| News from Washington |
| Pre-Deductible Telehealth Coverage Extension Included in 2023 Spending Bill The $1.7 trillion omnibus spending bill signed into law by President Joe Biden on December 29 includes a provision extending the telehealth relief in the CARES Act of 2020 which gives employers and health plans the option to provide pre-deductible coverage of telehealth services for people with high-deductible health plans for another two years. Read More |
| The HSA Market |
| Gen Z vs. Millennials: Who’s Doing a Better Job Saving for Retirement? Schwab Retirement Plan Services surveyed 401(k) plan participants to see where young Americans are investing for the long term and how ready they feel for this phase of life. The survey found that 40% of millennials keep retirement funds in Health Savings Accounts, compared to just 30% of Gen Z. Read More |
| HSAs & Retirement |
| The 1 Retirement Plan You Don’t Want to Miss Out On in 2023 When you think about saving for retirement, different options might come to mind. But one savings plan that may not hit your radar in the context of retirement is a Health Savings Account. Technically, an HSA isn’t a retirement savings plan in the classic sense, it could easily serve as a form of retirement savings. And the tax benefits you might reap along the way could surpass those offered by any other individual retirement plan. Read More |
| Optimize Retirement Savings With an HSA Investment Strategy One of the biggest challenges clients face when preparing for retirement is making sure they have enough savings to cover their future health care costs. One important tool your clients may be able to use to help cover those costs is a Health Savings Account. But many accountholders are not making the most of these accounts. Here’s what financial advisors and clients need to know. Read More |
| Should an HSA Be Your Main or Sole Retirement Account? Definitely Not! It makes financial sense for HSA owners to contribute as much as they can, up to the annual limits, into these tax-perfect accounts. They offer tax advantages that other retirement accounts can’t match. But don’t rely on HSAs alone to fund your retirement because the amount you can contribute, combined with your Social Security or pension benefits, are unlikely to cover all your living expenses in retirement. Read More |
| Maximizing Your HSA |
| Should You Invest Your Health Savings Account in 2023? Should you really invest your Health Savings Account in 2023? The basic answer is that as long as you have the money available as cash to handle your actual healthcare costs, then it’s perfectly fine to invest your HSA in 2023. The key to being able to invest your HSA is to have money set aside to cover your actual healthcare costs. You can either save additional money outside of your HSA in order to cover those costs, or you can use the money you’re socking away inside your HSA to do so. Read More |
| Consumer-Driven Health Care |
| 67% of Americans Are Stressed About Medical Bills. This Account Could Make Them Easier to Manage Healthcare is one of those unavoidable expenses that can be a burden at any stage of life. And unfortunately, medical bills have the potential to drive consumers into debt — and even into bankruptcy. It’s not surprising, then, to learn that 67% of Americans are worried about medical bills. But there’s one specific account it pays to look at that can help you set money aside for healthcare costs–an HSA. Read More |
| Want a Clue About Health Care Costs in Advance? New Tools Take a Crack at It As of January 1, health insurers and employers that offer health plans must provide online calculators for patients to get detailed estimates of what they will owe — taking into account deductibles and copayments — for a 500-item list of medical services, from acne surgery to X-rays. Once the information is entered, the calculators are supposed to produce real-time estimates of a patient’s out-of-pocket cost. Starting in 2024, the requirement on insurers expands to include all drugs and services. Read More |