HSA News for June 21, 2021
HSA news is updated weekly by Mr. HSA, Roy Ramthun.
News from Washington
Supreme Court Upholds Obamacare in 7-2 Ruling
The Supreme Court upheld Obamacare on June 17, preserving the landmark law and its key protections for millions of people with preexisting health conditions. The justices ruled 7-2 that the challengers lacked standing to sue, in a decision that marks the third major challenge to be rebuffed by the Supreme Court.
1.2M Signed Up for ACA Coverage Since Feb. 15 as Enhanced Tax Credits Boost Enrollment
The Centers for Medicare & Medicaid Services released a report that indicates 1.2 million new consumers have signed up for coverage on HealthCare.gov from February 15 through May 31, with 4 in 10 spending $10 or less per month due to enhanced tax credits. The special enrollment period lasts through August 15.
Public Option Fades With Little Outcry From Progressives
The public option insurance plan has fallen off the national radar, despite being a major point of contention just a year ago during President Biden's campaign. But rather than holding Biden’s feet to the fire on the issue, progressives are concentrating on other health care priorities, like ensuring drug pricing reform and expanded Medicare are included in a massive infrastructure package.
White House to Democrats: Get Ready to Go It Alone on Infrastructure
White House officials told House Democrats on June 15 to get ready to go it alone on infrastructure if bipartisan talks founder, setting the stage for party leaders to tap an obscure budget procedure to move President Biden's top domestic priority without Republican support.
Bipartisan Infrastructure Group Grows to 21 Senators
A group of 11 more Senators announced support for a $974 billion, five-year bipartisan infrastructure framework unveiled last week, giving the proposal a crucial political boost in the nick of time.
HSA Studies & Analysis
HSAs + Investments: A Powerful Savings Combination
As the HSA market becomes more competitive, providers must find new ways to differentiate themselves and provide value to their account holders. Offering investments allows account holders to maximize their tax savings and potentially build a larger nest egg for health care expenses in retirement. Providing an investment solution may also create a stronger and longer relationship with account holders.
HSA Compliance Corner
FSA Flexibility? It Comes with a Price for HSA Owners!
Temporary regulations helped Health FSA participants whose spending plans were suddenly changed by a pandemic. But the resulting flexibility magnifies the compliance issues for employees transitioning from a Health FSA to a Health Savings Account.
HSA Industry News
Lively Surpasses Half a Billion in Assets
Lively Inc. announced it has exceeded $500 million in HSA assets. The milestone cements its position as the fastest-growing HSA provider and reaffirms its leading approach, allowing Lively to expand its investment in its customer-centric product offering.
HSA Industry Best Practices
Achieving Better Outcomes With HSAs
In a recent Plan Sponsor Council of America webcast, industry experts offered ways to approach employees concerning HSAs and strategies that can help in improving how effective they are in helping them meet their current and future needs. The panelists advocated an objective-based approach and suggested best practices.
The HSA Market
Does the Work-from-Home Revolution Translate into More ICHRAs and HSAs?
As employers embrace "work from home" and begin to recruit nationally for workers, the traditional model of a network-based medical plan may be insufficient to attract and retain talent. In theory, individual coverage HRAs (ICHRAs) provide the best of all worlds. And the ICHRA model is fertile ground for Health Savings Accounts.
HSAs & Retirement
How an HSA Can Be a Lifesaver in Retirement Planning
There’s little not to like about an HSA. They allow you to invest and withdraw money for health care expenses. The contributions and proceeds are tax free (if used for a wide range of medical/health expenses). Better yet, if you don’t use the money, you can keep it.
This Is Pre-Retirees' Top Retirement Concern
If there's one thing pre-retirees aged 50 and over are really worried about, it's healthcare costs, including long-term care. In fact, that's their top money-related concern going into retirement, according to a recent study. And when we dig into what those expenses might cost, it's easy to see why.
Maximizing Your HSA
The Ultimate Primer on Health Savings Accounts
Dana Anspach of Sensible Money explains in this Q&A with Retirement Daily editor Robert Powell what a Health Savings Account is, how to use an HSA, when to begin drawing down the money in an HSA, and how to invest the money in an HSA.
Consumer-Driven Health Care
Most Top Hospitals Charge a More Than 5x Markup
Some of the hospitals with the highest revenue in the country also have some of the highest prices, charging an average of 10 times more than the actual cost of the care they deliver, according to new research. While few patients ever pay those prices, due to negotiated insurance rates, they do affect the uninsured and, experts say, ultimately influence the overall price we all pay.
How to Stop Getting Ripped Off by American Health Care and Save Big Money
When Kevin Vincent had to get two MRIs, he knew it would cost him. But he found an unexpected workaround that saved him big money — while exposing a lot of what’s wrong with American health care. Vincent didn’t realize hospitals mark up MRIs, so imagine his amazement when found both MRIs for the total cost of $950 compared to an original quote of $9,000 (cash price).