| News from Washington |
| Your Telemedicine Cost-Sharing Requires Congressional Action The Covid-19 pandemic changed the way we receive medical care, leading to dramatic growth in virtual visits with providers at a time when telemedicine was the only option to connect medical providers with patients. In response, federal lawmakers eliminated financial barriers to virtual care. But those barriers will crumble at the end of 2022 without further legislative action. Read More |
| HSA Compliance Corner |
| The Ins and Outs of IRA-to-HSA Rollovers Savers who are focused on the wealth-building features of HSAs are often surprised to learn that they can roll funds from an IRA into their HSA, which is called a qualified HSA funding distribution. However, this provision is less exciting than it might sound at first, and like all things HSA-related, it can get complicated. Read More |
| HSA Industry News |
| HSA Consulting Services Acquires Access Point HSA, Boosts Training and Consulting Capabilities HSA Consulting Services has acquired Access Point HSA, which markets the Certified Health Savings Adviser training program. The acquisition will enable HSA Consulting Services to expand its consulting and training programs to provide financial advisors and employee benefit professionals with the knowledge and support needed in the rapidly growing consumer-driven health and HSA marketplaces. Read More |
| The HSA Market |
| More Younger Workers Investing in Health Savings Accounts for Retirement The cost of health care is top of mind for around 50% of workers age 41 and under, all of whom are investing in an HSA, according to a recent Charles Schwab study. Younger workers are being more proactive for a slew of different reasons to include the transition from pensions to 401ks, to the financial struggles of older generations. Read More |
| Why Broad Preventive Care Coverage Is Here to Stay A September decision by a federal district judge in Texas struck down part of the Affordable Care Act’s preventive coverage mandate. But this ruling isn’t likely to lead employers to impose co-insurance payments for certain preventive goods and services they are now bound to cover in full, health policy analysts say. An appeal by the Biden administration is certain. Read More |
| Healthcare Freedom Act Would Make Medical Care More Affordable Rep. Chip Roy’s (R-TX) proposed legislation, called the Healthcare Freedom Act, would allow all Americans to enjoy the tax benefits of a Health Savings Account to pay for these and other qualified services. His proposed Health Freedom Accounts would increase the tax benefits and expand the list of qualified services of Health Savings Accounts. It’s an idea worth considering. Read More |
| HSAs & Retirement |
| HSAs and 401(k)s – Better Together? What Advisors Need to Know New survey results show that financial advisors have an opportunity to educate employers about how a health savings account can be part of a retirement plan rather than simply a spending account. More than half of large employers either currently position HSAs as part of a retirement savings strategy to employees or plan to do so in the future. Read More |
| Should I Use an HSA as a Backup for My 401(k)? Two of the most common vehicles for building savings are the 401(k) and the Health Savings Account. While the HSA isn’t a traditional retirement account, at least not formally, it can provide you with significant value when your healthcare costs likely rise in retirement. That helps it to serve as a useful backup to more ordinary retirement planning tools, like 401(k)s and IRAs. Read More |
| Maximizing Your HSA |
| Transferring IRA Money to an HSA Did you know that you can make a one-time, penalty- and tax-free money transfer from your IRA to your HSA? The process has been available since 2007 and is officially known as a Qualified HSA Funding Distribution. With a rollover from a traditional IRA to an HSA, you can immediately load your HSA to pay for medical expenses tax-free. Here’s what you need to know. Read More |
| Should This Big Drawback Mean You Shouldn’t Get an HSA? You may not love the idea of facing a higher deductible if you or a family member ends up needing a lot of medical care during the year. But you shouldn’t let that stop you from signing up for a high-deductible health insurance plan that’s HSA-compatible. There really isn’t another savings plan that offers the same level of tax benefits as an HSA. So it pays to do what you can to render yourself eligible for one. Read More |
| Consumer-Driven Health Care |
| How to Spend Your FSA and HSA Accounts—and What to Do Before the End of 2022 Financial planning probably isn’t the most fun you’ll have over the holidays. But because some accounts and insurance plans expire at the end of the year, ‘tis the season to make sure you don’t leave any money on the table. Two common sources of financial confusion are FSAs and HSAs. It’s important to understand how they work, especially since many FSAs are about to expire. Here’s what you need to know. Read More |
| 41% of Insured Americans Have Avoided Medical Care Due to Costs In a recent survey, 41% of Americans who have insurance have avoided seeking medical care due to the costs involved. And that’s problematic. Avoiding medical care could mean putting your health at risk. That’s why it’s so important to set money aside to cover healthcare costs. That way, you won’t have to skip out on care when you need it. Here are some options to consider in that regard. Read More |