HSA News for September 8, 2020
HSA News is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Mnuchin: Trump Wants More COVID-19 Relief Aid
Treasury Secretary Steven Mnuchin told House lawmakers on September 1 that he’s ready to restart negotiations with Speaker Nancy Pelosi (D-CA) on a massive coronavirus relief package, emphasizing
that both he and President Trump support more emergency aid for workers, schools, small businesses and testing.
Senate GOP 'Goal' is to Vote Next Week on 'Targeted' Coronavirus Relief Bill
Senate Republican leaders hope to vote next week on what they are calling a “focused” and “targeted” coronavirus relief bill, setting up what they hope will be a tough political vote for Democrats shortly before November's elections.
White House and Congress Reach Informal Deal to Avert a Government Shutdown at End of Month
House Speaker Nancy Pelosi and the Trump administration have come to an informal deal to avert a government shutdown at the end of the month when the federal government is set to run out of funding, two congressional sources said on September 3.
Trump-Biden Race Tightens as Both Sides Expect Close Race
President Trump has lagged Joe Biden badly in the polls for much of 2020, but strategists in both parties predict his numbers will rise and the race will tighten as the Republican Party consolidates further behind him this fall. There are already signs that the race is tightening.
HSA Studies & Analysis
Devenir Report Forecasts HSA Assets to Exceed $100 Billion in 2022
Devenir released the results of its 20th semi-annual HSA survey and resulting research report on September 1. Devenir found that the number of HSAs has grown to now exceed 29 million, holding an estimated $73.5 billion in assets halfway through 2020. Devenir currently projects that the HSA market will be approaching 35 million accounts by the end of 2022, holding over $100 billion in assets.
Bureau of Labor Statistics: HDHPs and HSAs
This factsheet highlights HDHP and HSA estimates for private industry workers from the National Compensation Survey. The availability of HDHPs for private industry workers participating in medical care plans increased from 24 percent in 2010 to 45 percent in 2018.
HSA Compliance Corner
Reimburse Expenses of Anyone on the Family Contract? Not Necessarily!
One of the more misunderstood aspects of Health Savings Accounts is which family members' qualified expenses can an account owner reimburse tax-free? The problem isn't that account owners are confused. Rather, it's that they don't even know that they may be violating the federal tax code if they follow logic.
What Are the Rules for Inheriting an HSA?
I have read a few of your articles on inheriting IRAs and I know many of those rules also apply to Roth IRAs but do they apply to HSAs too? Do my beneficiaries get 10 years with those? The rules for HSA assets are not all that tax-friendly when inherited by a non-spouse.
It's Long Past Time to Allow Direct-Primary Care and HSAs to Co-Exist
Current tax law still doesn't allow someone to fund an HSA and participate in a DPC arrangement. It's unfortunate, because the pandemic has demonstrate the fragility of the independent primary care physician under the fee-for-service model and shown how the financial foundation of DPC arrangements strengthens this vital and cost-effective first step in accessing care.
HSA Industry News
Rachel Leiser Levy Selected as New IRS Associate Chief Counsel Employee Benefits, Exempt Organizations and Employment Taxes
The Internal Revenue Service announced that Rachel Leiser Levy is the new Associate Chief Counsel, Employee Benefits, Exempt Organizations and Employment Taxes. Levy has served as a principal at Groom Law Group in Washington, D.C., since 2015. She begins in her new role Sept. 29.
Vive Benefits and SimplePay Health Have Partnered to Offer an Innovative, Easy-to-Use HDHP Design to Address Rising Healthcare Costs
Vive Benefits and SimplePay have collaborated to develop an HDHP plan design that supplies transparency for its members and prospects, just in time for the January 1, 2021 plan year. With Vive’s added financial solution, SimplePay’s new benefit brings employers the luxury to explore options around their consumer-driven healthcare journey.
