HSA News for May 11, 2020
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
McConnell, Senate GOP Hit 'Pause' on Next Coronavirus Relief Bill
Senate Majority Leader Mitch McConnell (R-KY) and Senate Republicans are hitting the brakes on another coronavirus relief bill even as House Democrats are preparing to vote on a yet-to-be-unveiled bill as soon as next week.
Schumer, Pelosi Set to Unveil 'Rooseveltian' Relief Package
Senate Minority Leader Charles Schumer (D-NY) said that he and Speaker Nancy Pelosi (D-CA) will soon unveil a coronavirus relief package that he described as “Rooseveltian” in its scope and size. Schumer's remarks came in response to Senate Majority Leader Mitch McConnell’s statement earlier this week that Congress needs to "take a pause” before passing more pandemic relief legislation.
McConnell Under Mounting GOP Pressure to Boost State Aid
Senate Majority Leader Mitch McConnell is facing growing calls within his own conference to increase financial assistance to state and local governments, something the GOP leader shot down during recent coronavirus relief talks with Democrats.
HSA Compliance Corner
Your Spouse and Your HSA
Although HSAs are personal financial accounts, they do affect the family. And the family can affect the account. Let's examine how a spouse can boost the benefits that you derive from your HSA . . . or derail your best-laid financial plans.
HSA Industry News
First Dollar Raises $5 million for a Consumer-Friendly HSA
Jason Bornhorst and Colin Anawaty teamed up to launch First Dollar, a healthcare savings platform with a focus on HSAs that targets millennials and Gen Z. First Dollar launched out of stealth today with a $5 million seed round of funding. First Dollar is launching on the thesis that it can help consumers get better use out of their HSAs.
The HSA Market
Here’s What the Future of Health Care Looks Like After the Coronavirus
The coronavirus pandemic has caused medical professionals and other experts to take a careful look at the way the U.S. health care system is set up. In a post-pandemic world, the expansion of telehealth options, a transition away from fee for service models to more value-based primary care, and an increased use of technology could help cut back on high costs and inefficiency in medicine, experts say.
HSAs & Retirement
Where Should You Put Your Retirement Contributions?
If you are looking to save a piece of your salary for retirement and are hoping to get some tax advantages for doing so, you typically have five options. If your employer has a high deductible health plan, you could choose to make contributions to an HSA. This last option is often overlooked, yet it may be the most beneficial alternative.
Navigating Retirement With Your HSA
Vast numbers of Americans are entering retirement woefully unprepared for their future healthcare expenses. HSAs have proven to be the most powerful tool to save for healthcare expenses in retirement. With so many people entering or currently in retirement with an HSA balance, it’s critical they use the right strategies to maximize the impact of their HSA balance.
Maximizing Your HSA
Your Spouse and Your HSA
Although HSAs are personal financial accounts, they do affect the family. And the family can affect the account. Let's examine how a spouse can boost the benefits that you derive from your HSA . . . or derail your best-laid financial plans.
Here’s What to Know if You Must Sign Up for COBRA Health Insurance
If you have an HSA, you may pay your COBRA premiums with pretax dollars from that account without penalty. HSAs can be a “huge lifeline” for people that have lost their jobs and have the option to maintain coverage through COBRA. If your COBRA plan is HSA-qualified, you will be eligible to continue to make tax deductible contributions to your HSA.
Consumer-Driven Health Care
Amazon Has an FSA/HSA Store Where You Use Your Pre-Tax Dollars to Shop — Here's Everything You Need to Know, Plus 15 Items That Are Surprisingly Eligible
You probably already know that you can use Amazon to order groceries online and stream TV shows, but you may have overlooked its FSA/HSA store where you can pay with your FSA or HSA cards at checkout. Like the rest of Amazon, the FSA and HSA Store has a bevy of products available.
How to Lower Your Hospital Delivery Bill
Few first-time parents understand just how much it will cost to give birth. Navigating the financial costs of having a baby can be confusing, but there are options for lowering your hospital delivery fee. Review these expert-backed tips to learn how you can save on these health care costs.
San Antonio Woman Gets $3,000 Bill After Getting Covid-19 Test
The president and the governor both asked insurance companies to waive deductibles and cover the cost of Covid-19 testing. But a local woman says she was billed more than $3,000 after her test. The woman says she didn't want to follow her doctor's order to go to the emergency room for a Covid-19 test, because she has a high insurance deductible and worried she'd get hit with a big bill.