HSA News for August 23, 2021
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Pelosi Says House Working to Pass Infrastructure Bills by Oct. 1
Speaker Nancy Pelosi (D-CA) said Saturday that the lower chamber is "hard at work" to pass both a bipartisan infrastructure bill and a larger, Democrat-backed spending package by Oct. 1. Pelosi stated that the $3.5 trillion price tag for the larger infrastructure package will remain the topline number for the bill which would include child care, home health care, and paid family and medical leave.
Here Are 3 Major Policy Areas That Health Industry Groups Are Closely Watching in $3.5T Infrastructure Bill
The Senate is getting into the nitty-gritty of what exactly will be included in a massive $3.5 trillion infrastructure package that seeks to make major reforms to Medicare. And that means healthcare industry groups are watching very closely. Here are some of the major issues several payer and provider groups are keeping an eye on and what they want to include in the final package.
HSA Industry News
DriveWealth Powers the Launch of SavingsOak’s HSA Platform for the Everyday Investor
DriveWealth, LLC announced their partnership with SavingsOak to power the company’s investment capabilities. Through this partnership, SavingsOak is leveraging DriveWealth’s comprehensive investing infrastructure that will enable participants will be able to invest fractional shares in U.S. equities and ETFs.
HSA Industry Best Practices
HSA Bank Supports HR Professionals with Annual "Open Enrollment Playbook" Guide and Webinar
HSA Bank released its Open Enrollment Playbook. a yearly guide that offers checklists, how-tos and helpful tips in a fun and engaging way to support employers as they navigate a hybrid open enrollment period. HSA Bank will also hold a webinar on the topic on Thursday, August 26 to dive into more detail.
HSAs & Retirement
Health Savings Accounts: A Taxpayer’s Best Friend
Given the likelihood of increased medical expenses in retirement, using a combination of an IRA, Roth IRA and after-tax investment accounts supplemented by an HSA may be the most prudent tax-efficient way to save for retirement. In fact, contributing the maximum annually to an HSA has the potential for more beneficial tax treatment than any other type of tax-efficient account.
More on Health Savings Accounts
On the surface, determining eligibility to make HSA contributions seems simple enough. It is simple for folks who are single. The complication arises for married couples when one or both are still working. We’ll examine some common scenarios couples face and detail what is allowed and not allowed. If you and your spouse fall into any of these situations, play close attention!
Maximizing Your HSA
Investing HSA Funds Offers a Triple-Tax Advantage
Depending on the HSA custodian, it may be possible to invest some or all of an HSA account balance to potentially get the most out of the triple-tax advantage offered by HSAs. But the investment feature of HSAs is considerably underutilized and often misunderstood. The majority of HSA account holders still think of an HSA as a spending vehicle instead of a savings tool.
6 Funds to Add to Your HSA
If you have an HSA, you likely pay less for out-of-pocket health care expenses since your contributions aren't taxed. Since HSAs also serve as individual retirement accounts, they are a great way to increase your retirement savings. Here are six exchange-traded or mutual funds that you should consider adding to your HSA.
Consumer-Driven Health Care
Optum Quietly Adds Cash-Pay Virtual Care Services to Online Pharmacy
Optum has quietly added multiple services to its online pharmacy, putting it in direct competition with trendy direct-to-consumer startups. The Optum Store was expanded earlier this summer to include more than 800 generics at a discounted cash price and cash-pay telehealth options to allow members to access birth control, mental health medications and drugs for other common needs.