Weekly HSA News – December 27, 2022

News from Washington
House Ends Congress by Passing $1.7 Trillion Funding Package
The 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 a bipartisan vote. The legislation now heads to President Biden’s desk for his signature.   Read More
Two-Year Renewal of Pre-deductible Telehealth Coverage to Become Law
A two-year extension of COVID-19 telehealth relief is set to become law within days as part of a government spending package. The relief allows HSA-qualified plans to cover telehealth and other remote care services on a pre-deductible basis through the end of 2024. Without the extension, plans would have lost this flexibility after December 31, 2022.   Read More
HSA Compliance Corner
How to Kill the HSA Opportunity on Federal Exchanges in Three Steps
Health Savings Accounts are the only tax-advantaged accounts available to non-group buyers of medical coverage. But the federal government is enacting policies that will limit or eliminate HSA-qualified plans in federal-facilitated marketplaces. Keep an eye on the Biden Administration’s future efforts in this area. Further restrictions could lead to fewer opportunities for buyers to choose a plan that meets their needs.   Read More
Industry Best Practices
Mental Health: How Employers Can Help Provide Support
Employers that offer HSAs can help boost mental health support of employees by reminding them that their HSA can be used for a variety of mental health-related expenses. For example, HSA savings could cover counseling, psychiatric or psychological care, prescribed and OTC drugs, acupuncture treatment, and more, all of which can help your employees as they care for their mental health.   Read More
HSAs & Retirement
Here Are Key Things You Need to Know About Health Savings Accounts as You Near Retirement
If you have a Health Savings Account and are nearing retirement age, be aware that HSAs come with particular rules that can be confusing, but are important for older Americans to know as they plan for retirement or partial retirement. Here are some key things to know about HSAs as you near retirement.   Read More
Should You Make an HSA Your Main Retirement Savings Account?
An HSA is definitely a great retirement savings tool — but it probably shouldn’t be your only one. Instead, think about how you can use an HSA in conjunction with other tax-advantaged plans to build yourself a solid nest egg and set yourself up for a secure future. You may find that a combination of an HSA and a retirement account puts you in the best position to tackle your future expenses with relative ease.   Read More
Maximizing Your HSA
Only 7% of Americans Plan to Boost HSA Contributions in 2023. Here’s Why it Pays to Max Out This Account.
It’s so important to have money set aside for healthcare costs — especially in a tax-advantaged account like an HSA. But according to a recent survey, only 7% of respondents are planning to boost their HSA contributions in the new year. And that means many people are passing up a big opportunity. Here are three reasons why you should max out your HSA if you can.   Read More
Can I Invest Through My HSA While Still Remaining Liquid?
A Health Savings Account can be one of the most exciting financial tools if you know how to use it. However, the investment component of HSAs can be confusing. What happens if you need to make an HSA withdrawal? You can feel safe investing money inside an HSA to the extent that you’ll be able to sell your investments and spend that money on qualified health expenses should you need to do so.   Read More
I’​m Enrolled in an HSA-Qualified Plan. Do I Have to Open an HSA?
An individual enrolled in HSA-qualified coverage is not required to open and fund a Health Savings Account if eligible to do so, nor is she barred under federal law from participating in an employer’s Health FSA program instead (though companies may impose this restriction). An HSA often is the best financial option but not always.   Read More
Consumer-Driven Health Care
Healthcare Costs: How Your HSA Can Help
Healthcare costs are a huge expense, and it’s one that can be difficult to budget for. Like with most pieces of your financial puzzle, a bit of careful and thoughtful planning can go a long way. And when it comes to healthcare expenses, your Health Savings Account can be a big part of that plan. An HSA is also a great tool for long-term savings, especially for healthcare expenses in retirement.   Read More
Creating ‘the Amazon Experience’ in Healthcare: Why Patients Want Personalization
Many industries are shifting to a more personalized, digital business approach to consumer engagement, which some are calling an effort to replicate “the Amazon experience” as services are personalized to suit an individual’s needs. As we are all becoming more accustomed to consumer centricity in everything we do, as evidenced through ever-reducing transaction costs, better transparency, coupled to ever-increasing quality and service levels, it follows that patients and health plan members should, too.   Read More
Mark Cuban’s Next Act on Drug Costs: Tackling Insulin
Billionaire entrepreneur Mark Cuban says it’s not a matter of if his online business will sell low-cost insulin — but when. “It may be a month, it may be six months, it may be two years,” said Cuban. The diabetes medicine would join a list of about 350 generic drugs that the online prescription drug company now offers at discounted prices. In almost a year since its launch, it has attracted nearly 1.5 million customers.   Read More