HSA News for November 18, 2024
HSA new is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Lisa Gomez Expects Fiduciary and ESG Rules to Face Reversals Under New Administration
In a public conversation at the PLANADVISER 360 conference in Scottsdale, Assistant Secretary of Labor Lisa Gomez acknowledged that the Department’s retirement security rule, which clarifies when financial professionals are fiduciaries while advising retirement plan participants, may not align with the incoming Trump administration’s priorities.
Industry Studies & Analysis
IBD's Best HSA Accounts For 2025: How To Find The Right One For Your Retirement Goals
To help consumers find HSAs that can help them make the most of their contributions, IBD presents its eighth annual report on HSAs. Twelve HSA providers made our list for 2025. We've combined research and insights from Devenir, Morningstar and hundreds of HSA providers to create this list.
Compliance Corner
How Does an Employer Contribution Affect Your Maximum Contribution to Your HSA?
My employer makes a $1,500 contribution to my HSA to help me pay my deductible. Is that contribution included when calculating my maximum contribution for the year? Yes. Your maximum contribution to an HSA includes deposits from all sources, including you, your employer, family, friends, and anyone else who helps you fund your account.
Industry News
HealthEquity Announces Retirement of CEO Jon Kessler; Scott Cutler Appointed Successor
HealthEquity, Inc. announced that President & CEO Jon Kessler has decided to retire effective January 6, 2025. To succeed Mr. Kessler, the Company announced the appointment of Scott Cutler, who will join HealthEquity as President and CEO and as a director effective January 6, 2025.
Bluefin Announces Secure Multi Processor Support for FSA and HSA Card Payment
Bluefin announced that the PayConex Omnichannel Gateway has expanded the processing of FSA and HSA payments across multiple payment processors including Elavon, Fiserv, Chase and WorldPay. The PayConex solution is fully compliant with SIGIS for acceptance of health benefit card payment transactions.
Best Practices
HSA Investment: Misunderstood and Underused, HSAs Deliver for Smart Savers
As open enrollment season kicks into gear, employees tend to focus on their health insurance options and overlook HSAs. That's a mistake. Many people who could benefit from an HSA investment still don't know about them — or don't fully appreciate how they work even though these tax-advantaged accounts are smart tools for savvy consumers.
The Myths Preventing Employees From Embracing HSA-Qualified Plans
The biggest barrier to HDHP and HSA adoption is education. By communicating the value of your benefits offering and educating your staff on how your HSA-qualified plan can benefit them long-term, you can boost engagement during open enrollment and motivate your employees to explore and take advantage of their options. Here are some actionable steps you can take.
HSAs & Retirement
Investing Gains Clout With Health Savings Account Holders
HSAs have been infected with the investing bug. And that's a healthy development for Americans who will need to pay for rising health care costs in the future. Indeed, more Americans with an HSA now view these triple-tax-advantaged accounts designed to pay for medical expenses as the health care equivalent of the 401(k) plan.
Maximizing Your HSA
The Benefits and Disadvantages of a Health Savings Account
More and more Americans are considering health savings plan benefits to cover qualified medical expenses. What are the benefits of a Health Savings Account, and how could they benefit you? This guide will offer an overview of HSAs and whether it is the right plan for you and your family.
Open Enrollment Mystery Solved: High-Deductible vs. Traditional Plans
One of the most significant benefits offered by your employer is health insurance. If your employer offers more than one plan, one of your options may be a high-deductible health plan. Unsure which health plan to choose during Open Enrollment? We break down high-deductible and traditional plans to help you decide. An HSA may help make up your mind.
Don’t Settle for a Subpar Health Savings Account
Even though HSAs are the only triple tax-advantaged vehicle in the tax code--allowing for pretax contributions, tax-free compounding, and tax-free withdrawals for qualified medical expenses-- few HSA owners fund the accounts to the maximum. Here’s a closer look at how to know if an HSA is subpar, and the best ways to get around it if it is.
Consumer-Driven Health Care
HSA vs. FSA: See How You’ll Save With Each
Participating in a Health Savings Account or Flexible Spending Account is a great way to save money. We’ve outlined the key differences of an HSA vs. FSA so you can see how they work, the advantages to each, and why you should participate in them.