Weekly HSA News – May 1, 2023

News from Washington
Biden Administration Seeks to Pause Order Blocking Obamacare Preventive Care Mandate
The Biden administration has asked a federal appeals court to put on hold a judge’s ruling striking down the Affordable Care Act’s mandate that insurers cover preventive care, including screenings for certain cancers and pre-exposure prophylaxis against HIV (PrEP), at no extra cost to patients.   Read More
HSA Compliance Corner
HSA/HRA Combo. Not Always Oil-and-Water, but Be Careful . . . 
An employer can combine a company-funded Health Reimbursement Arrangement integrated with an HSA-qualified medical plan without disqualifying enrolled employees from opening and funding a Health Savings Account. But the HRA must follow a specific design so as not to disqualify workers enrolled in the program.   Read More
HSA Best Practices
Defined Contribution: THE Strategy to Encourage HSA Adoption
An employer’s traditional contribution-to-premium strategy artificially reduces the actual premium differences, which leads employees to overvalue the traditional PPO, undervalue the HSA-qualified plan, and thus purchase more insurance than they otherwise would. The alternative is a defined-contribution approach through which the company gives a fixed dollar amount to each employee to apply to whichever plan she chooses.   Read More
HSAs & Retirement
Here’s Why HSAs Are Massively Underrated Retirement Accounts
If you have the ability to contribute to a Health Savings Account, you probably know that HSAs can be a great way to cover your healthcare costs. Beyond that core use, though, HSAs can play an additional role in helping you fund your retirement. Here are three reasons why HSAs are massively underrated when it comes to serving as retirement accounts.   Read More
2 Reasons It Pays to Fund an HSA — and Save That Money for Retirement
Retirement is a period of life when health issues tend to emerge, making medical care even more expensive. That’s why it pays to contribute to an HSA if you’re eligible to do so. HSA funds never expire, so you can put money into an account during your working years and reserve all of that money for retirement. If you’re able to go this route, it pays to do so. Here’s why.   Read More
HSAs and Medicare: What You Need to Know
Once you retire, healthcare might end up being your greatest monthly expense, surpassing even the amount of money you spend on housing. If you’re able to contribute to an HSA, then it pays to do so. That’s because HSAs offer more tax breaks than 401(k)s and IRAs. If you’re going to fund an HSA, though, it’s important that you understand how these plans work with Medicare.   Read More
Maximizing Your HSA
Top 10 Things HSA Participants Need to Know
Health Savings Accounts are a great way to help employees protect themselves financially. Offering an HSA to your employees can help them take control of their health and prepare for retirement. However, HSAs can be challenging to navigate if you’re unfamiliar with them. Here are the top 10 things HSA participants need to know about HSAs.   Read More
How to Invest with Your HSA
More and more people are using HSAs to help save for future medical expenses or even give a boost to their retirement funds. These accounts come with many benefits, including the opportunity to invest and grow your funds tax-free. Here are tips for how to invest your HSA and some other things you should know about these increasingly popular savings vehicles.   Read More