HSA News for September 6, 2021
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Sen. Manchin Warns Democrats: Hit 'Pause' on Biden's $3.5T Plan
Sen. Joe Manchin (D-WV) said Democrats should hit "pause" on President Biden’s $3.5 trillion spending package, firing a significant warning shot at his party’s top legislative priority. Manchin pointed to concerns about “runaway inflation,” the delta variant of the coronavirus and a botched withdrawal in Afghanistan to float slowing down what is the centerpiece of Biden's economic agenda.
Biden Adviser: 'Full Steam Ahead' on $3.5T Package Despite Manchin Warning
White House senior adviser Cedric Richmond said on Sunday that President Biden's administration will push ahead with its pursuit of a proposed $3.5 trillion spending package despite recent hesitations voiced by Sen. Joe Manchin (D-WV), a key moderate Democrat in the Senate.
Medicare Part A Funds to Run Out in 2026
The Hospital Insurance Trust Fund for Medicare Part A, which covers hospital care for enrollees, will only be able to pay full benefits until 2026 before reserves will be depleted, according to the latest report from the Medicare Trustees. If the reserves run out for the Hospital Insurance Trust Fund, then the program’s income should be able to cover 91% of scheduled benefits.
HSA Industry Best Practices
Medical Debt Crisis: How Can Employers Protect Their Employees?
According to the Journal of the American Medical Association, medical debt has jumped to $140 billion in the last year. On average, those with medical debt owe more than $2,400. Regardless of the solution, benefits companies know it is crucial to offer American workers a chance at financial wellness.
The HSA Market
Millennials All Aboard the HSA Bandwagon
More than ever, people are embracing the dual benefits of a health savings account as proactive way to finance healthcare and as a way to build wealth. In fact, one in five millennials is now enrolled in an HSA. Millennials are the first generation to take full advantage of HSAs so early in life. And for those in their 30s and younger, HSAs are more than just a mechanism to set money aside to cover healthcare costs.
ICHRAs: Debunking 7 Common Myths
As with any new product or service, misconceptions can arise about value, scope, and purpose. Our “Myths vs. Facts” FAQ explains how Individual Coverage HRAs create another option for employers to provide employees with comprehensive, ACA-compliant health coverage.
HSAs & Retirement
Why an HSA Should Be Part of Your Retirement Plan
Part of saving for retirement is creating a cushion to soften the blow of healthcare expenses that tend to grow as a person gets older. But 401(k)s and IRAs aren't the only way to save for your future. Health Savings Accounts are another great way to save for this major retirement expense—plus, they come with added tax benefits.
Maximizing Your HSA
Five Great Reasons to Fund a Health Savings Account
An HSA is a Health Savings Account, and it can be contributed to by anyone who has a high deductible health insurance plan. Don’t confuse this with an FSA, or Flex Savings Account, where any money you put into your FSA must be spent every year--use it or lose it. Here are five great reasons to fund an HSA.
10 Things You Didn’t Know You Could Use Your HSA For
Money deposited into HSAs is tax-deductible and can be used tax-free to pay for eligible medical expenses. In addition to doctor bills, hospital stays and prescription drugs, HSAs can also pay for items which might surprise you, such as over-the-counter medications, menstrual care products, travel for health care, dental and vision care, and much more.
Consumer-Driven Health Care
Health-E Commerce Launches New Line of Generic, Over-the-Counter Medications
Health-E Commerce, parent brand of online marketplaces FSAstore.com and HSAstore.com, announced that its private-label Caring Mill brand has been expanded to include a line of over-the-counter generic medications. The new OTC product line will be available for purchase on all Health-E Commerce sites starting September 1.
Hospitals Stopped Suing Patients for Unpaid Medical Debt After Media Exposure, Public Pressure, Study Suggests
Published studies and bad press about hospitals’ medical debt lawsuits led to a substantial decline in the number of collection cases against patients. The combination of research, media coverage and patient advocacy resulted in a statewide decrease of warrant in debt and wage garnishment lawsuits filed against patients, according to a recent study.