News from Washington IRS Reminder to Storm Victims in 4 States: File and Pay by July 31The Internal Revenue Service reminded individuals and businesses in parts of four states that their 2022 federal income tax returns, tax payments, and contributions to IRAs and HSAs are due on Monday, July 31, 2023. The deadline applies to […]
HSA Studies & Analysis Survey: More Americans Using Health Savings AccountsNearly 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 […]
News from Washington Biden Takes Steps to Lower Health-Care Costs With New Rules on Medical Bills, InsurancePresident Joe Biden announced steps his administration is taking to target so-called junk insurance plans and surprise medical bills as he made lowering health-care costs the latest focus of his “Bidenomics” push. The administration is releasing guidance intended to […]
News from Washington IRS Reminds Taxpayers in Disaster Areas About Delayed DeadlinesThe Internal Revenue Service is sending a special follow-up mailing to taxpayers in California and seven other states affected by natural disasters to let them know they have more time to pay their 2022 taxes. Taxpayers also have additional time to make contributions to […]
News from Washington IRS Rescinds COVID Relief for HSA-Qualified PlansThe Internal Revenue Service has rescinded guidance from three years ago that allowed HSA-qualified health plans to cover COVID costs. Notice 2023-37 states that HSA-qualified plans will not be permitted to provide coverage for testing and treatment of COVID-19 without a deductible. That current guidance now applies […]
News from Washington Compromise Struck to Preserve Obamacare’s Preventive Care MandateThe Texas conservatives challenging Obamacare’s preventive care mandate have reached a tentative compromise with the Justice Department that preserves free coverage for a range of preventive care services. The agreement, which still needs approval from the 5th U.S. Circuit Court of Appeals, keeps coverage intact […]
News from Washington House Ways and Means Committee Expands Health Benefit Options, Increases Flexibilities for Small Business WorkersWorkers and small businesses would get more flexibility and choice in their health insurance benefits under six bills adopted by the Ways and Means Committee, including two changes for HSA-qualified plans. H.R. 3800 allows employers to offer pre-deductible […]
News from Washington Biden Signs Bill to Raise Debt CeilingPresident Biden signed legislation to raise the debt ceiling into 2025 and avert a default, marking a significant bipartisan accomplishment amid divided government in Washington, DC. The president signed the bill just days before Treasury officials warned the department would run out of money to pay […]
News from Washington Biden, McCarthy Reach Debt-Ceiling Deal. Now Congress Must Approve.An “agreement in principle” between President Joe Biden and House Speaker Kevin McCarthy would raise the nation’s legal debt ceiling, but now Congress has only days to approve a package that includes spending cuts and would avert a potentially disastrous U.S. default. The compromise announced […]
News from Washington IRS Gives Big Boost to HSA, HDHP Limits in 2024Thanks in part to persistent high inflation, employees will be able to sock away a lot more money in their HSAs next year. The annual limit on HSA contributions for self-only coverage will be $4,150, a 7.8 percent increase from the $3,850 limit […]