that are unique among retirement savings accounts.
Maximizing Your HSA
Unemployed? Keep Contributing to Your HSA!
You've lost your job. You probably qualify for unemployment benefits, including the generous $600 per week additional federal benefit. It may seem counterintuitive, but you might find that making deposits to an HSA are a necessary part of your plan to stabilize your finances in uncertain times.