HSA News for June 22, 2020
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Bipartisan Senators Call for Making Telehealth Expansion Permanent Post-Coronavirus
On June 15, a group of 30 senators from both sides of the aisle urged leadership to make permanent the expansion of telehealth services that has been undertaken during the coronavirus pandemic. The letter to Senate leaders calls for provisions from the CONNECT for Health Act included in previous COVID-19 legislation be extended after the public health emergency is over.
Providers Tell Congress: Patients Will Lose Access to Care Without Permanent Expansion of Telehealth
Patients will lose access to care if Congress doesn't take immediate steps to expand telehealth permanently, health executives told lawmakers during a July 17 hearing by the Senate HELP Committee. Congress needs to take action to ensure temporary policy changes remain in effect once the public health emergency has ended, physician leaders testified.
Key GOP Senator Endorses Permanent Telehealth Provisions
Senate Health, Education, Labor and Pensions Committee Chairman Lamar Alexander (R-TN) called on Congress to make permanent two temporary telehealth changes enacted in response to the COVID-19 pandemic. Earlier this month, Alexander called for preserving gains made through telehealth in a white paper focused on preparing for future pandemics.
EEOC Will Advance New Wellness Regulations
In a public meeting on June 11, 2020, the Equal Employment Opportunity Commission advanced a new notice of proposed rulemaking on wellness programs. The EEOC intends to move forward with the proposed rule after parts of its last regulation were invalidated in court and even as the value of wellness programs has been refuted in several recent studies.
HSA Compliance Corner
You're No Longer HSA-Eligible? What About Your Spouse?
More than one person covered on an HSA-qualified medical plan may be eligible to open and fund an HSA. In some cases, it doesn't matter. In others, the presence of an HSA-eligible spouse may be critical to a couple's enjoying the benefits of an account. You may have lost your eligibility to fund your HSA. But if your spouse is covered on your policy, perhaps he or she can pick up the slack.
HSA Industry News
Alegeus Smart Account Mobile App a Game Changer for Health Benefits Industry
Alegeus shared client feedback on its Smart Account Mobile App which leverages AI and machine learning technology to deliver personalized healthcare spending and savings guidance for consumers. Nearly two-thirds of users re-engaged with the app within the first month of use, demonstrating the power of digital-driven technology to drive engagement with healthcare spending and saving.
Bend Financial & Picwell Partner to Forecast Future Healthcare Needs and Expenses
On June 17, Picwell announced a partnership with Bend Financial that will help Bend customers plan HSA contributions for short and long-term health expenses based on their health conditions, retirement goals, and current HSA usage.
HSA Bank Provides Clarity in Health Plan Selection through Advanced Decision Support
HSA Bank announced a partnership with MyHealthMath and Tango Health to provide its employer clients access to Advanced Decision Support, designed to help employees during open enrollment and year-round confidently select the health plan that's right for them from a total cost perspective.
HSA Industry Best Practices
Big Dose of HSA Education Needed
A new white paper published by Optum Bank and Empower Retirement provides recommendations for encouraging retirement-focused health care savings via HSAs. According to the firms, the underlying survey of nearly 1,000 consumers aimed to uncover the best ways to educate workers on long-term planning for health care expenses, and to understand their current attitudes and goals.
The HSA Market
How COVID-19 Has Transformed HSAs and Why They Enhance Today’s Benefit Packages
In this episode of the Expert Perspectives podcast, we’ll hear highlights from the May 19th presentation by Kevin McKechnie, Jordan Mazur, and Michael Olson exploring why combining HSAs and HDHPs is still a viable and optimal option for reducing health care costs.
3 Healthcare Benefits Trends to Consider for 2021
Lawmakers in Washington, D.C., have been busy working to help consumers, many through the CARES Act. These positive adjustments make consumer-directed plans even more valuable, and it’s a great time to invest in education to teach employees about how these plans can help them achieve better financial health — both during the crisis and for the long term.
Offering Benefits to Meet the Needs of a Multi-Generational Workforce
Each generation has different expectations for what a benefits program should entail, usually shaped by their own experiences. Recent events have focused the workforce’s attention on health and welfare and financial protections like never before. HSAs are often well-received by Millenials, Gen Z and Gen X.
HSAs & Retirement
Using an HSA Account as a Retirement Vehicle
One of the most important retirement planning considerations is providing the means to pay for medical expenses. Health care expenses can rapidly deplete one’s retirement savings. If you fund an HSA every year that you are able and you don’t use the funds for current medical expenses, you can accumulate a significant amount that can help defray future medical costs.
Maximizing Your HSA
Get a Triple Tax Play Advantage With a Health Savings Account
Most people know that HSAs are a source of tax-free money to pay out-of-pocket medical expenses. But if you plan carefully, HSAs can also be a valuable source of retirement savings, providing a triple tax benefit that is even better than a 401(k).
How HSAs Help Employees Realize Better 2020 Tax Breaks
Secret knowledge aside, one thing is for certain: financially healthy people understand their tax breaks. By focusing on the tax-advantaged accounts with the highest rewards, your clients can turn their least favorite season into “money-saving season” – both this year and in 2021. An HSA is a tax-advantaged account that offers the highest rewards.
You Can Contribute More to an HSA in 2021. Here's Why You Should.
HSAs are one of the most valuable tax-advantaged investments, but they're often overlooked. If you qualify, there's some good news: The amount you can invest in your account is going up next year. That means you can, and should, put a little extra in this account to help build a more secure future.
3 Ways to Maximize Your Employee Health Benefits
Employee health benefits can have huge value, but you may not be taking full advantage of yours. HSAs offer a rare triple tax break: contributions avoid federal income taxes, grow tax-deferred and are tax-free when spent on qualified medical expenses. These tax advantages are so significant that many people treat their HSAs as supplemental retirement funds.
Consumer-Driven Health Care
The Average Cost of Braces and How to Save
Managing the high cost of orthodontic treatment can be done in a number of different ways, from shopping for the best price to maximizing tax-exempt savings accounts. Try these strategies to keep finances in check when trying to achieve better oral health.
High-Deductible Plans Push Physicians to Change Practice
Most independent physicians in the United States have changed their practice as a result of the high deductibles patients face with health insurance, survey data show. Among key findings were that 80% of physicians say their patients delay or forgo care because of out-of-pocket costs or push it to the end of the year when they have met their deductibles.
High-Deductible Health Plans Affect Care in Bipolar Disorder
For patients with bipolar disorder, there is a reduction in non-psychiatrist mental health provider visits, but no change in psychiatrist visits, after switching to a high-deductible health plan, according to a study published online June 16 in the American Journal of Managed Care.
The Potential of Value-Based Deductible Exemptions in HDHPs
It is becoming increasingly clear that HDHPs’ indiscriminate reductions in care usage may not be the best way to contain health care costs. In this post, we suggest that combining the principles of HDHPs and value-based insurance design could provide nuanced incentives with potential to preserve access to the most important services while reducing use of only more wasteful care.