HSA News for February 6, 2023
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News From Washington
Biden Administration Plans to End COVID Public Health Emergency in May
The Biden administration announced that the COVID-19 public health emergency, which has been in place since January 2020, is set to end on May 11. The public health emergency has been renewed 12 times under two different administrations. The announcement provided 101 days until the emergency officially ends, well beyond the promised 60-day notice.
Insurers Slam CMS' Proposed Limit on Non-Standardized ACA Plans Sold on HealthCare.gov
Several insurers took aim at the Biden administration’s proposal to limit non-standard plan options on HealthCare.gov next year in comments to the Notice of Benefit and Payment Parameters proposed rule for 2024 released in December, saying it will stifle innovation and consumer options. The rule would limit the number of non-standard options to two per product network type and metal tier in a service area. The final rule is expected to be released in spring.
HSA Studies & Analysis
2023 State of Health Savings Accounts
HSAs continue to be an important tool for health care consumers. In this report, Devenir provides a fresh snapshot of some of the key HSA Search characteristics to consider when evaluating a HSA provider. Understanding these three HSA account metrics should help empower HSA consumers to continue to evaluate their HSA options.
HSA Best Practices
Two Strategies to Help Lower Paid Employees on HSA-Qualified Plans
Innovative employers can design innovative Health Savings Account programs that are attractive to all income ranges. The specific design depends on the company's financial health and employees' health and financial acuity. Here are several approaches that may help employers enroll more workers in the company's HSA program.
What are ICHRAs? Do They Fit in the Health Savings Account World?
Individual-Coverage Health Reimbursement Arrangements provide a way for companies to offload their responsibility for offering employer-sponsored medical coverage and instead provide funds to eligible workers, who can shop for any coverage, including HSA-qualified plans. But the design of their ICHRA determines whether they can fund a Health Savings Account.
The HSA Market
401(k)s Are Not Enough for Gen Z and Millennials: Why Many Are Choosing HSAs Too
Younger generations are looking for innovative investment opportunities and tactics to save for the future. In this environment, simply offering a 401(k) is not enough to help employees prepare for what’s ahead. One overlooked, and often misunderstood, financial benefit is the HSA. They are already gaining in popularity with Gen Z and millennial employees.
Most Advisers Seeking Options Like HSAs, 529s to Compete for New Plans
According to Vestwell’s annual retirement research, more than 50% of financial advisers said they are interested in expanding their savings offering to plan sponsors. The growth areas of most interest were health savings accounts (46%), 529 college savings plans (32%) and emergency savings accounts (19%).
7 Insights from 20 Years of HSAs
Over the past 20 year, HSAs have become a prominent fixture in the nation’s health care system. Trends show us that HSAs are having a positive impact on employers and individuals. They underline the value that adding or maximizing an HSA program can have on employee benefits programs. With tax savings, flexibility, and saving for retirement, HSAs are uniquely suited to play a positive role in the future of health care in the U.S.
HSAs & Retirement
HSA Vs. 401(k): Where Should Your Money Go?
There are different types of savings accounts you might have access to that offer unique tax benefits. If you have both a 401(k) plan and a Health Savings Account, you may be wondering which one to prioritize. The reality is that funding both plans is a good bet if you can. But if your 401(k) comes with one key feature, you may want to put it ahead of your HSA.
Maximizing Your HSA
My Healthcare Costs Are Skyrocketing This Year, but I Won't Touch My HSA for This Reason
I have a decent chunk of cash sitting in my HSA due to having maxed out my contributions last year. And that's a good thing because my healthcare costs this year are already soaring. While I have the option to take a withdrawal from my HSA to cover my near-term bills, I refuse to do so. In fact, if I have it my way, I won't be touching my HSA for a long, long time. Here's why.
Is a Limited Purpose FSA Worth It?
You may have heard that you can't have an HSA and an FSA at the same time. But there's one exception, and that's when your employer offers what's called a "limited purpose" FSA. These accounts allow you to set aside pre-tax dollars to pay for vision and dental expenses and can be used alongside an HSA. Using both accounts helps maximize your tax savings for healthcare.
The HSA-Health FSA Debate: Is One Account Better Than the Other?
Health FSAs and Health Savings Accounts offer nearly identical tax benefits when viewed on an annual basis. HSAs offer more flexibility, but at the expenses of a more rigid medical-plan design that may increase out-of-pocket financial responsibility for care. Employees who have a choice of one or the other plan must review their options and choose one or the other.
Consumer-Driven Healthcare
What the COVID Health Emergency’s End Means for You
The COVID public health emergency’s end, which is coming on May 11, will mean new costs and hassles for many Americans. Many will have to pay for COVID vaccines, tests and treatments. People without health insurance will have to pay out of pocket, while those with private plans could see more costs depending on the terms of their insurance.
11 Tips to Plan Your Health Care After Job Loss
Many people in the U.S. have health benefits through their employers, and that’s why it is important to have a plan for insurance coverage if you lose your job, insurance experts say. We asked researchers, health insurance brokers and patient advocates for advice. Here are their recommendations.