HSA News for April 18, 2022
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
U.S. Renews COVID-19 Public Health Emergency
The federal government renewed the COVID-19 public health emergency on April 13, allowing millions of Americans to keep getting free tests, vaccines and treatments for at least three more months. The Department of Health and Human Services said that it will give states 60 days notice prior to termination or expiration.
New Inflation Numbers Ring Alarms for Senate Democratic Majority
A report that inflation in March rose by 8.5 percent compared to a year ago is setting off new alarm among Democrats that their Senate majority is in serious trouble. The bad news for Democrats is that inflation is projected to be a problem for the rest of this year, there’s not much they can do about it in the short term and it is souring Americans’ view of the economy.
HSA Compliance Corner
“Mr. HSA” Finalizes 2023 HSA Projections — Biggest Changes Since Program Began
With the April 12 release of the March inflation figures by the Bureau of Labor Statistics, I am now finalizing my projected HSA amounts for 2023. I am projecting that the HSA amounts will see their biggest increases in the history of the program. This is good news for HSA owners as the contribution limits will rise much more than in prior years.
Kid Graduating and Aging Off Your Plan? How Is Your HSA Affected?
College graduation season is upon us. If your child is covered on your medical plan, what are the implications for your Health Savings Account? If you understand how the Health Savings Account rules work, you can leverage them to secure a brighter financial future.
HSA Industry News
Sidecar Health Moves Into Group Plan Market
Sidecar Health will launch a new group plan for fully insured employers in Ohio with 51 or more employees. Like Sidecar’s other plans, it will offer the ability to see any doctor, transparent and upfront pricing, and access to a U.S.-based Member Care team. It also will offer HSA-compatible plan options with savings of nearly 40% compared to other coverage options in Ohio.
HSA Industry Best Practices
Attract and Retain Talent Through Increased Employee Benefits Engagement
A well-designed health benefits plan can aid businesses in meeting their objectives by improving a company’s bottom line as well as attracting and retaining the best talent. One way to rethink benefits offerings is to reposition the HSA as a retirement savings tool. Another way is through changes to plan design, such as offering incentives or matching contributions for those participating in the HSA.
The HSA Market
‘Completely Unsustainable’: Small Employers Brace for Giant Health Insurance Price Hikes
Many small companies are expected to face double-digit hikes to their health insurance premiums next year, likely by at least 10% to 15% for 2023. The pandemic is contributing to that, creating headaches for insurance actuaries who are trying to estimate how much care people will get while a deadly virus keeps circulating.
Can ICHRAs Help Control the Cost of Health Plans?
While ICHRAs are a relatively new model of healthcare, they are growing in popularity since first becoming available to employers in January 2020. ICHRAs allow employees to choose where their medical benefit dollars are spent by purchasing individual insurance coverage and then receiving reimbursement through an employer-sponsored health reimbursement arrangement.
HSAs & Retirement
3 Better Ways to Save for Retirement Than a 401(k)
If your company offers you the chance to save for retirement in a 401(k) plan, it pays to take it -- to a point. One benefit of saving in a traditional 401(k) is getting to enjoy tax-free contributions. But health savings accounts offer tax-free contributions and tax-free withdrawals, and that alone makes them a solid choice.
Maximizing Your HSA
Emancipation Day, Patriots Day Extend Deadline to Fund an HSA for 2021
You may be wondering why your tax-filing deadline isn't April 15 this year, as it usually is. The traditional due date of federal income taxes is April 15. That deadline is delayed when April 15 falls on a weekend or holiday. The revised deadline is the first business (non-weekend, non-holiday) day after the traditional deadline. In 2022, that day is Monday April 18.
5 Rookie HSA Mistakes You'll Regret Making
Health Savings Accounts are so popular these days, it's hard to believe they're not even 20 years old yet. But though they're pretty common, people's knowledge of how to squeeze the most out of them often lags a little behind. If you have an HSA or are eligible for one, here are five costly mistakes you don't want to make.
Consumer-Driven Health Care
How FSA and HSA Funds Can Help You Stay Healthy
FSAs and HSAs can be great ways to save money on health care—especially if you’re strategic in how you use the funds. So how can the funds in your FSA or HSA help you get a handle on your health and routine care? Beyond out-of-pocket health care costs like over-the-counter products, prescriptions and copays, you can also use FSAs and HSAs to purchase lab tests and health screenings directly.
Sika Lets Patients ‘Hack’ Their Health Savings Accounts to Buy Wellness Products Tax-Free
What if you could buy a Peloton with pre-tax dollars? How about vitamins and supplements? Skincare products? Or even mattresses and massages? All of those may qualify as purchases you could make through an FSA or HSA. The tax savings from these accounts can make a huge difference in reducing expenses, but most people don’t know how to spend the money.