HSA News for July 26, 2021
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Senate Infrastructure Deal in Sight After Medicare Agreement
A bipartisan group of senators is closing in on a $579 billion infrastructure deal after agreeing to pay for it in part by delaying a costly Trump-era Medicare regulation, but they don’t expect to announce details until at least July 26. Any deal could still face resistance from Democrats on both sides of the Capitol, making the prospects uncertain as a bipartisan group of 22 senators works out the final sticking points.
US Renews 'Public Health Emergency' Declaration Due to Covid-19 Pandemic
The U.S. remains under a state of "public health emergency" due to the COVID-19 pandemic. On July 19, HHS Secretary Xavier Becerra signed a renewal of the determination that a "public health emergency" exists due to the pandemic. The determination was last renewed in April and is up for renewal every 90 days.
HSA Studies & Analysis
Devenir: HSA Deposit Rate Update – July 2021
Higher-than-average inflation rates has led to increased pressure on the Federal Reserve to respond. So far, without any change in activity from the Federal Reserve, Devenir has not seen any dramatic impact on deposit rates offered in health savings accounts.
HSA Compliance Corner
PrEP, the HIV Prevention Pill, Must Now Be Totally Free Under Almost All Insurance Plans
The federal government has announced that almost all health insurers must cover the HIV prevention pill, known as PrEP, with no cost sharing — including for the drug itself and, crucially, for clinic visits and lab tests. This means the entire experience of maintaining a prescription to Truvada or Descovy, the two approved forms of PrEP, should now be totally free for almost all insured individuals.
The HSA Market
1 in 3 Plan Sponsors Looking to Change Advisors
Plan sponsors and plan advisors continue to look at programs beyond the retirement plan, according to new research from Fidelity. Advisors who discuss topics such as financial wellness and HSAs with plan sponsors appear to earn higher satisfaction scores. Plan sponsors offering HSAs have seen increased enrollment, with more than half (55%) of employees enrolled in an HSA, up from 40% in 2020.
HSAs & Retirement
How to Get Extra Time to Contribute to Your Health Savings Account
I’ve read about the advantages of health savings accounts but didn’t realize I wouldn’t be able to continue contributing to one after turning 65. What’s the penalty if I direct my employer to keep making direct deposits from my wages? Turning 65 doesn’t disqualify you from contributing to an HSA — it’s signing up for Medicare that does.
Maximizing Your HSA
Healthcare FSA vs. HSA—Understanding the Differences
Both a healthcare FSA and an HSA can cut your taxes and help you save money on medical, dental, vision and other qualified medical expenses. And while they are alike in some ways, each offers different features and benefits. Here is what you need to know about an FSA and an HSA and how to determine which one may work best for you.
Consumer-Driven Health Care
Many Patients Billed for Preventive Care That Should Be Free
Many Americans are being charged for preventive -- and supposedly free -- health care, new research shows, and those bills may keep them from booking appointments in the future. Out-of-pocket charges for preventive care that should be free under the Affordable Care Act can discourage patients from receiving recommended care, said the study's lead author.
3 Major Health Insurance Cost Drivers
The three main drivers of the increased cost of health insurance over time are basic and therefore will require a major change of thinking and behavior if we are to see any impact. There is a glaring lack of consumerism in health insurance. It comes on two levels: (a) the purchase of the product, and (b) the nature of the health care delivery system.