HSA News for November 4, 2024
HSA News is compiled weekly by Mr. HSA, Roy Ramthun.
HSA Studies & Analysis
Only 1 HSA Provider Rated 'High' Quality by Morningstar. Here's Why
Only one out of the 11 HSA providers reviewed in Morningstar's annual report card earned a "high quality" rating and just three others received "above average" ratings. Low interest rates for client cash holdings and higher relative fees for custody and the underlying investments drove the poor grades for most of the providers.
Compliance Corner
Does Supplemental Coverage Disqualify You from Funding Your Health Savings Account?
You can buy certain supplemental insurance coverage and remain HSA-eligible. These policies are not medical plans. They do not reimburse your medical claims. Rather, they compensate you for a financial loss by paying a fixed amount that you can then use to replace or supplement your income. Be sure to know which coverage is problematic.
Market Trends
Advanced Primary Care: More Employers Adopting to Curb High Hospital Bills
U.S. employers may be more interested in controlling hospital bills by improving primary care than by negotiating contracts directly with hospitals, according to a new survey. Advanced primary care practices use online scheduling systems, telemedicine systems, statistical analysis and other high-tech strategies to try to provide primary medical care and behavioral care as efficiently as possible.
What Are High-Deductible Health Insurance Plans, and When Do They Make Sense?
In recent years, there has been a growth of high deductible health plans. Some people opt for HDHPs because they typically offer a lower premium and sometimes access to an Health Savings Account. Read on to learn the possible risks and rewards of choosing an HDHP.
Best Practices
Help Clients Avoid Hitting HSA Contribution Limits
One important consideration for HSAs is that there are limits to how much an account holder can contribute each year. If your clients contribute too much, they could face tax penalties.A digital tool can help your clients see how well they're meeting their contribution goals and help them avoid exceeding the contribution limits.
HSAs & Retirement
Americans Are Underestimating Their Healthcare Costs in Retirement. Here Are 3 Expenses to Anticipate -- and One Great Way to Pay for Them
There are a number of healthcare costs you might face once you retire and move over to Medicare. And it's important to have a plan for covering them so you're not left scrambling once you stop working. One thing you may want to do to prepare ahead of retirement is fund a Health Savings Account if you're eligible.
Can I Use My Health Savings Account Card to Pay My Medicare Premium?
Medicare offers four ways to pay your premium online and having an HSA account is one of them. If you open an account on www.medicare.gov (if you are not receiving your Social Security check), the ways of paying are using an HSA card, a credit/debit card or an ACH debit from your checking or savings account. Medicare’s payment service is free.
Maximizing Your HSA
Can You Overfund Your Health Savings Account? Practically, No!
Don't stop funding your HSA just because you think you "have enough" to pay your future qualified expenses tax-free. You don't. Just keep saving in this tax-advantaged account, knowing that you'll need every dollar that you contribute, save, and invest - and more, to meet your qualified medical expenses in the future.
Consumer-Driven Health Care
Apple AirPods Pro's New Hearing Aid Feature Could Help People Face a Problem They'd Rather Ignore
Some Apple AirPods wireless headphones can be used as hearing aids with a new software update available October 28. It’s a high-profile move that experts applaud, even if they only reach a small portion of the millions of Americans with hearing loss. You may even be able to use HSA or FSA funds to pay for them.
Hospital Service Prices Have Surged at Twice the Rate of Inflation Since 2000
Hospital service prices increased by more than 220% between 2000 and 2022, which was more than twice the rate of inflation and that of other medical services, according to a new report. The analysis found that although higher inpatient prices may reflect marginally higher costs, they predominantly lead to substantially higher profits.
Welcome to HealthPrices.Org! HCCI’s Free Price Transparency Tool
The Health Care Cost Institute is excited to introduce HealthPrices.org (formerly Guroo), a free health care price transparency tool that shows consumers the average prices for health care services in their local metropolitan area. This data can help consumers, employers, and other purchasers better understand typical rates for the most common health care services.