HSA News for October 21, 2024
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
HSA Studies & Analysis
An HSA-Day Look at Where Health Savings Accounts Stand Today
In celebration of HSA Day on October 15, here is a perspective on where the market is now, who's benefiting from HSAs, and what changes we may see in the future. There is no doubt that HSAs are growing. Although the rate of pure growth is slowing, Americans have accumulated $120 billion in balances to pay for future medical expenses. But will more Americans be able to benefit? Only time (and Congress) will tell.
Health Savings Account Tax Laws: How Does Your State Rate?
At the federal level, HSA provide triple relief. Any money you put into an HSA is deductible from your taxable income, contributors pay no taxes on earnings on the money in the account, and the distributions are not taxed. In 48 states, some similar laws exist for state taxes, but not California and New Jersey.
Compliance Corner
Buy an Oura or Galaxy Ring with HSA Funds? Proceed with Caution!
Be careful when a manufacturer or other company tells you that a dual-purpose item is qualified or that a letter of medical necessity is your ticket to substantiating the expense. It's not that simple. And you may be left holding the bag, whether you participate in a Health FSA or own a Health Savings Account.
Industry News
New AI Tool Helps Americans Get Immediate, Helpful Answers to HSA and Consumer-Directed Benefits Questions
In celebration of National HSA Awareness Day, HealthEquity has launched HSAnswers. Powered by a comprehensive and bespoke database of resources, research, and insights, the free-to-use AI chat tool can help individuals obtain clear answers to questions about HSAs and other consumer-directed benefits.
Lane Health Making Strategic Push in Healthcare Financing, Partners with Lively to Administer Health, Lifestyle Accounts
Lane Health announced a partnership with Lively to provide benefit spending account administration services to Lane Health clients. This partnership lets Lane Health concentrate on its Healthcare Spending Card which does not charge compounding interest, offers 0% financing repayment options, and can be connected to an HSA.
HSAs & Retirement
Top Three Keys to Retirement Planning, Importance of HSAs
Is it ever too early to plan for or save for retirement? In this week's episode of Decoding Retirement, Bob Powell and Michael Liersch break down the answer to this question, providing keys to retirement planning, how to get parents and children to discuss retirement, and the importance of HSAs.
Millennials on Track to Retire Early Are Maxing Out HSAs to Supplement Their Savings. Here's Who's Eligible, and How You Can Use It to Grow Your Money.
When Amberly Grant started making enough money to invest, she opened and maxed out three different accounts: a 401(k), a Roth IRA, and an HSA. The HSA is meant to be used for health costs, but financially savvy individuals are investing the funds in this account and using it to supplement their retirement savings. Grant, who is pursuing early retirement, says she's maxed out the account for the past seven years.
Consumer-Driven Health Care
Are High Deductible Health Insurance Plans a Good Deal for You?
It's open enrollment season, and one of the biggest shake-ups in recent years is the growth of high deductible plans. While their cheaper premiums may look like a bargain, consumers risk paying much more if they have unexpected illnesses or failed to budget well for more routine care. Here’s what you need to know when it’s time to choose a health insurance plan.
Aetna Launches 'No-Deductible' SimplePay Health, for Self-Insured Employers
Aetna has announced the launch of a new health plan option with no deductibles aimed at helping self-insured employers lower health care costs, enhance health outcomes and make health care easier to understand and simpler to pay for. The plan features a copay-only structure, providing members with clear cost information prior to visits or treatments.