HSA News for September 16, 2024
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Federal Bill Expands Eligibility to Include Veterinary Care Expenses
Congresswomen Deborah Ross (NC-02) and Claudia Tenney (NY-24) have introduced legislation aimed at broadening eligibility for veterinary care expenses that may be paid funds from HSAs and health FSAs. The bill would allow pet owners to use up to $1,000 from their HSA or FSA accounts for veterinary care or pet health insurance.
HSA Studies & Analysis
Inspira Financial’s Study Reveals Increased Contributions Among Workers with Both HSAs and Limited Purpose FSAs
Inspira Financial released a study which found that employees with both an HSA and an limited purpose FSA contribute more to their HSAs compared to those who only have an HSA. But workers are not fully taking advantage of these accounts and their tax saving benefits. Inspira partnered with the Employee Benefit Research Institute on the study.
Compliance Corner
Make Sure Your 2025 HSA-Qualified Plan Remains HSA-Eligible Coverage
Almost half of all employees who receive coverage through their companies will be choosing their 2025 medical plans during the next three months. Companies that offer an HSA-qualified option must ensure that their plan complies with the 2025 rules. Here are some aspects of a plan that may be disqualifying.
Does Your Spouse's Enrollment in Medicare Disqualify You?
HSA eligibility is determined person-by-person. In assessing your eligibility to open and fund an HSA, what’s relevant is your coverage and any disqualifying factors that apply to you. You don’t lose the opportunity to open and fund your HSA because a family member isn’t HSA-eligible.
Industry News
Top Tips to Help Employers Explain Health Benefits to Their Workforce
With open enrollment season approaching, now is the perfect time to begin having conversations with your employees about their health benefits, such as HSAs and the benefits these accounts offer. It can be difficult to explain the ins and outs of HSAs, so be sure to follow these tips to ensure you and your workforce are in the know and ready.
Best Practices
Top Tips to Help Employers Explain Health Benefits to Their Workforce
With open enrollment season approaching, now is the perfect time to begin having conversations with your employees about their health benefits, such as HSAs and the benefits these accounts offer. It can be difficult to explain the ins and outs of HSAs, so be sure to follow these tips to ensure you and your workforce are in the know and ready.
Maximizing Your HSA
Health Savings Accounts Offer Big Tax Benefits. The Trick Is Knowing When to Use the Funds.
You don’t have to incur a qualified medical expense in the same year you take an HSA withdrawal for the distribution to be tax free. As long as the expense is incurred after the HSA is established and before you die, it can justify a tax-free withdrawal. So keep careful records of all the medical expenses that you pay out of pocket.
Can I Use My HSA Card to Pay My Medicare Premium?
My Medicare starts October 1 and received my first bill, due on September 25, about a week ago. This bill is for 3 months from October 1 to December 31 and is over $525. I currently have more than $10,000 in my HSA, and I was wondering if Medicare will accept payments made with an HSA debit card?