A Health Savings Account (HSA) is a tax-advantaged account that is used to save money for qualified medical expenses, such as doctor visits, prescription drugs, and hospital stays. Similar to the case with Individual Retirement Accounts (IRAs), older individuals who are HSA-eligible are permitted to make additional “catch-up” contributions of $1,000 annually starting with the […]
News From Washington Biden Administration Plans to End COVID Public Health Emergency in MayThe Biden administration announced that the COVID-19 public health emergency, which has been in place since January 2020, is set to end on May 11. The public health emergency has been renewed 12 times under two different administrations. The announcement provided 101 […]
News From Washington A Record of Over 16 Million People Signed Up for Insurance Through ObamacareMore than 16.3 million people enrolled in a health plan through the Affordable Care Act during the most recent open enrollment period, marking the highest number of enrollees since the program was signed into law 10 years ago. This represented […]
News From Washington IRS: Georgia, Alabama Storm Victims Qualify for Tax Relief; April 18 Deadline, Other Dates Extended to May 15Storm victims in parts of Georgia and Alabama now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced. Among other things, […]
News from Washington White House Extends COVID-19 Public Health Emergency Once AgainThe Department of Health and Human Services officially renewed the ongoing public health emergency for the COVID-19 pandemic amid concerns over a more transmissible viral mutation and broad pandemic fatigue. The announcement by HHS Secretary Xavier Becerra marks the 12th renewal of the COVID-19 […]
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 17 years. With the January 12, 2023 release of the December inflation figures by the Bureau […]
HSA Studies & Analysis Segal: Colleges and Universities Are Embracing HDHPs with HSAsSegal’s 2022 College and University Benefits Study found there’s been steady growth in HDHPs as a percentage of all health plan offerings. The study also found a dramatic increase in the percentage of institutions offering HDHPs with Health Savings Accounts. Institutions are paying […]
News from Washington Pre-Deductible Telehealth Coverage Extension Included in 2023 Spending BillThe $1.7 trillion omnibus spending bill signed into law by President Joe Biden on December 29 includes a provision extending the telehealth relief in the CARES Act of 2020 which gives employers and health plans the option to provide pre-deductible coverage of telehealth services […]
News from Washington House Ends Congress by Passing $1.7 Trillion Funding PackageThe House passed a mammoth $1.7 trillion omnibus package on December 23, capping off weeks of drama to lock down government funding for the next fiscal year. The bill passed largely along party lines, 225-201-1, a day after the Senate approved the bill in […]
HSA Compliance Corner Does Spouse’s Disqualification End the Other Spouse’s Catch-Up Opportunity? Your spouse is no longer HSA-eligible. Can you make catch-up contributions to your own Health Savings Account? It depends. Are you still enrolled in an HSA-qualified medical plan? Do you have any disqualifying coverage? Medicare is often the most confusing of these […]