HSA News for October 24, 2022
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
HSA Compliance Corner
Questions About Medicare and HSAs Keep Surfacing - Part A Collisions
Too few Americans approaching age 65 know the ins and outs of Medicare enrollment. As the number of working seniors (those who remain employed after their 65th birthday) increases and Health Savings Accounts become more widespread, the conflicts between the two programs' rules affect more and more Americans. Here's how to keep things straight.
Open Enrollment Aftermath: Addressing Election Errors
Errors related to HSA contributions are subject to their own set of IRS rules. The general rule is that HSA contributions are non-forfeitable, even if the employee consents to a return of the mistaken contribution, so HSA corrections are not a simple matter of requesting the return of the mistaken contribution. But the IRS recognizes three limited circumstances in which mistaken HSA contributions may be refunded.
The HSA Market
Open Enrollment Season: A Time to Show Your Employees You Care
Most health insurance plans cover preventive care such as annual physicals and screenings on a pre-deductible basis. What’s less known is that HSA-qualified plans can cover these critical services on a pre-deductible basis. These plans may also cover certain treatments for chronic conditions such as diabetes, heart disease, asthma, and depression without requiring meeting the deductible first. Make sure that the employees enrolled in such plans understand their coverage.
HSAs & Retirement
Leverage Your Health Savings Account to Increase Your Options in Retirement
Health Savings Accounts deliver tremendous value. If your employer offers a program and you haven't enrolled, it makes sense to consider whether this approach delivers greater financial benefit to you. But you'll never know if you don't take the time to understand your personal situation and look objectively at how to spend your annual allotment of employer benefits dollars.
Consumer-Driven Health Care
2023 Health FSA Contribution Cap Rises to $3,050
Employees can put an extra $200 into their health FSAs next year, the IRS announced, as the annual contribution limit rises to $3,050, up from $2,850 in 2022. The increase is double the $100 rise from 2021 to 2022 and reflects recent inflation. If the employer's plan permits the carryover of unused health FSA amounts, the maximum carryover amount rises to $610, up from $570.
Hospitals Are Hiding Prices From Patients, Advocacy Report Says
Some large hospitals are still not posting their complete price lists as required by federal transparency rules, a new analysis by PatientRightsAdvocate.org found. A comparison of price data for seven hospitals in Florida and Texas, owned by two major health systems, to corresponding insurance plan data revealed the omissions in the hospital files, the organization said.