HSA Industry Best Practices
HDHPs: Your Most Valuable Health Benefit Is Left Behind
In 2019, 11.4 million people selected healthcare plans through the Affordable Care Act exchanges. Though the average deductible was over $5,000, only 7 percent of plans were HSA-eligible. Even then, not all eligible plans were coupled with an HSA. This signals a huge opportunity for us to alert more Americans to the unique ways an HSA can benefit them at every life stage.
The HSA Market
Purdue University Trustees Approve Three Consumer-Driven Plans Available for 2021
Purdue University’s Board of Trustees approved 2021 health plans as part of a multiyear strategy and the ongoing pursuit of improving population health and controlling overall costs for employees and the university. The Purdue Health Plan PPO will no longer be an option for 2021; however, three consumer-driven health plans will be available, all with HSA options.
What to Expect From Your Employer’s Health Plan in 2021
Large employers are finalizing their health plans for 2021, and smaller companies are making decisions about cost and coverage now. The first glimpse into next year's plans shows a moderate increase in health care costs. Employers are trying to manage their costs without making big changes to coverage during the pandemic, and they are finding creative ways to keep costs relatively stable for employees – especially as many continue to face high deductibles.
Tyson Foods to Pilot Medical Clinics for Employees
Tyson Foods plans to open seven medical clinics at some production facilities across the U.S. Tyson Foods said the clinics will offer team members easier access to primary and preventive care, and in most cases team members can be seen at no cost. The exception is for team members enrolled in HDHPs, who will pay a fee for the visits until the deductible is met.
HSAs & Retirement
Whatever Retirement Looks Like for You, HSAs Can Help You Get There
In today’s world, a one-size-fits-all idea of retirement doesn’t fit everyone. Thankfully, there’s a savings vehicle that offers specific benefits for each of these retirement concepts. HSAs provide powerful features to help account holders easily reach their successful version of retirement, whatever that looks like.
4 Tips to Manage Your HSA -- and Maximize It for Retirement
if you're enrolled in a high-deductible health insurance plan, it pays to see if you qualify to participate in an HSA. Not only are HSAs extremely useful during your working years, but they also function as retirement savings plans. Of course, the savvier you are with your HSA, the better it will serve you. To that end, here are a few tips for making the most of that account.
Maximizing Your HSA
Most People With an HSA Are Missing Out on an Important Opportunity
If you're contributing money to an HSA, congratulations. You've made a smart financial choice by using an account that provides some of the most generous tax breaks available. Unfortunately, very few people with an HSA are actually investing contributed funds, according to data from the Employee Benefit Research Institute.
Rules for Your Health Savings Account
HSAs are tax-advantaged accounts you can use to save money to pay for medical care. They are also an excellent vehicle for retirement savings. However, there are strict rules regarding who is eligible to use an HSA, how much money you can contribute to your account, and what withdrawals can be used for prior to age 65. Here are the key HSA rules you need to know.
Consumer-Driven Health Care
Telehealth Grew Wildly Popular Amid Covid-19. Now Visits are Plunging, Forcing Providers to Recalibrate
A nationwide dropoff in telemedicine visits is forcing providers who raced to ramp up virtual care in the face of the pandemic to quickly recalibrate their offerings as more patients turn back to in-person appointments. While telemedicine use largely remains well above pre-pandemic levels, the recent downturn in visits has created an undeniable whiplash effect.
GoodRx: Many Customers Face Hurdles in Accessing Drug Copay Cards
Copay cards and other savings programs are commonly offered as a way to help consumers save on their drug costs. A new study from GoodRx, however, suggests many consumers face significant barriers in accessing these discounts. The prescription discount company found that 67% of copay savings programs are hard for consumers to access.
5 U.S. FinTech Startups Reimagining the Healthcare Industry
The COVID-19 pandemic has spotlighted many of the inefficiencies and archaic processes across the current healthcare system. The healthcare industry witnesses several FinTech-driven changes including better engagement with customers, price or treatment cost transparency, patient financing, and others. Here is a list of 5 U.S. FinTech startups reimagining the health care industry.