HSA News for May 4, 2020
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
McConnell: Senate Will Return on May 4 to Start Next Coronavirus Relief Bill
Senate Majority Leader Mitch McConnell (R-KY) said the Senate will return to the Capitol on Monday, May 4. Leadership in both chambers are already jockeying over the next coronavirus bill, which McConnell has vowed will not pass until all senators are back in Washington to discuss what should, or should not, be in it.
House Reverses Plan, Will Not Return to Washington Next Week
House leaders reversed course on plans to bring the chamber back into session next week amid fears over whether it is safe to return to the Capitol during the coronavirus pandemic. House Majority Leader Steny Hoyer (D-MD) announced the change in plans after initially saying Monday that the House would return May 4.
Obstacles Mount for Deal on Next Coronavirus Bill
Lawmakers are set to start returning to Washington on May 4 nowhere near an agreement on the next coronavirus relief bill. Instead, they are facing a quick pile up of potential obstacles to a deal as Senate Majority Leader Mitch McConnell (R-KY) and House Speaker Nancy Pelosi (D-CA) offer “red lines” and competing priorities for the next piece of legislation.
Targeted HSA Bills Can Help People Cope with Pandemic
Members of Congress are proposing legislation to allow more Americans to open and fund HSAs. This movement is welcome – especially during a pandemic. Too many Americans don’t enjoy the benefits of an HSA.
HSA Studies & Analysis
How HSA Growth Is Impacting the Financial Services Industry
Harland Clarke surveyed 5,500 banks and credit unions to gain an understanding of whether or not HSAs are important to their business. What we heard was a resounding “Yes.” Yet, our survey also revealed that in general, financial institutions are not prepared to take advantage of the pending explosion in HSA accounts, especially in the post-pandemic era.
HSA Compliance Corner
Extra Time to Close out Your Account for 2019? Yes!
Congress granted Americans an additional three months to file personal income tax returns as a result of the pandemic. That extension extends some Health Savings Account deadlines as well.
Can Employers Use PPP Funds to Contribute to HSAs?
The recent passage of the Coronavirus Aid, Relief and Economic Security (CARES) Act has left some employers scrambling for more guidance. Among the issues they’re clamoring to understand are Small Business Administration loans and the Paycheck Protection Program, including whether these loans can help employers add contributions to their employees’ HSAs.
HSA Industry Best Practices
What Offering Strong HSA Options Can Mean For Financial Institutions
To properly assess someone’s financial health, banks should consider the full spectrum of their customers’ essential life expenses. This includes everything from healthcare to retirement savings to homeownership and more. One of the best ways financial institutions can help customers manage their health-related expenses is with an HSA.
HSAs & Retirement
How to Save for Retirement if You Don't Get a 401(k) at Work
HSAs are made to help you save for medical costs, but they have a hidden superpower that makes them ideal for retirement as well. If you have the means to pay for your medical costs out of pocket while saving more for the future, an HSA can save you a bundle.
Maximizing Your HSA
HSAs Add Options in Pandemic, Including Telehealth
People with an HSA now have more flexibility in how they use the money because of rule changes prompted by the coronavirus outbreak. Now, thanks to updates tucked into an early round of the federal coronavirus assistance program, people with HSAs can take advantage of expanded benefits.
Why Employees Should Use HSA Dollars During the Pandemic
Health Savings Accounts are a coveted benefit for their flexibility and tax breaks, but employees may not be aware they can use those dollars to help weather the COVID-19 storm.
HSA vs. FSA: How to Choose One
If you're looking to stretch your healthcare dollars further with powerful tax benefits, you might consider an HSA or healthcare FSA. FSAs and HSAs have some key differences. We compare these accounts to help you decide which one is better for your circumstances.
Consumer-Driven Health Care
Telehealth Will Be Free, No Copays, They Said. But Angry Patients Are Getting Billed.
Policymakers and insurers across the country say they are eliminating copayments, deductibles and other barriers to telemedicine. But in a fragmented health system, the shift to cost-free telemedicine for patients is going far less smoothly than the speeches and press releases suggest. In some cases, doctors are billing for telephone calls that used to be free.
One Thing the Pandemic Hasn’t Stopped: Aggressive Medical-Debt Collection
U.S. hospitals are in the spotlight for being on the frontline of fighting the pandemic. But in the shadows, debt collection operations continue, often by the same institutions treating coronavirus patients, all while unemployment and uncertainty soar.