| News from Washington |
| IRS Reminds Taxpayers in Disaster Areas About Delayed Deadlines The Internal Revenue Service is sending a special follow-up mailing to taxpayers in California and seven other states affected by natural disasters to let them know they have more time to pay their 2022 taxes. Taxpayers also have additional time to make contributions to their IRAs and HSAs for 2022. Read More |
| CBO: Bipartisan Telehealth Bill Will Cost $5B Over Next Decade Bipartisan legislation that would give people with high-deductible health plans permanent access to telehealth services without having to meet a minimum deductible will cost $5 billion over the next decade, according to the Congressional Budget Office. The cost estimate may dim the chances of enacting the bill without changes. Read More |
| HSA Compliance Corner |
| My Doctor Prescribed It. Does That Make It a Qualified Expense? An HSA owner who seeks to make a tax-free distribution for an expense that’s generally not qualified must provide documentation that it is associated with an item that diagnoses, cures, mitigates, treats, or prevents an injury, illness, or condition. Prescriptions can turn an item usually considered to promote general health into an HSA-qualified expense. But not always. Read More |
| HSA Best Practices |
| 10 Things Your Employees Might Not Know About HSAs Are you advising your employees correctly when it comes to Health Savings Accounts? Here are 10 important tax and financial planning questions and answers employers should be aware of regarding this important employee benefit. Here is content pulled from ALM’s Tax Facts Online that answers some of the most important questions surrounding HSAs. Read More |
| 4 Ways to Boost Employee Satisfaction with HDHPs If employers are to capture the full promise of a more consumer-driven approach to health care, they need to understand why employees might be frustrated with high deductible health plans. So, how can employers that offer HDHPs help increase employee participation and satisfaction? Here are four strategies to consider. Read More |
| HSAs & Retirement |
| Retiree Medical Costs Are Expected to Moderate, but Still High The estimated cost of health and medical care in retirement overall didn’t rise this year, according to an annual analysis from Fidelity Investments. However, a 65-year-old retiring this year can expect to spend an average of $157,500 on health and medical costs over a roughly 20-year retirement, almost double the company’s estimate of $80,000 in 2002. Read More |
| HSAs Are an Ally in Paying Retirement Medical Expenses There are four distinct advantages to saving for retirement medical expenses in a Health Savings Account rather than a traditional retirement account. It’s important that people who are eligible to open and fund an HSA consider the benefits of placing a portion of their retirement savings in these accounts rather than limiting contributions to traditional retirement accounts. Read More |
| 3 HSA Benefits You Don’t Want to Miss Out On in Retirement Retirement is the perfect time to have access to a Health Savings Account. So if you’re able to fund one of these accounts during your working years and reserve most or all of that money for retirement, you’ll likely end up thankful for it. That’s because you might get to enjoy these valuable benefits. Read More |
| Social Security: How Close Can You Realistically Come To Getting the Maximum Benefit? Social Security is a form of supplemental retirement income that is meant to help pay for your expenses once you are retired. But it’s hard to know how to earn more of it and what you need to do to maximize your benefits. Read on for the details of how much the Social Security maximum benefit is, how the benefits are calculated and how you can earn the maximum amount. Read More |
| Maximizing Your HSA |
| I Have Money in an HSA but Won’t Touch It. Here’s Why Last year, my family switched over to a high-deductible health insurance plan that renders us eligible to contribute to a Health Savings Account. Over the past few months, I’ve had to dip into my savings account to cover some larger healthcare expenses. I could’ve raided my HSA for those expenses. But here’s why I didn’t. Read More |
| Consumer-Driven Health Care |
| 79% of Consumers Want to Pay All Medical Bills From One Digital Platform As consumers interact with digital platforms to get their healthcare needs met, they increasingly want these tools to be able to do everything for them, from financing bills to finding providers to investing in their Health Savings Accounts. Read More |