| News from Washington |
| Biden Takes Steps to Lower Health-Care Costs With New Rules on Medical Bills, Insurance President 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 prevent providers from evading billing regulations by contracting with hospitals defined as out-of-network. Read More |
| HSA Compliance Corner |
| When to Stop HSA Contributions Before Enrolling in Medicare Those who participate in HSAs as part of their health insurance benefit often misunderstand the contribution rules as they approach Medicare enrollment age. Many people know there is a “6-month rule” about contributions. And they believe they must stop funding their HSA six months before Medicare begins. But this rule does not apply to everyone who has an HSA. Read More |
| HSA Eligible Expenses: Are Vitamins Something You Can Buy with Your Health Savings Account? HSAs are a valuable tool for individuals to save and pay for qualified medical expenses. One common question that arises is whether vitamins can be purchased using HSA funds. It’s important to understand the criteria for HSA eligible expenses and specifically address the question of purchasing vitamins with your HSA. Read More |
| HSAs & Retirement |
| 3 HSA Benefits You Don’t Want to Miss Out On in Retirement An HSA can be funded during your working years and tapped at any time. But if you really want to make the most of your HSA, it pays to do what you can to save at least some of the money in yours for your senior years. Here are some of the benefits you might appreciate having as a retiree. Read More |
| 3 Reasons Healthcare Might Be a Bigger Burden in Retirement Than Expected If you’re in the process of planning for retirement, healthcare expenses may end up being costlier than you imagine. Health issues tend to rise with age, and many people don’t realize that Medicare isn’t free and won’t cover everything. One of the best strategies is to fund a Health Savings Account during your working years. Read More |
| Retirees Are Underestimating How Long They Will Live A significant share of older Americans underestimate how long their retirement is going to last. According to a survey by TIAA, one-quarter of Americans underestimated the life expectancy of a 60-year-old. Another 28 percent said they didn’t know it. Most people don’t know that life expectancy rises with age. At age 60, an American man can expect to reach 82; a woman, 85. Read More |
| Maximizing Your HSA |
| Here’s What Happens to the Extra Money in Your HSA Let’s say you’re single and put $3,850 into your HSA this year, only you end up with just $1,000 worth of medical bills. The good news is that you don’t have to spend the remaining $2,850 now. Unlike FSAs, HSAs don’t force you to deplete your plan balance every year or risk losing your money. Instead, HSAs are built to encourage you to carry funds over from one year to the next. Read More |
| Should You Open a Health Savings Account? Here Are the Pros and Cons HSAs have various advantages, including having more tax advantages than 401(k) accounts. But it’s also important to consider the potential disadvantages of using an HSA. Here’s what you need to know about HSAs, including the tax implications, to help you determine whether opening one is right for you. Read More |
| Consumer-Driven Health Care |
| UnitedHealthcare Will Offer Telehealth With No Out-of-Pocket Cost UnitedHealthcare is now offering telehealth appointments with no co-pay or out-of-pocket cost as a benefit. The move is intended to improve access to care. The telehealth visits are available 24 hours a day, seven days a week. UnitedHealthcare estimates that 25% of emergency room visits could be handled virtually. Read More |