Weekly HSA News – July 1, 2024

IRS Provides Tax Relief for Taxpayers Impacted by Severe Storms in Mississippi; Deadlines Postponed to November 1, 2024
The IRS announced tax relief for individuals and businesses in Mississippi that were affected by severe storms, straight-line winds, tornadoes and flooding that began on April 8, 2024. These taxpayers now have until November 1, 2024, to file various federal individual and business tax returns, make tax payments, and make 2023 contributions to IRAs and HSAs. Read More
CFP Board Backs DOL Fiduciary Rule in Federal Court
The Consumer Financial Protection Board has lent its support to the Labor Department’s case in defending the new fiduciary rule. Writing in a “friend of the court” filing, the CFPB cautions that if the Court accepts the plaintiffs’ arguments, significant regulatory gaps will allow advisors to recommend financial products that are not in the best interests of retirement investors. Read More
Supreme Court Strikes Down Chevron: What It Means for the IRS
In a decision issued June 28, the U.S. Supreme Court overruled the Chevron doctrine, fundamentally altering the landscape of administrative law. As a result, it will profoundly impact federal agencies including the IRS and the U.S. Department of the Treasury, which often interpret complex tax laws. Without the Chevron deference, courts might not defer as easily to the IRS’s expertise, potentially leading to more legal challenges. Read More
“Food as Medicine” Gains Acceptance in State Legislatures
With America facing an obesity epidemic, it’s no wonder some are embracing the concept that simple, healthy, nutritious food is medicine in and of itself, a philosophy that’s growing in popularity. State legislators across the country are beginning to introduce legislation to make food covered by health plans or establish pilot programs to explore the idea. Read More
How Health Insurance May Change, Regardless of Who Wins the Election
There has been little talk so far about plans either presidential candidate has for fixing a very broken health insurance and healthcare system with just months to go before the election. However, if you look at what has happened under Trump and Biden you will find some similarities that may set the stage for a possible bipartisan solution after the presidential election, regardless of who wins. Read More
The 69-1/2 Solution: Funding Your HSA to the Natural End
As you discuss your retirement plans with a financial or retirement advisor, you should factor into your plans how long you want to continue to remain eligible to fund your Health Savings Account. Let’s look at some key life milestone birthdays to determine how decisions you make then can disqualify you from future HSA contributions. Read More
Understanding Your HSA: 5 Best Ways to Leverage Tax-Free Savings
One often overlooked tax write-off is an HSA which can help cover your medical costs and also offer significant tax breaks if you’re eligible. There are several ways to leverage an HSA, so we spoke with financial experts to understand what exactly this type of account is, why it’s beneficial, and how you can get the most out of it. Read More
Health Is Wealth, so I Started a Health Savings Account: Money Talks
Depending on your situation, an HSA could be one of the best money moves you can make. I’m excited to finally have established mine. I view my HSA as being akin to my freedom fund. Funneling money from each paycheck to my HSA will provide me with a nest egg for medical expenses. That alone would be worth socking away money. But we can invest the money sitting in our HSA, which really is what commanded my attention. Read More
Amazon Consolidates Amazon Clinic into One Medical and Offers $49 Telehealth Visits
After operating Amazon Clinic as a pay-per-visit telehealth service provider for a year and a half, Amazon has now rebranded and consolidated the service into its Amazon One Medical offerings. The new version offers many of the same services, but at a lower cost, and is also available through a membership plan for comprehensive care. Read More
Walgreens Will Close a Significant Number of US Stores, Shutting Down Many Unprofitable Locations
Walgreens is set to close a substantial number of its roughly 8,600 locations across the United States as the company looks to reset the struggling pharmaceutical chain’s business. The company didn’t announce a specific number of store closures, but it said that it is planning “significant” closures of underperforming stores across America. Read More