News from Washington Sen. Ted Cruz Introduces Bill Expanding HSAsSen. Ted Cruz (R-TX) introduced a bill that would expand HSAs by lifting the contribution limits to $10,800 for individuals and $29,500 for families, decoupling HSAs from high deductible health plans, and expanding HSAs to Americans covered by other health insurance and government health programs. A […]
HSA Studies & Analysis Fidelity: Health Savings Accounts – 2023 Key InsightsAccording to a recent Fidelity survey, 22% of consumers have recently used an HSA to pay health-related bills. While HSAs are only one piece in the puzzle of paying for health care, they can be a valuable tool to manage current health costs and […]
HSA Studies & Analysis Podcast: The Mainstreaming of Health Savings AccountsOn the latest episode of the ABA Banking Journal Podcast, ABA’s Kevin McKechnie and HSA expert Eric Remjeske discuss the findings of their latest survey of HSA accountholders, how HSAs fit into the business models of banks of all sizes, why large numbers of community […]
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 […]