Read the latest news about Health Savings Accounts and consumer-driven health care. News from Washington Biden Lays Out Multi-Pronged Plan to Deal with Evolving PandemicPresident Biden laid out a multi-pronged plan to confront variants of the coronavirus that includes an expansion of at-home diagnostic tests. Part of Biden’s plan will allow Americans with private health insurance […]
The quick answer is “no.” If you do, you may miss out an opportunity to pay future expenses tax-free. I frequently get questions from Health Savings Account owners about closing their account because they’ve drawn down the balance to zero or something close to it. Sometimes they are being nudged by their HSA provider to […]
Read the latest news about Health Savings Accounts and consumer-driven health care. News from Washington Key Senators to Watch on Democrats’ Social Spending Bill All eyes will be on the Senate following the Thanksgiving break, as Democrats in the chamber seek to pass a massive social spending and climate package that is a key component […]
Read the latest news about Health Savings Accounts and consumer-driven health care. News from Washington Biden Signs $1 Trillion Infrastructure Bill into Law President Biden signed a $1.2 trillion bipartisan infrastructure bill into law on November 15 at a boisterous ceremony at the White House, sealing a major accomplishment of his first term after weeks […]
Read the latest news about Health Savings Accounts and consumer-driven health care. News from Washington Biden Spending Bill to Likely Slip in Senate After House Delays The Senate’s debate over President Biden’s social and climate spending bill appears likely to slip after the House failed to send the bill over before the Veterans Day recess. Senate Majority […]
Did you know that when you sign up for Social Security benefits after turning age 65 that you will be automatically enrolled in Medicare Part A and given up to 6 months of retroactive coverage? Unfortunately, there isn’t much you can do since enrollment in Medicare Part A is mandatory when you sign up for […]
Health care flexible spending arrangements (FSAs) and health reimbursement arrangements (HRAs) are similar to Health Savings Accounts (HSAs) in some ways but very different in other ways. For example, FSAs and HRAs are only available when offered by a company to its employees, so employees that don’t work for an employer that offers an FSA […]
Many employers and insurance carriers permit individuals to cover a same-sex spouse or domestic partner on their insurance coverage. This includes high deductible health plans that make people eligible for health savings accounts (aka “HSA-qualified” plans). Under an HSA-qualified plan, individuals either have self-only coverage or family coverage. “Family coverage” is simply defined as having […]
As many of you know, I track the data needed to make inflation adjustments for Health Savings Accounts from one year to the next. I have accurately predicted the annual adjustments by the Internal Revenue Service for the past 15 years. With the January 13 release of the December inflation figures by the Bureau of […]