HSA News for April 26, 2021
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Democrats Weigh Narrower Health Ambitions for Infrastructure Package
Democratic leaders are signaling they’ll scale back the party’s pent-up ambitions for Medicare expansion and drug pricing reform as negotiators eye the next phase of President Joe Biden’s sweeping infrastructure package.
Pelosi Pushes for Drug Pricing Measure Amid Uncertainty from White House
Speaker Nancy Pelosi (D-CA) is pushing for the inclusion of a measure to lower drug prices in President Biden's forthcoming American Families Plan, amid indications that the White House will not include it.
Advocates and Democratic lawmakers are increasingly concerned that health care measures are being left out of Biden's spending package.
U.S. House of Representatives Approves Cannabis Banking Bill
The House of Representatives passed legislation that would allow banks to provide services to cannabis companies in states where it is legal. The bill clarifies that proceeds from legitimate cannabis businesses would not be considered illegal and directs federal regulators to craft rules for how they would supervise such banking activity.
HSA Compliance Corner
Do Two Contracts Mean Two Contributions Limits? It Depends.
Most married couples, particularly those who cover additional dependents, enroll in a family medical plan to cover all family members on a single contract. It's typically the easiest way to manage the family's coverage. But not always. Here are three scenarios and how to determine the maximum HSA contributions under each.
HSA Industry News
Northeast Banks Webster, Sterling to Merge in All-Stock Deal
Webster Financial Corp. is buying Sterling Bancorp in an all-stock deal, the northeastern U.S. banks said April 19. Sterling will merge into Webster with the combined company keeping the Webster name, while establishing a new corporate headquarters in Stamford, Connecticut.
Maximizing Your HSA
Do You Need a Health Savings Account? Here Are the Pros and Cons
As HSA funds roll over from year to year allowing unspent funds to accumulate, they can add a high degree of financial peace of mind for your golden years when the cost of medical expenses not covered by insurance could be a huge financial concern. If you find that you don’t need additional funds for medical expenses, you can always splurge on something you really want or leave it to a beneficiary.
Where Does Your Health Savings Account Go When You Pass Away?
Health Savings Accounts don't die when their owners do, and the balances don't disappear. They're distributed to some person or entity. The account owner has control over who receives the balance, and the tax treatment depends on the beneficiary's relationship to the owner at the time of the owner's death. Here are the options that an account owner has and the tax implications of each choice.
Consumer-Driven Health Care
Aetna Bringing CVS-Centric Plan to New Markets with Eye on Further Expansion
Aetna is bringing its Connected Plan design to new markets with its sights on even further expansion. The Aetna Connected Plan with CVS Health centers the capabilities of the insurer's parent company, including its retail pharmacies, MinuteClinics and HealthHUB stores. Aetna is aiming to offer the plan in 15 markets by the end of the year.