| News from Washington |
| DOL Denies Request to Extend Fiduciary Rule Comment Period Assistant Secretary of the Labor Department’s Employee Benefits Security Administration, Lisa Gomez, denied a request by industry trade groups to extend the comment period on Labor’s fiduciary rule. Gomez said in a letter that “EBSA believes that its current proposal reflects significant input it has received from public engagement with this project since 2010. A public hearing will be held December 12 and the comment period expires January 2. Read More |
| Bill Would Expand HSA Usage to Wearable Devices Representatives Michelle Steel (R-CA), David Schweikert (R-AZ), and Ami Bera (D-CA), have introduced H.R. 6279, the “Wear It Act,” which would include certain wearable devices as qualified medical expenses for HSA purposes, up to $375 for a taxable year. Read More |
| HSA Compliance Corner |
| This “Helpful” Mandate Could Create Financial Hardship Drug-copay accumulator laws are one of the more recent examples of states’ passing laws that conflict with federal tax law’s definition of an HSA-qualified plan. The Internal Revenue Service thus far has not relaxed federal tax law to allow enrollees in these plans to remain eligible to fund an HSA. State legislative activity poses ongoing under-the-radar threats to HSA eligibility. Read More |
| HSA Industry News |
| Businessolver Enhances MyChoice® Accounts HSA Investment Platform Powered by DriveWealth and Sentinel Group Businessolver has partnered with DriveWealth and Sentinel Group to expand its proprietary consumer directed healthcare accounts engine to include a fully integrated HSA investment experience. This means that participants manage their HSA claims and investments in the same place they enroll in and manage their entire health and welfare benefits package. Read More |
| HSAs & Retirement |
| 2 Big Expenses Seniors Can Use an HSA for…and One Big One They Can’t If you’re carrying an HSA balance into retirement, you should know that you may be in a great position to cover some of your healthcare costs with relative ease. But there are certain health-related expenses that can’t count as qualified ones for HSA purposes. So it’s important to know the rules before you start removing money from your account. Read More |
| Younger Baby Boomers Face Deep Shortfall in Retirement Savings When it comes to retirement savings, younger baby boomers have significantly less than their older counterparts, according a recent study. Several demographic and economic shifts contributed, but the main reason was the earning lost during the 2007-2009 financial crisis. Why was the downturn more damaging for late boomers? It’s a matter of life stages. Read More |
| ’25 is the New 55′: How to Jump-Start Employees’ Retirement Savings Early in Their Careers According to recent research by Buck, just 27% of employees feel confident they can cover their expenses in retirement, while 19% have no idea if they’ll have enough saved. Age 25 is when most people need to start thinking about retirement and getting ready. But it’s also important to think about total financial well-being and preparedness of employees. Read More |
| Maximizing Your HSA |
| This Underutilized HSA Perk Can Supercharge Your Savings HSAs have a slew of tax benefits: Contributions are tax deductible, qualifying withdrawals aren’t taxed and neither are any earnings on the savings. But the vast majority of Americans with HSAs are leaving a sizable amount of money on the table because they aren’t investing their money in mutual funds, brokerage accounts or certificates of deposit to supercharge their earnings. Read More |
| Consumer-Driven Health Care |
| How to Compare an HSA Plan to Other Coverage Options Whenever you’re comparing two or more medical plans offered by your employer, be sure to do the math. Much of the number crunching is the same for all employees. Assumptions about utilization are personal. Be sure you understand which factors to consider when choosing coverage. The choices that you make during open enrollment can save or cost you several thousand dollars. That’s money in or out of your pocket. Read More |
| Consumers Beware: Here Are 5 Unexpected Healthcare Costs That Can Break the Bank Medical debt is surprisingly common in America. Contrary to conventional wisdom, many people with medical debt say that it came from a one-time or short-term medical expense, often unexpected, and not from a long-term illness. Here are the five most common unexpected expenses that push people into debt. Read More |
| Why It’s So Tough to Reduce Unnecessary Medical Care The U.S. spends huge amounts of money on health care that does little or nothing to help patients, and may even harm them. Unnecessary treatments raise costs, lead to health complications, and interfere with more appropriate care. But the structure of the U.S. health system has made it difficult to stop such waste. And when patients are told that tests or treatments aren’t needed, they often question whether they are being denied care. Read More |