| News from Washington |
| Momentum Builds in Senate for Major Cannabis Bill Senators on both sides of the aisle are throwing support behind a proposal to tuck key marijuana banking legislation into a larger package aimed at boosting U.S. competitiveness, increasing the odds that a significant cannabis bill gets through the upper chamber this year. Read More |
| HSA Compliance Corner |
| Mid-Year Medical Plan and Calendar-Year FSA? The Options Aren’t Ideal. Some employers run their Health FSAs on a calendar year and renew their medical plans on another date, often July 1. When the employer introduces or renews an HSA-qualified medical plan effective July 1, that worker can’t enroll and open an HSA or make or receive contributions to the account. Participating employees are locked into a Health FSA through the end of the plan year. Employers have several tools at their disposal, but they’re not ideal. Read More |
| HSA Withdrawal Rules Although building savings in an HSA is a good idea, it’s important to understand HSA withdrawal rules. As a practical matter, you are allowed to withdraw funds from your HSA at any time for any reason. But if you aren’t using the funds to cover a qualified medical expense, then you’ll be stuck paying a penalty tax. Here’s a closer look at the HSA withdrawal rules. Read More |
| HSA Beneficiary Rules Health Savings Accounts allow you to save money for healthcare expenses while enjoying some tax breaks. If you have an HSA, you can name a beneficiary to receive the money in your account should something happen to you. When naming a beneficiary for your HSA, it’s important to understand what your options are and what responsibilities are assigned to the person who inherits your account. Read More |
| The HSA Market |
| 5 Predictions for Employee Benefits in 2022 and Beyond The future of benefits is uncertain, but there are five predictions for where they’re headed in the next few years that could help employers adjust their current package. For example, there’s a chance that some common-sense changes could be made to HSAs. There’s interest in revisiting how we define what a “qualified high-deductible plan” entails so as not only to accommodate more Americans but also do away with any unnecessary restrictions altogether. But the solution to this problem is not one-size-fits-all. Read More |
| Employees Want Voluntary Benefits but Don’t Always Understand Them New survey results show that more U.S. employers are offering voluntary benefits and more workers are selecting them during the open enrollment cycle for 2022. The fastest-growing voluntary benefits include supplemental health insurance policies such as critical illness, accident and hospital indemnity, in which employees pay a small monthly premium but receive a direct cash payout to help with expenses if they are hospitalized or diagnosed with certain critical illnesses. Read More |
| Why HR Leaders Should Educate Employees to Boost Confidence in Benefits Both employers and employees believe benefits play a crucial role in talent retention. However, there are disparities in the realities employees face and what HR leaders perceive. About 68% of employees felt that their benefits had fallen short of their expectations. Further, 73% of employees with HDHPs felt their benefits had fallen short. About 60% migrated to an HDHP within the last 2-3 years. Read More |
| HSAs & Retirement |
| This Underused Retirement Account Leaves 401(k)s and IRAs in the Dust A lot has changed over the last few decades, but the way people save for retirement is still the same. Most stick to a 401(k) or an IRA unless they’re self-employed. While these can be solid options for your savings, there’s another underrated savings vehicle most people overlook–HSAs. Not everyone qualifies for one, but if you do, you should definitely consider stashing some of your money here. Read More |
| 64% of Workers Worry About Affording Healthcare in Retirement. Do This If You Feel the Same If you’re worried about affording healthcare once your time in the workforce comes to an end, you’re in good company. The good news, though, is that there are steps you can take to save for healthcare in retirement. And the sooner you start, the less of a burden your senior medical costs might be. Your best bet is to simply save as aggressively as possible, and contributing to an HSA can help. Read More |
| Maximizing Your HSA |
| 3 Ways to Get the Most Out of Your HSA A Health Savings Account represents one of the rare triple tax-advantaged savings accounts available to many Americans. Those who qualify can deduct annual contributions, invest on a tax-deferred basis, and reimburse themselves for qualified distributions tax free. Find out how to get the most bang for your buck from your HSA with these three tips. Read More |
| An Informative Tax Guide to HSA Contributions An HSA allows you to save money on your taxes while also providing you with access to quality healthcare. However, there are some things you should know about HSAs before making any contributions. In this guide, we will cover everything you need to know about HSA contributions so you can make the most informed decisions when it comes to your taxes. Read More |
| Consumer-Driven Health Care |
| How to Open an HSA: 2022 Guide You can set up an HSA with a bank, investment firm or other qualified financial institution. Many employers also offer access to HSA programs as part of their benefits packages. Here’s what you need to know to open an HSA in 2022. If you want to boost your savings to pay for health costs in retirement, a financial advisor can help you create a financial plan for your needs. Read More |
| How to Lower Your Medical Bills Medical debt is a problem that has not gone away. Here, we explain ways to help guard against getting high medical bills in the first place, and what to do if you still wind up with one. A little planning can go a long way toward keeping costs under control. Read More |
| 5 Simple Ways to Save on Common Monthly Health Costs Millions of Americans spend more than they can afford every month to pay for insurance, prescriptions, over-the-counter medication, co-pays, deductibles and other out-of-pocket costs. Each and every person can take steps to reduce their household’s healthcare costs in ways both big and small. Here are a few of the simplest and easiest ways to lower those bills. Read More |