News from Washington Republicans Challenge Acting Secretary of Labor’s Authority Amid Rumors of New Fiduciary RuleSenator Bill Cassidy (R-LA), the ranking member of the Senate Health, Education, Labor and Pensions Committee, introduced legislation that would require Julie Su, the acting secretary of the Department of Labor, to step down. Cassidy’s legislation comes as industry watchers […]
HSA Studies & Analysis Women’s Health Savings Lag Men’s Even Though They’re Expected To Live LongerWomen are expected to live longer than men and can take on more healthcare costs over their lifetime. However, women’s HSA balances are, on average across generations, about 15% lower than men’s, a Bank of America report showed. Women are also […]
HSA Studies & Analysis EBRI Finds Increased Use of Certain Medical Services Covered by HSA-Eligible PlansA 2019 policy change by the IRS has resulted in 75% of large employers that offer HSA-eligible plans expanding their pre-deductible coverage for medications and services that help manage chronic conditions. Read More HSA Compliance Corner Do You Have […]
News from Washington GOP Push to Get More Americans into High-Deductible Health Is Dividing DemocratsA push led by House Republicans to allow insurers offering high-deductible health insurance plans to cover more expenses than they do now is gaining momentum in Congress and dividing Democrats. The proposed changes reflect the new state of play on health […]
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 […]