HSA News for September 6, 2022
HSA News is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Control of the Senate Is Now a Coin Flip: These Are the 7 Midterm Election Races to Watch
Political analysts originally projected November to be close to a blowout victory for Republicans across the board in the face of low approval ratings for President Joe Biden and high inflation. But a series of legislative wins for Democrats on Capitol Hill and primary victories by Trump-backed Republican candidates in battleground states has made control of the chamber more of a coin flip. Here are important Senate races to keep an eye on.
Will Republicans Flip the House in Midterm Elections? These 12 Races Will Tell the Story.
Democrats currently control the House and Senate, but historical trends and numerous polls suggest that Republicans will flip at least the House in November. But that win looks less certain now than it did earlier this year, with factors like the Supreme Court Dobbs decision overturning a national right to abortion boosting Democratic odds. Here are 12 House races to watch in November that could help determine control of the chamber.
Alaska Upset Flashes Warning Signs for GOP
Mary Peltola’s win in the Alaska special election last week became the latest surprise to spark concern for Republicans as it appears that a once presumptive red wave in November is neither definite nor guaranteed. The win came about a week after Democrat Pat Ryan prevailed against Republican Marc Molinaro in a New York special election in what was considered a bellwether ahead of the midterms.
HSA Compliance Corner
Can Your Spouse Disqualify You? Company Benefits as Pillow Talk.
In most situations, working spouses can make independent benefits decisions without affecting the other's opportunity to fully participate in his or her company's coverage options. But HSAs present a whole new challenge that requires additional communication and coordination among couples. The good news is that HSA eligibility is determined person-by-person, so a spouse who disqualifies herself usually doesn't disqualify her spouse.
2022 Draft Instructions for Form 8889 Highlight Legislative Changes
The IRS released draft instructions for Form 8889, Health Savings Accounts, for the 2022 tax year to reflect several important legislative changes, including the extension of a safe harbor and disregarded coverage for telehealth and other remote care services, and no surprise billing for emergency or air ambulance services.
The HSA Market
How Voluntary Products Can Be an Ally in Building HSA Balances
An emerging trend is employees’ increasing interest in using voluntary benefits to manage personal financial risk. Employees are analyzing this coverage to see how it fits into their strategy to mitigate or transfer risk. For an employee who owns and funds an HSA and incurs a covered claim, a payment from a voluntary plan may allow the account owner to retain a balance that continues to grow and can later be used to reimburse tax-free qualified expenses up and into retirement.
HSAs & Retirement
Want to Enhance Your Retirement Security? Don't Invite IRMAA!
Americans who save diligently for retirement often don't understand the tax implications of their savings during the distribution phase. Even those who don't understand these concepts but who enter retirement with some money in a Health Savings Account can use those balances strategically to stay below the premiums surcharge thresholds that force higher-income enrollees to pay more for Medicare.
How You Can Prepare for Record Healthcare Costs in Retirement
Healthcare isn't cheap. And it's showing no signs of getting cheaper anytime soon. Unfortunately, retirees are feeling a lot of the effects of these increased costs. To prepare for the increased healthcare expenses you're likely to see in retirement, you should start early by utilizing a Health Savings Account.
Thinking You Shouldn’t Enroll in Medicare Before Social Security? Think Again
Medicare eligibility begins at age 65. You can even sign up for Medicare up to three months before the month of your 65th birthday. If you reach that point and aren’t collecting Social Security yet, you may be wondering if it’s worth deferring your Medicare enrollment. In some cases it could. But in many cases not. Iyou’re still working, have group health insurance you’re happy with, and contribute to an HSA, it may pay off to defer Medicare.
4 Things You Should Know About Working After You Turn 65
Continuing to work past the traditional retirement age gives many the opportunity to add more money to their nest egg. It’s important to know how working affects your Medicare benefits, Social Security and tax situation. Here are some things to understand about staying in the workforce later in life.
Maximizing Your HSA
3 Reasons Why HSAs Are a Great Deal
Healthcare is an unavoidable expense for Americans of all ages. And if it's not currently a big expense for you, chances are, it will be at some point in time. That's why it pays to put money into a Health Savings Account. Here's why it really does pay to fund an HSA.
5 Benefits of Opening a Health Savings Account
The tax advantages of a Health Savings Account are like those of a traditional IRA, a Roth IRA, or a 529 college savings plan. The account can be used like a checking account to pay for medical bills as they arise, as an investment account to grow funds for health care costs down the road, or as a combination of the two. Here are five reasons why an HSA might be the right option for you.
401K, Roth IRA, or HSA -- Which Should You Invest in First
You may have the goal of being able to retire comfortably, and also being able to tackle medical expenses with ease, whether during your working years or later in life. The good news is that there's a host of tax-advantaged accounts that can help you save for these goals. You may be interested in contributing to all of these accounts -- and wondering how to prioritize your contributions. Here's a quick guide.
Consumer-Driven Health Care
HSAs vs. FSAs: Strategies for Married Couples And Domestic Partners
Confused about HSAs and FSAs? In this post, I’ll explore the most common scenarios for using these accounts when married or in a domestic partnership so that you can maximize savings and stay in the good graces of the IRS. If used properly and with thoughtful consideration, HSAs and FSAs can be great resources to save you money today and increase savings for the future.
Health Plans Will Soon Be Footing the Bill for COVID-19 Shots, Tests
Health insurance companies played a limited role for the most part during the COVID-19 pandemic. But they’re about to become much more involved as a result of the Biden administration’s decision to stop supplying free COVID-19 vaccines and tests to the public and shift the bill for COVID shots and treatments to health plans.