HSA News for July 6, 2020
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
IRS Is Not Extending Tax Deadline: 2019 Returns Must Be Filed by July 15
The Treasury Department and the Internal Revenue Service announced it would stick with its tax filing extension deadline of July 15. Just last week, Treasury Secretary Steven Mnuchin said a further postponement to September was being considered. The agencies are encouraging people to file for an automatic extension of October 15, if they cannot meet the July 15 deadline.
House Passes PPP Extension Bill Giving Small Businesses More Time to Apply for Lifeline
The House of Representatives followed the Senate's lead and voted to extend the Paycheck Protection Program through Aug. 8. Created earlier this year as part of the CARES Act to help the nation respond to the fallout from the COVID-19 pandemic, PPP expired June 30. The program has about $130 billion left to spend.
House Democrats Push Through First Bill in a Decade to Expand Affordable Care Act
On June 29, the House of Representatives passed what would be the first significant expansion of the Affordable Care Act since it became law a decade ago. The vote, largely along party lines, was a hollow exercise in terms of any chance that the bill would become law. Moments after the debate began, the White House announced that the president would veto the legislation if it reached his desk.
HSA Compliance Corner
Back to the Fiduciary Future?
The Department of Labor issued a new proposal aimed at streamlining investment advice protections provided to workers and retirees under ERISA. The measure includes a best interest standard intended to align with a broader investment advice regulation issued by the Securities and Exchange Commission that takes effect June 30.
Newly Published DOL Fiduciary Proposal Matches SEC’s Reg BI
The proposed Department of Labor conflict of interest regulation creates a new exemption for investment advice fiduciaries under ERISA. The proposed exemption would allow investment advice fiduciaries to give more choices for retirement clients using so-called “impartial conduct standards.” According to the DOL leadership, these impartial conduct standards rise to the level of “a best interest standard.”
VA Care and HSAs Don't Mix? Yes . . . and No.
If you're eligible to receive care through the Department of Veterans Services medical system and want to fund an HSA, be sure to understand how the two programs work together - or don't. So, does it make sense to receive care at a VA system? It depends. Here are some questions to ask yourself.
HSA Industry News
Employers Can Now Measure Employee Health Savings with New HealthEquity Tool
HealthEquity, Inc. introduced the release of Health Savings Score™ to track, measure and optimize employee health savings. With Health Savings Score, employers gain true visibility into how their employees are using HSAs to build long-term savings for health and retirement.
HSA Industry Best Practices
Help Your Employees Build Health Savings – Here’s How
As the sponsor of employee benefits, employers are well-positioned to help their people build better health savings. Doing so leads to less financial stress and greater productivity in the office. Smart plan design and access to data-driven insights are two ways employers can improve their benefits package and help employees build savings.
The HSA Market
Disability Insurance, HSAs Are 2 Valuable Benefits That Millennials Shouldn't Overlook
Often when people start their careers they are not thinking about their employer's benefits packages in terms of personal risk and investment, but it can't afford to be overlooked. Choosing an HDHP can make sense, but if you're not taking advantage of an HSA that goes with those types of plans, you may be risking financial difficulties if you get sick or injured and have no additional resources to tap into.
HSAs & Retirement
Medicare And Health Savings Accounts: Understanding The Rules
Medicare enrollees who are in the workforce may not be aware of the array of rules surrounding health savings accounts and Medicare, and they depend on their advisors to keep them from making a mistake.
Growth of Working-Age Adults Hasn’t Kept Up with Graying America
The number of U.S. residents 65 and older jumped 34% to 54 million last year from the 2010 Census report. This outpaced both the rate of growth in the working-age population as well as that of children. The graying of America will likely place an additional burden on already-stressed federal, state and local governments.
Maximizing Your HSA
Declare Your Independence with a Health Savings Account
Owning and funding a Health Savings Account isn't as monumental as writing - or signing - the Declaration of Independence. But this flexible account allows owners to enjoy a certain independence that patients not enrolled in an HSA-qualified plan and not eligible to fund an account don't experience.
HSAs Get Even Better
As the country dealt with the fallout from the coronavirus pandemic this spring, lawmakers and regulators scrambled to ease the pain of record job losses and other blows to Americans’ pocketbooks and health. One result that has largely flown under the radar: HSAs and FSAs. Some of the changes are temporary, but others have no expiration.
Health Accounts Received a Boost from the CARES Act: Here’s How to Take Advantage of It
The CARES Act made changes to HSAs that have been mostly overlooked and seldomly talked about yet can provide a huge cost savings to those that take advantage of them. Let’s dive in to see what’s changed, how to take advantage of those changes, and how to use this information to make the most informed decision at your next annual enrollment period.
Consumer-Driven Health Care
Two Friends in Texas Were Tested for Coronavirus. One Bill Was $199. The Other? $6,408.
Before a camping and kayaking trip, Pam LeBlanc and Jimmy Harvey decided to get coronavirus tests. The two got drive-through tests at Austin Emergency Center. The emergency room charged Mr. Harvey $199 in cash. Ms. LeBlanc, who paid with insurance, was charged $6,408.
Instead of Skipping Medical Care, Try Bargaining for a Better Price
Millions of people forgo needed medical attention — doctor visits, surgeries, prescriptions and testing — because they either lack insurance or the cost of using their policies is too great. It's also complicated, a world of bewildering forms and websites, and seemingly unexplained denials of payment. Before you delay care, consider ways you may be able to reduce your costs.
Got COVID-19 Medical Debt? 4 Things to Do Now
It's to your advantage to use your HSA, if you have one, for medical bills you incur due to COVID-19. If you've been putting money into it regularly, you may have enough to cover your out-of-pocket costs. And even if you can't pay for it all, you will still be able to reduce your outstanding medical bills, which will make the next steps a little easier on your wallet.