HSA News for August 16, 2021
HSA News is compiled weekly by Mr. HSA, Roy Ramthun.
Senate Passes $1T Bipartisan Infrastructure Bill in Major Victory for Biden
The Senate passed a roughly $1 trillion bipartisan infrastructure deal, a significant win for President Biden and the first step on his top legislative priority. Nineteen GOP senators voted with all Democrats to pass the legislation. The bill is now heading to the House, where it faces an uncertain future and skepticism from progressives.
Senate Democrats Approve Budget Resolution, Teeing Up $3.5T Spending Plan
Senate Democrats approved a budget resolution early Wednesday morning that will allow them to pass a $3.5 trillion spending plan without GOP support later this year. Though the budget resolution doesn’t get signed into law, it's the first step toward bypassing the 60 vote threshold required to pass most legislation in the Senate.
Here Are the Key Parts of Democrats' $3.5T Budget Resolution
Senate Democrats unveiled a $3.5 trillion budget resolution they aim to pass without Republican support, paving the way for boosting spending in a number of key areas through a process called "budget reconciliation." Democrats said the budget will provide funding for a slew of big health care moves, from adding Medicare benefits to lowering drug prices.
House to Cut Recess Short, Take Up Democratic Budget Plan
The House of Representatives will interrupt its previously scheduled seven-week summer recess later this month to consider a budget resolution to kick off the process for Democrats' $3.5 trillion spending plan.
Moderates Revolt on Infrastructure in New Challenge for Pelosi
The Democrats' strategy for enacting President Biden's agenda hit a major snag Friday when nine House moderates bucked party leaders with threats of tanking a $3.5 trillion budget bill unless they can vote first on the Senate’s $1 trillion bipartisan infrastructure deal. The ultimatum flips leadership’s preferred sequence on its head, and it presents a blunt challenge to Speaker Nancy Pelosi (D-CA).
Biden Calls on Congress to Act on 'Outrageously' High Drug Prices
President Biden called on Congress to act to lower the "outrageously" high price of prescription drugs as lawmakers prepare to press forward on the issue. The presidential backing comes ahead of what is sure to be an intense fight with pharmaceutical companies and Republicans on the issue, with Democrats looking to include drug pricing measures in their coming $3.5 trillion budget package.
Democrats Reintroduce Legislation to Create Medicaid-Based Public Option
Nearly 20 Senate Democrats reintroduced legislation on August 6 to create a new Medicaid-based public option that would let states create a Medicaid buy-in program for all residents regardless of their income. But the legislation isn't certain to become law, as it has not been added to a $3.5 trillion infrastructure package that includes other reforms on drug pricing and expanding Medicare benefits.
HSA Studies & Analysis
Here's the Top HSA Concern for Plan Sponsors
Interest in Health Savings Accounts is on the rise, but there is still a gap in understanding about how HSAs work and how they can be used as a retirement savings tool. According to the Plan Sponsor Council of America’s 2021 HSA Survey, education about HSAs remains a key goal for plan sponsors.
HSA Industry News
HSA Bank Offers Retiree Reimbursement Arrangements
HSA Bank has expanded access to a new solution designed to support employees into retirement—the retiree reimbursement arrangement. RRAs are a way for employers to provide employees with tax-free money to help them pay for Medicare premiums and other qualified medical expenses incurred during retirement.
HSA Industry Best Practices
Say No to Rising Health Insurance Premiums
In an economy with ever-increasing healthcare costs, high deductible health plans are essential because they drastically lower your premiums. MotivHealth’s average increase in annual premium is less than two percent for their clients. And, if you combine your high deductible plan with an HSA you’ll gain even more control over your healthcare dollars.
Power Up Your Performance This Open Enrollment Season
Last year’s shift to a largely virtual enrollment proved employers can and should adapt to the changing environment and look for new ways to engage employees. This year, consider some simple strategies to make the open enrollment period an ongoing opportunity to help employees and their families meet their healthcare needs and achieve a healthy financial future.
HSAs & Retirement
Americans Have Invested $82.2 Billion in HSAs, but Most Aren’t Taking Full Advantage of Everything It Has to Offer
When people think of retirement savings, plans like 401(k)s and IRAs probably come to mind. But there are other unexpected ways to save for retirement, such as HSAs. While money in an HSA can also be used for investment, most HSA holders use the funds for its original purpose of covering medical expenses.
Workers Think They'll Need $500,000 to Retire Comfortably. Are They Right?
According to a new survey by Transamerica, workers estimate they'll need a median savings balance of $500,000 in order to feel financially secure during retirement. Whether you agree or disagree that $500,000 is a smart retirement savings target, a better bet is to ask yourself the following questions to determine how much savings you should aim to retire with.
Maximizing Your HSA
The Surprising Benefits of a Health Savings Account
You might be surprised to hear that HSAs are among the best long-term savings vehicles available. This is true even if you don’t spend a dime of the money on actual healthcare for years — or possibly even ever. HSAs are like a turbocharged IRA, not an account to use for today’s medical bills if you can help it. They are potentially a triple tax-free opportunity.
Consumer-Driven Health Care
Colonoscopy Costs Reveal Significant Price Variances Across Hospitals
Colonoscopy prices exceed $5,000 at some of the country's most expensive hospitals, while hovering around $1,700 on average at less expensive hospitals, according to a study published in Health Affairs. The research team found that only about a quarter of general acute care hospitals in the U.S. disclosed commercial negotiated prices for colonoscopies.
Aetna Launching Nationwide Virtual Primary Care Solution
Aetna is launching a new nationwide primary care solution backed by Teladoc Health's physician-led care team model. Patients will have access to a continuous relationship with a virtual primary care doctor, which begins through a 30- to 45-minute initial visit, and extends to subsequent visits.
Here Are 3 Ways Dollar General Could Upend the $3.8 Trillion Healthcare Industry
On July 7, Dollar General unveiled plans to boost its customers’ access to healthcare by expanding the supply of healthcare products on its shelves. The discount retailer also hired Dr. Albert Wu to be Dollar General’s first chief medical officer. The company has charged Wu with building a network of affordable healthcare services. Just how far into healthcare Dollar General plans to go remains to be seen.