HSA News for July 31, 2023
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
HSA Studies & Analysis
Podcast: The Mainstreaming of Health Savings Accounts
On the latest episode of the ABA Banking Journal Podcast, ABA’s Kevin McKechnie and HSA expert Eric Remjeske discuss the findings of their latest survey of HSA accountholders, how HSAs fit into the business models of banks of all sizes, why large numbers of community banks have become HSA funds custodians, how banks use HSA plans for their own employees, and policy issues facing HSAs in the coming months and years.
HSA Compliance Corner
The Prescription-Drug Benefit That Can Disqualify You Instantly
A trained eye can look at a Schedule of Benefits and pinpoint a benefit that disqualifies a plan from being HSA-qualified. But when the disqualifying factor relates to the processing of drug coupons rather than the benefits themselves, confusion ensues. These coupons can disqualify everyone enrolled in an HSA-qualified plan from opening and funding an HSA. Here's how.
HSA Industry News
Wex Acquires Ascensus Unit for $180M
Wex, which provides payments processing and management services to companies, paid $180 million to acquire a health and benefits unit from the financial services company Ascensus, the company said in a filing Thursday with the Securities and Exchange Commission. It expects to close the deal this year.
Industry Best Practices
Rethinking FSAs and HSAs to Drive Benefits Participation & Employer Savings
Even though 60% of employers offer an HSA and 62% offer an FSA, these accounts are rarely the star of the show when it comes to employee communications. And this oversight and lack of focus can lead to missed opportunities. Here are four ways that TPAs, brokers, and consultants can use FSAs and HSAs to boost engagement and growth.
HSAs & Retirement
HSA Benefits For Retirees: Did You Know About These?
Health Savings Accounts help you to pay for qualified out-of-pocket healthcare expenses. You can fund your HSA account during your working years and you can use it at any time. In addition to paying for healthcare expenses, HSAs can prove an effective investment option for retirees. Here are the HSA benefits for retirees.
Managing Your Health Savings Account Into Retirement
The bulk of Americans' retirement savings are in tax-deferred accounts. These vehicles allow workers to deduct from taxable income the contributions that they make to these accounts. In exchange, they must pay taxes on all withdrawals. Health Savings Accounts offer three distinct advantages over tax-deferred 401(k) plans, 403(b) plans, IRAs, and other vehicles.
3 No-Brainer Retirement Savings Hacks That You'll Thank Yourself for Later
Most people realize that they need to save more for retirement, but they don't know where to start. Consider these three strategies to boost your savings rate and build toward retirement goals. For example, HSAs are an underutilized retirement savings tool that have several fantastic features that can deliver exceptional value for seniors.
I’m 65 and Still Working. Should I Enroll in Medicare?
A growing number of Americans are working past age 65, when you can enroll in Medicare. But if you’re still getting health insurance through your employer at that age, does it make sense to move to Medicare? The best answer to that question depends on factors unique to you. Let’s walk through the rules on timing your Medicare enrollment, and the tradeoffs of these decisions.
Maximizing Your HSA
Get a Triple Tax Break With an HSA
Consider using an HSA as a means of saving money for eligible medical expenses. You will likely benefit if you qualify. HSAs provide a triple tax benefit — a tax deduction when you contribute, tax-free income when you invest, and tax-free use for qualified expenses such as medical, dental and vision care, prescription drugs and some long-term care. Here’s how they work.
Do I Have to Keep Money in the Bank for Healthcare Expenses if I Have an HSA?
If you avoid tapping your HSA and instead invest your money for many years and allow it to grow, you might get to the point where you have a large sum of cash at your disposal to cover healthcare expenses in retirement, when your medical bills might be a lot higher. So you may be better off keeping some money in a regular savings account for near-term medical bills.
Consumer-Driven Health Care
Where Telehealth Stands After COVID-19
Telehealth exploded out of necessity during the COVID-19 pandemic, but as the U.S. moves out of the COVID-19 era, recent surveys show that telehealth's grip on Americans is slipping. Despite the post-COVID-19 slump, telehealth is still a more widely used option than before the pandemic.