HSA News for May 15, 2023
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Direct Primary Care Access Would Be Expanded Under Bipartisan Smucker Bill
A bipartisan bill recently offered by Rep. Lloyd Smucker (R-PA) would allow individuals with direct primary care service arrangements to contribute to their HSAs and use HSA funds to pay for direct primary care fees.
HSA Compliance Corner
How Health FSA Extenders Affect HSA Eligibility
When a company offers a general Health FSA and a HSA with different anniversary dates, Health FSA participants face a compliance issue when they want to enroll in the HSA program. As a result, employers must either terminate the general Health FSA plan early or convert the plan to a Limited-Purpose Health FSA.
HSA Industry News
Fidelity Reports HSA Assets Exceed $16 Billion
Americans increased their savings in Health Savings Accounts as Fidelity Investments reported its HSA assets surpassed $16 billion. Fidelity also increased its funded HSAs by 27% from last year to a total of 2.8 million funded accounts.
HSA Best Practices
Non-Group Buyer? Why Choose Anything but an HSA Plan?
Too many non-group buyers of health insurance are unaware of the benefits of choosing an HSA-qualified plan and opening and funding a Health Savings Account. That's too bad. They may be costing themselves thousands of dollars annually in higher premiums and the loss of tax savings to pay qualified expenses.
HSAs & Retirement
3 HSA Benefits You Don't Want to Miss Out on in Retirement
An Health Savings Account technically isn't a retirement savings plan. Rather, it's an account that's designed to help you enjoy tax benefits in the course of saving and paying for healthcare. But while you can absolutely access the money in your HSA ahead of retirement, it pays to reserve those funds for your senior years. If you do, you might enjoy these three benefits.
Nearly Half of Baby Boomers Have No Retirement Savings
More than two-fifths of baby boomers are nearing retirement with no retirement savings. Fewer than half of working-age Americans have any retirement savings, according to Census data for 2020. Savings rates rise with age, but only to a point. In the 55- to –64-year-old boomer age group, 58 percent of Americans own retirement accounts.
Maximizing Your HSA
Should You Max Out Your HSA Contributions Every Year?
A Health Savings Account can help you save money for medical bills for both the current year and the future. The main decision that people need to make centers around how much money they put into the account each year. The simple truth is that it is best to put as much into your HSA each year as you can because there are a couple of advantages to doing so.
It's Mental Health Awareness Month. Here Are 3 Ways to Use Your HSA to Access Care
It's unfortunate that mental health services can be out of reach for many people due to the cost involved, but if you have a Health Savings Account, it can be your ally in accessing care. Here are a few of the things you can do with your HSA, for the betterment of your mental health.
Here's What Happens When You Let Your HSA Funds Sit Too Long
At least 24% of HSA account owners leave their accounts inactive, says research firm Devenir. This means they don't access their accounts, add money to them, or take withdrawals. Rather, those accounts just sit there. It's when your HSA is inactive for too long that you could get into trouble. At that point, the bank holding your HSA could technically seek to turn your balance over to the state as unclaimed funds.
Consumer-Driven Health Care
13 FSA and HSA Eligible Expenses That May Surprise You
Pre-tax savings benefits like health FSAs and HSAs can help workers pay for out-of-pocket medical expenses without breaking the bank. But a lot of workers are not fully taking advantage of these benefits. Here are 13 FSA and HSA-eligible services or items that can be paid for with these accounts — helping employees stay healthy and save money year-round.
This Is How Much Healthcare Will Cost You Over the Course of Your Life
When you find out how much healthcare will cost you over your lifetime, you may find yourself wanting to book a cardiologist appointment STAT—because chances are it's a lot more than you think it is, even if you're healthy. While even patients with insurance can find medical costs overwhelming, there are some options to make healthcare expenses at least somewhat less debilitating and daunting.