Weekly HSA News – January 23, 2023

News From Washington
IRS: Georgia, Alabama Storm Victims Qualify for Tax Relief; April 18 Deadline, Other Dates Extended to May 15
Storm 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, this means that eligible taxpayers will have until May 15 to make 2022 contributions to their IRAs and Health Savings Accounts.   Read More
The HSA Market
Employers Should Carefully Weigh Benefits of High-Deductible Health Plans: Study
Enrollees in high deductible health plans may be rationing or foregoing necessary care associated with diabetes, a new study shows. Researchers stated that policymakers should consider requiring employers to fund HSAs and to encourage workers with low income to participate and thereby offset the higher costs associated with HDHPs. They may also want to have employers redesign their HDHPs by including value-based deductible exemptions.   Read More
HSAs & Retirement
37% of Workers Have This Retirement Fear
According to a recent Transamerica survey, 37% of workers expressed fear that they might face declining health that requires long-term care in retirement. The good news is that there are steps you can take to cover the cost of long-term care. One way to address your long-term care needs is to consistently contribute money to an HSA when and while you can.   Read More
What Is a Health Savings Account? Will Medicare Affect Mine?
A Health Savings Account may help you save money on medical expenses, depending on your insurance type. If you are eligible, you can use your HSA to cover certain medical costs. Once you enroll in Medicare, you can no longer add funds to your account. After you enroll in Medicare, however, you can still access your HSA to pay for medical costs.   Read More
My Annual Warning: IRMAA Is an Unwelcome Companion at Age 65+
The cost of Medicare coverage isn’t the same for all enrollees. Some pay higher premiums because they report higher taxable income in a given year. Depending on your situation, you may or may not be able to avoid premium surcharges. Health Savings Accounts always offer tax savings and sometimes an opportunity to avoid Medicare premium surcharges. They should be a part of your retirement planning.   Read More
Maximizing Your HSA
Health Savings Accounts — Benefits Worth Fighting For   More employers are turning to Health Savings Accounts, but because HSAs are still relatively young, it can be difficult to implement them effectively to make the most of what they have to offer. Thinking about introducing HSAs as an employee benefit? Here’s what you need to know.   Read More
HSA vs. FSA: What Are the Key Differences?
Looking into healthcare plans? When researching the best healthcare plan for you, thoroughly exploring your options is vital. Throughout your search, you may come across Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). For more information on what they are, their pros and cons, and the key differences between the two, read on.   Read More
Consumer-Driven Healthcare
Half of Patients with High-Deductible Health Plans Have Received a Surprise Medical Bill
Half of patients with employer-sponsored high-deductible health plans said they have received a surprise medical bill, according to a new survey. Fifty-three percent said they have received medical bills that did not match up with price estimates provided, and thirty-four said they have been harassed by a medical debt collector.   Read More
More Americans Than Ever Putting Off Medical Care Due to Cost: Gallup
The percentage of Americans who postponed medical care payments due to cost has grown in the past year, according to a new Gallup poll. 38 percent of respondents said they have put off scheduled medical care payments due to cost, a 12-point increase from the past two years. The number also marks a new high with the previous high in 2014 and 2019, when 33 percent of those surveyed said that they have postponed scheduled medical care payments due to cost.   Read More