HSA News for December 30, 2024
HSA news is compiled by Mr. HSA, Roy Ramthun.
News from Washington
Health Savings Accounts Poised for Comeback Under Republicans
Republicans have a new chance to expand HSAs offered by employer plans when Congress reconvenes in 2025, revisiting a divisive policy that some Democrats support even as others denounce it as a tax break for the wealthy. Republican interest in revisiting HSAs is broad.
Rep. Carey Drafts Proposal Supporting HSA Contributions for Independent Contractors
Companies across America would have the ability to contribute to the HSAs of independent contractors without making them full-time employees under legislation being drafted by Rep. Mike Carey (R-OH). The bill would clarify that companies may contribute to a gig worker’s HSA and clarify that a contribution to a gig worker’s HSA does not make the gig worker an employee.
DOL’s Khawar, Among Architects of New Retirement Fiduciary Rule, To Step Down
Department of Labor official Ali Khawar will be leaving his position as Principal Deputy Assistant Secretary with the DOL’s Employee Benefits and Security Administration effective January 20, 2025 as the next Donald Trump administration begins. Khawar had championed the re-worked fiduciary rule that had been stymied by the courts.
Compliance Corner
Telehealth Services Exemption for HDHPs Ends
Plan sponsors that offer HSA-qualified plans will no longer be permitted to cover telehealth services before the deductible is met, as Congress failed to extend the safe harbor allowing this benefit as part of the law passed in late December to fund the federal government for the next few months. The provision may be taken up in the next Congress, but current rules expire for plan years beginning on or after January 1, 2025.
HSAs & Retirement
The 3 Best Places to Put Your Retirement Savings in 2025
Saving more money for future goals, including retirement, is a popular New Year's resolution. But it's also easier said than done. The best retirement accounts for you will vary depending on your situation, but here are three of the best to consider. If more than one of these retirement accounts appeal to you, it's fine to spread your savings around between two or even all three of them.
Consumer-Driven Health Care
New Year, New Health Benefits? Here's How to Keep Your Out-of-Pocket Costs Down.
Here’s what to know to help keep your health care costs down in the year ahead, whether you’ve already received your new insurance card or are still shopping for coverage.
13 Ways to Save on Healthcare, According to Financial Experts
Every year, the U.S. spends roughly 4.5 trillion dollars on healthcare, leading many people to figure out how to save on healthcare costs. According to financial and medical experts, there are many ways to save on healthcare costs if you're strategic in your spending. Read on for their 13 best pieces of advice.