HSA News for December 4, 2023
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
HHS to Appeal Judge’s Order to Scrap Trump-Era Drug Rule
The Department of Health & Human Services plans to appeal a federal judge’s order to withdraw a Trump-era rule on copay assistance programs that was opposed by drug industry-backed patient groups. The notice of appeal was filed November 28 in the US District Court for the District of Columbia on behalf of the HHS.
HSA Studies & Analysis
The Best Health Savings Account Providers of 2023
When shopping for an HSA, it’s important to consider account fees, investment options, minimum balance requirements, account accessibility, interest rates and customer service. To help you in your search, Bankrate has compiled a list of the best HSA accounts of 2023. We compared fees, balance requirements, investment choices, interest rates and account accessibility of more than a dozen top HSA providers.
HSA Compliance Corner
The Six-Month Retro Rule and Its Effect on HSA Contributions
Medicare Part A has a retroactive enrollment feature that may reduce your final Health Savings Account contributions. You may never be affected by this rule. But you need to understand that it exists to recognize when you may need to act to avoid overfunding your HSA.
HSAs & Retirement
These Seven Medicare Features Boost the Value of HSA Balances
HSAs represent an additional means of saving for retirement. HSA balances are particularly important in retirement because unlike distributions from a tax-deferred retirement plans like IRAs or a 401(k), HSA withdrawals for qualified expenses are tax-free. Here's seven distinct ways that HSAs help seniors (or near seniors) manage their cost of coverage and care.
Maximizing Your HSA
How Much Should I Contribute To My HSA?
The tax advantages of an HSA are unique, even better than any IRA or 401(k). Thus, an HSA is like a “super IRA,” and you should contribute as much as you can afford, subject to IRS limits. There aren’t any disadvantages to contributing as much as you can afford to an HSA. You’ll be able to spend the money sooner or later and save on taxes in the process, no matter your age.
3 HSA Rules You Really Need to Know
HSAs aren't necessarily as well-known as long-term savings plans like IRAs and 401(k)s. That's actually a shame because HSAs are loaded with tax benefits. If you have an HSA, it's important to know the ins and outs of how it works. Here are some key points to keep in mind if you're new to saving in an HSA or have lost track of the rules.