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 […]
The Health Savings Account. A tax advantaged account attached to a special type of health plan. The idea is simple. The business of acquiring those accounts? That’s another story. Take a moment to review this picture and try to follow what’s going on. At the bottom are the ultimate HSA users. Employers offer HSAs in their benefit […]
Here’s something we are often surprised to find out as we dive deeper into how HSA providers handle this topic: – most make mistakes when handling reversals. Sure, everyone knows most credits are contributions, and those count towards the annual max. And here starts another challenge, not all will enforce the statutory maximum contribution limit. This means, they […]
Mitigating investment risk and maximizing growth. The benefits accounts market, namely HSAs (Health Savings Accounts), FSAs (Flexible Spending Accounts), and HRAs (Health Reimbursement Arrangements) has been growing and getting plenty of attention in the recent years, driven primarily due to the growth in HSAs. According to Devenir, one of the largest HSA investment solutions providers, […]
The Customer Identification Program (CIP), also known as “Know Your Customer“ (KYC), is a compliance component of the account opening process where bank trustees/custodians need to, put in simple terms, ensure that the customer is who they say they are. This is easy to do in person, when they are face to face with the customer at a branch. HSA providers have many […]
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 […]
Roy Ramthun and Paul Verberne from HSA Consulting Services welcome Itamar Romanini as their new partner. Itamar brings over 20 years of industry experience in the HSA and CDH space, ranging from operations and technology, to strategy, sales and marketing. This addition expands the scope of capabilities from HSA Consulting Services, which has been focused […]
Roy recently commented on an article from financial-planning.com around IRA transfers into HSAs. He said: “Clients who don’t expect to remain on a high-deductible health plan much longer, intend to job hop, or enroll in Medicare shortly may get bitten badly by the IRS if they make this move. That’s because when assets transfer from […]