| HSA Studies & Analysis |
| Survey: More Americans Using Health Savings Accounts Nearly 72 million Americans were covered by HSAs at the end of 2022, an increase of 6.5% from the year before, according to a new survey by Devenir and the American Bankers Association’s HSA Council. The survey found that Americans were covered by 35.5 million HSAs in 2022. 29 percent of accountholders are in their 30s, covering about one in five adults in that age range. Read More |
| 2022 Devenir & HSA Council Demographic Survey Key findings from the survey indicate that nearly 72 million people are now covered HSAs, up from 67 million in 2021. Millennials continue to embrace HSAs, and significant savings are being accumulated by older Americans (over $56 billion in their accounts at the end of 2022). HSAs are also broadly used across the income spectrum. Read More |
| HSA Compliance Corner |
| Webinar – CDH and COBRA Regulatory Outlook: Friend or Foe? When you hear the word “regulation,” do you think of more work and headaches or opportunity to grow your business? For creative, nimble administrators, regulatory changes present a gold mine of opportunity. Join HSA Consulting Services and other experts July 19 at 12 PM ET to learn about 2023 and 2024 regulatory changes and how to leverage them to your advantage. Register Here |
| HSA Industry News |
| Millennium Trust Completes Acquisition of Benefit Resource, LLC On July 13, Millennium Trust Company, announced the acquisition of Benefit Resource, a leading provider of FSAs, HRAs, HSAs, commuter plans, and COBRA administration services. This acquisition reflects Millennium Trust’s continued efforts to expand its health, wealth, retirement, and benefits solutions. Read More |
| The HSA Market |
| HSAs and Employee Health Incentives Drive Prepaid in Healthcare As healthcare costs rise, employers are moving towards high-deductible health plans, leaving consumers to have to pay more out of pocket. To help alleviate the high costs of healthcare services, many companies are deploying Health Savings Accounts and prepaid options for employees that offer some benefits. Read More |
| More American Workers Offered ICHRAs and QSEHRAs, With No Sign of Slowing Down A new report from the HRA Council indicates that the number of employees in the U.S. offered insurance through an ICHRA tripled between 2022 and 2023, and those offered a QSEHRA at organizations with fewer than 50 employees doubled during the same time period. Small businesses with fewer than 20 employees comprise 88% of employers offering ICHRAs and QSEHRAs, according to the HRA Council. Read More |
| HSAs & Retirement |
| Gen X on Shaky Ground for Retirement, with 40% Having Saved Nothing Gen Xers are on track to have less saved for retirement than millennials and Gen Zers. The average retirement account balance among Gen Xers is just under $130,000, but the median amount is only $10,000. That’s largely the result of about 40% of Gen Xers having no assets in retirement accounts. Read More |
| What I’d Wished I’d Known About Medicare Before Retirement Early summer is a popular time for people to retire, and retirement usually means leaving your employer’s insurance plan and enrolling in Medicare. However, not understanding some of the complicated nuances of Medicare can end up costing you thousands of dollars. That’s why it’s important to learn about your Medicare options before you retire. Read More |
| When to Sign Up for Medicare if You Are Still Working If you are still working and are close to age 65, you may wonder when the best time is to sign up for Medicare. Deciding to sign up for Medicare while still working can be confusing and involve several considerations. Here are various factors to consider when deciding when to sign up for Medicare if you are still working. Read More |
| Tax Advantaged Strategies to Help Clients Plan for Long-Term Care As we age, it’s important to have either insurance or another plan in place to pay for the rising cost of long-term care. Another option is to self-insure (i.e., save enough to cover the costs yourself). Fortunately, the Internal Revenue Code includes several tax strategies that may help your clients better prepare for the potential costs of long-term care. Here are three to consider. Read More |
| Maximizing Your HSA |
| Do Spouses Always Inherit HSAs Tax-free? Not Without Planning! Federal tax law allows a Health Savings Account owner to pass an account to their spouse on the owner’s death. But it’s not automatic. Like other trust accounts, HSAs bypass the probate process when the owner dies. The disposition of the trust follows federal tax law, which requires different treatment depending on whom the owner names as beneficiary. Read More |
| Health Savings Account: Does HSA Roll Over and Other Questions You May Have? If you have an HSA and you’re wondering what happens to the unused funds, we have good news for you. The money in your HSA belongs to you, and unlike most FSAs and HRAs, unused funds in an HSA automatically carry over to the next year. Whether you’re changing jobs or entering a new year, you can roll over any remaining funds and continue to benefit from them. Read More |
| Disadvantages to Owning a Health Savings Account? Hardly! A recent article attempts to show the pros and cons of a Health Savings Account. HSAs are so overwhelmingly beneficial that it’s difficult to craft a list of similar length that highlights the shortcomings of these accounts. But the author tried. Here are the disadvantages cited in the article (along with a commentary in why the disadvantage is incorrect, overblown, or a stretch). Read More |
| Consumer-Driven Health Care |
| Median Per Person Healthcare Spending Exceeds $6K Healthcare spending is still on the rise, with median costs per person increasing to over $6,000 in 2021, a 24 percent increase from 2017 through 2021, according to a new analysis. Rising medical prices impacted healthcare spending, with overall spending growth reflecting a 9 percent increase in prices, on average, and 14 percent increase in service use, on average. Read More |
| Half of US Adults Skip Common Health Screenings, Including Tests for Certain Diseases, Survey Finds A recent survey found that half of adults have avoided at least one common health screening, including tests for certain diseases. One in 4 respondents said they miss routine checkups. Reasons cited include a conflict with work hours, “not thinking about it,” a general dislike for going to the doctor’s office, insurance issues, fear of hearing bad news and the time commitment required. Read More |