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 […]
Read the latest news about Health Savings Accounts and consumer-driven health care. News from Washington Democrats Face Tough Choices on Trimming Spending PackageDemocrats face challenges in reducing the size of their wide-ranging social spending package, a task that will be necessary in order to get key centrists to support a bill. There are several ways […]
Read the latest news about Health Savings Accounts and consumer-driven health care. News from Washington No Deal: House Delays Infrastructure VoteAfter a long day of meetings between Speaker Nancy Pelosi (D-CA) and the warring centrist and progressive factions of the caucus, as well as with White House staff, Democrats opted to delay a vote on […]
Read the latest news about Health Savings Accounts and consumer-driven health care. News from Washington Pelosi Sets Thursday Vote on Bipartisan Infrastructure BillThe House will vote Thursday on the Senate-passed bipartisan infrastructure bill, pushing back an originally planned vote for Monday that Democratic moderates had demanded as part of a deal with Speaker Nancy Pelosi […]
Read the latest news about Health Savings Accounts and consumer-driven health care. News from Washington Democrats Suffer Blow on Drug Pricing as 3 Moderates Buck PartyDemocrats’ signature legislation to lower drug prices was defeated in a House committee on September 15 as three moderate Democrats voted against their party. The vote is a striking setback […]
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 […]
Read the latest news about Health Savings Accounts and consumer-driven health care. News from Washington Sen. Manchin Says He Can’t Support Biden’s $3.5 Trillion Spending PlanSen. Joe Manchin, a key moderate Democrat from West Virginia, said on September 12 that he can’t support President Biden’s $3.5 trillion spending plan. Manchin also said he would look at adjusting […]
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 […]
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 […]