| News from Washington |
| Final Fiduciary Rule Goes to OIRA for Review The Department of Labor sent the final version of its retirement security proposal to the Office of Information and Regulatory Affairs at the Office of Management & Budget for review on Friday, March 8, 66 days after the comment period closed on January 2. The final rule will be published when OIRA finishes its review, which normally takes 60 to 90 days. Read More |
| HSA Studies & Analysis |
| HSA Accounts with Investments Have Higher Contributions, Balances Those who invest their HSA funds in securities other than cash have higher average employee and employer contributions, balances and growth, according to the Employee Benefit Research Institute’s HSA database. The average HSA balance for those with investments was over 11 times the amount of those without investments. But EBRI also notes that only 13% of HSA accounts had funds invested in assets other than cash. Read More |
| Study Shows Gen Z Employees Not Taking Advantage of Health Savings Accounts Many Generation Z employees with access to an HSA are not using them to their full potential or are not contributing to them at all. According to new data from Inspira Financial, nearly one-third of employees younger than 30 contribute nothing to their HSA annually (a higher figure than any other generation), and only 14% contribute more than $3,000 per year (a lower percentage than any other generation). Read More |
| Evolution of HDHPs With VBID Components Can Improve Care for Chronic Disease Approximately two-thirds of the privately insured population is in an HDHP, half of which have HSAs. Researchers know that people are picking HDHP plans with expanded coverage for preventive care, but there isn’t claims information to know if costs are going up or down, if health outcomes are being affected, or if people are getting the services they need. Now, there is a push to expand flexibility for other high-value services. Read More |
| HSA Compliance Corner |
| IRS Tells Consumers: A Doctor’s Note Alone Isn’t Sufficient Recently, the Internal Revenue Service took the unusual step of issuing a press release to inform HSA owners, Health FSA participants, and account administrators about the limits of Letters of Medical Necessity and prescriptions. The agency noted that the LMN alone isn’t sufficient to qualify an expense for tax-free reimbursement from a health account. Read More |
| Your HSA and Your Tax Return: 4 Tips for Filing The season for filing taxes is upon us once again. We’re getting closer to the deadline for filing for 2023. We wanted to share a few tips and reminders about the HSA information you’ll need for your tax return. These will help you get organized and prepared for easy and successful filing. Read More |
| HSA Industry News |
| inVesti Financial Launches HSA Solution With UMB Bank inVesti Financial announced it has successfully integrated its record keeping services software with UMB Bank, Health Care Services. This integration allows inVesti to offer an HSA solution to its product lineup, that also includes 401(k)s and IRAs. The HSA will also allow participants to invest in a multitude of investments such as mutual funds, and ETFs with Matrix Trust Company. Read More |
| ful. Health Introduces Innovative Solution to Help Group Health Plans Right-Size Healthcare Spending A new platform called “ful. Health” is a health savings and education platform that redefines how HDHP groups complement their health coverage. With the ful. app, members can learn how to become savvier healthcare consumers, earn rewards that improve access to care and shop for both care and discount pharmacies and much more. Read More |
| HSA Best Practices |
| Which Banks Offer HSAs to Customers (And Why Yours Should) As consumers look for ways to manage healthcare costs, HSAs emerge as a popular savings vehicle, especially among younger generations. Here’s how banks can capitalize on the opportunity to connect with them, as well as some of the challenges in the landscape. Read More |
| 5 Misunderstood HSA Facts HSAs have become increasingly popular, but they often come with misconceptions as well. To help your employees make informed decisions, let’s debunk some common HSA myths and shed light on the HSA facts that truly matter. By sharing these HSA facts with your employees, you can help them confidently navigate the world of HSAs and unlock their full potential for saving and financial security. Read More |
| HSAs & Retirement |
| The Highest Medical Costs to Expect in Retirement Settling into retirement is meant to be a happy time. Unexpected health-related expenses, however, can get in the way of your bliss. Health needs can vary from person to person and change over time, but here are common medical expenses in retirement that you should anticipate: health care insurance premiums; home health care costs; assisted living costs; nursing home costs; dental expenses, and vision costs. Read More |
| Maximizing Your HSA |
| Can Your Family Double-up on HSA Family Contributions? It’s possible that a family could have three or more members covered on the same HSA-qualified insurance policy who each can contribute up to $8,300 in 2024 plus a $1,000 catch-up contribution if age 55 or older. That’s a lot of family members’ income sheltered from taxes in exchange for enrolling in a plan with a deductible as low as $3,200 in 2024. Read More |
| Consumer-Driven Health Care |
| Is Your Health Insurance Deductible Too High for an HSA? Here’s What to Do Not every health insurance plan will let you get an HSA. In fact, some high-deductible health insurance plans on HealthCare.gov do not qualify for an HSA because the out of pocket cost limits are “too high.” If your health insurance plan does not qualify for an HSA, here are a few ideas to manage your out-of-pocket healthcare costs. Read More |