HSA News for August 22, 2022
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Biden Signs Expansive Health, Climate Bill into Law
President Biden signed into law a sweeping bill to lower health care costs and address climate change on August 16, sealing a legislative victory more than a year in the making. The $740 billion bill was significantly slimmed down from the original $3.5 trillion package some envisioned last fall, but nevertheless includes some of Biden’s key campaign promises.
Americans May Soon Have to Pay for COVID Vaccines Themselves Rather Than Getting Them for Free
The U.S. government is planning to stop paying for COVID-19 vaccines and treatments, and shift the bill onto the health care industry and eventually the consumer—possibly making it one of the first countries to end the practice of giving out coronavirus vaccines for free. As COVID cases drop and the pandemic response funding runs short, the U.S. is determined to privatize COVID-19 treatment by the end of 2022.
HSA Compliance Corner
Can Your Company Inadvertently Disqualify You from an HSA? Yes!
Employers that offer a Health Savings Account usually don't mean to disqualify employees from opening and funding accounts. But sometimes they do. Some plans that look like they're HSA-qualified aren't. And some workplace programs and services that don't look like coverage may be disqualifying. Here are some common situations that may disqualify employees from opening and funding an HSA.
HSA Industry News
HSARx Launches Revolutionary Program to Help Americans Save Up to 80% on Prescription Drugs
A new service has launched called HSARx, offering traditional pharmacy benefit management savings directly to HSA subscribers. HSARx offers a seamless and easy way for consumers to pay for and charge prescription drugs to their HSA -- all while saving 40 to 80% on their prescription drug medications.
HSA Industry Best Practices
Which Employer Contribution Strategy Is Best for the Company and Worker?
Companies can change employees' acceptance of an HSA program, their satisfaction with this coverage, and their financial future with the optimal design of the employer contribution. This best approach will vary from company to company. What's important is that each company considering offering or redesigning its HSA program understand the range of options available and how each may affect the success of its program.
HSAs & Retirement
Saving in This Account Could Help You Avoid Medical Debt in Retirement
A big reason seniors wind up with medical debt is that health issues arise as they age, and Medicare often leaves patients with a host of bills to cover on their own. But if you're eager to avoid a scenario where you end up with a massive pile of medical debt later in life, then there's one type of account worth saving in during your working years. There are several reasons to take advantage of an HSA.
Becoming an HSA Millionaire Is Possible, But Likely Unnecessary
HSAs are the only accounts that allow you to take a tax deduction, pay no taxes on earnings, and access your money at any time without worrying about taxes or penalties, as long as it's for a qualified medical expense. Since the money in your HSA can be invested, there's a chance it can experience some pretty good growth. As with investing in general, the two things someone needs to reach millionaire status are time and consistency.
Maximizing Your HSA
Why a Health Savings Account Is a Good Deal
Health Savings Accounts allow you to put pretax money into a savings account and use that money for medical expenses, without ever paying income taxes on it. If you expect to have any health expenses, ever, an HSA allows you to pay them with pretax dollars. Since almost everyone eventually faces health expenses, using an HSA to pay for them with pretax dollars can help your money go further.
Hate Paying Taxes? Then Max Out This Account
If there's one thing most Americans can agree on, it's that paying taxes is a drag. We'd generally prefer to pay less of them than more. Luckily, there are several steps you can take to lower your tax bill. A Health Savings Account is not only loaded with tax breaks, but helpful for workers of all ages. If you qualify for an HSA, it pays to max out your contributions to it.
Consumer-Driven Health Care
What Is the Difference Between an HSA vs. an HRA?
HSAs and HRAs offer two different tax-advantaged ways for employees to save for medical expenses. The ultimate goal of both types of savings accounts is to save for future health care costs, but HSAs and HRAs accomplish this in different ways. Here's what you need to know to keep them straight.
Bronze, Silver, Gold or Platinum Health Insurance: Which Level Should You Choose?
When you shop on the health insurance marketplace (at Healthcare.gov), you have the option of selecting a plan from a health insurance company that belongs to one of four categories: Platinum, Gold, Silver or Bronze. Understanding what these “metal tiers” represent is essential to getting the best health insurance at the right price level for you.
FDA Finalizes Rule to Make Hearing Aids Available Over the Counter
On August 16, The Food and Drug Administration finalized a rule making hearing aids for people with mild to moderate hearing loss available without requiring them to see a doctor. The rule will take effect in 60 days, and hearing aids could be available over the counter for Americans in early October.
Retailers Like Best Buy Already Flocking to Join Drugstores to Sell Hearing Aids This Fall
News that the Food and Drug Administration will soon allow hearing aids to be sold over-the-counter is bringing an influx of new competition – including retailers looking to expand deeper into the healthcare business like Best Buy – into what promises to be a multi-billion-dollar market. Retailers led by Walgreens, CVS Health, Walmart and Amazon are expected to sell over-the-counter hearing aids this fall.