Weekly HSA News – August 21, 2023

News from Washington
GOP Push to Get More Americans into High-Deductible Health Is Dividing Democrats
A 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 care for Republicans, who see high-deductible plans as a way to boost market forces in the system. They also appeal to some Democrats as a way to make access to care more affordable.   Read More
HSA Compliance Corner
Can a Company Disqualify All Its Employees from an HSA? Yes.
Some businesses craft medical coverage with an HSA-qualified plan at its base that disqualifies employees from opening and funding a Health Savings Account by integrating a general Health Reimbursement Arrangement that reimburses a large portion of workers’ deductible expenses. This plan is disqualifying because the integrated medical coverage is no longer HSA-qualified.    Read More
HSA Industry News
HealthEquity Announces Inaugural “HSA Week” to Increase Consumer Education and Engagement
HealthEquity launched an inaugural “HSA Week,” starting August 14. HSA Week aims to enhance financial literacy around consumer-directed benefits like Health Savings Accounts, provide consumers and benefits leaders with useful resources, and clarify common misconceptions about the use of HSAs.   Read More
Millennium Trust to Rebrand as Inspira Financial
Millennium Trust Company LLC will be rebranding in early 2024 to Inspira Financial in part to position itself as a full-service employment solutions provider poised for further growth, the firm said. With the new name, the firm will seek to expand its employment and consumer solutions businesses across health, wealth, retirement, and benefits, according to the announcement.   Read More
HSAs & Retirement
The Cost of Healthcare in Retirement: What You Need to Know
The cost of healthcare in retirement is a concern that often gets overlooked, but it’s an important consideration for your financial planning. According to Fidelity’s retiree healthcare cost estimate, if you retire at age 65 this year, you can expect to spend an average of $157,000 on medical expenses throughout your retirement. This highlights the need to plan and save accordingly.   Read More
Maximizing Your HSA
Six Good Reasons Not to Open an HSA? Seriously?
There may be some good reasons to consider carefully venturing into the world of Health Savings Accounts, but the six listed in a recent article generally fall flat in making the case. Viewed in context, HSAs provide a financial benefit to most Americans eligible to open and fund one. Let’s analyze the six reasons to think twice about opening an HSA.   Read More
Consumer-Driven Health Care
Beat the Heat With These 10 Cooling Products—and They’re All FSA (and HSA) Eligible
There are countless cooling products designed to combat the powerful rays and help you beat the summer heat. If you have FSA or HSA money to spare and want some quick cooling relief during these last few weeks of summer, these are our top picks, including migraine cold caps, compression garments, gel ice packs, and more.   Read More
Epinephrine Price Caps: Who Will Win and Who Will Pay?
Illinois has become the largest of a list of states to cap the price of epinephrine auto-injectors. The state’s new epinephrine price cap law says insurers can’t charge more than $60 for a set of two auto-injectors for patients 18 and under. But who pays such price limit differences, how high have deductibles on epinephrine become, and how will insurers and device makers respond?   Read More