Weekly HSA News – October 17, 2022

News from Washington
Biden Administration Extends COVID-19 Public Health Emergency Declaration
The Biden administration on Thursday extended the nation’s COVID-19 public health emergency for the next 90 days as officials brace for a potential surge of infections over the winter. The public health emergency was first declared in January 2020, and has been renewed every 90 days since.   Read More
House Republicans Introduce Healthcare Freedom Act of 2022, Expanding on Idea of a Health Savings Account
A group of House Republicans introduced legislation that would give Americans more options in health care spending. The bill seeks to expand upon the idea of a Health Savings Account. The bill decouples HSAs from insurance requirements, allowing anyone to participate, and increases annual contribution limits.   Read More
HSA Studies & Analysis
Conduent Health Data Finds 57% of Eligible Employees Use a Health Savings Account
According to new data from Conduent Incorporated, 57% of people enrolled in a high deductible healthcare plan are contributing to health savings accounts. But many could be saving more for future health expenses while reducing tax bills by increasing their annual contributions. According to benefits experts at Conduent, companies can implement several measures to increase use of HSAs.   Read More
HSA Best Practices
7 Tips to Help Employers and Employees Optimize HSAs
HSAs have been around since 2004, and their popularity has steadily increased among employers and employees. Yet, many current and potential owners don’t fully understand the benefits of these accounts. Here are seven tips that employers need to either understand themselves or convey to their employees to increase adoption and effective utilization of HSAs.   Read More
The HSA Market
Want More Employees to Enroll in a Health Savings Account? Here’s a Simple Solution
Many people may not be able eligible to contribute to an HSA due to limitations imposed on HSA eligibility. But there is a simple solution: allow anyone who is covered by a health plan that meets the requirements under the Affordable Care Act to contribute to an HSA. More people should be allowed to use an HSA to address medical expenses not covered under their health plan even though they do not meet the current HSA eligibility rules.   Read More
HSAs & Retirement
How an HSA Can Enhance Your Retirement Nest Egg  
Saving money through a workplace retirement plan is one of the best investments you can make in your future. But it’s not the only way to pad your nest egg. Depending on how you choose to use the funds, HSAs can provide an additional source of funds to be used towards health care costs now and into retirement. Find out more about how your retirement accounts and an HSA can work in tandem.   Read More
The Average Retiree Pays $67,260 in Medical Expenses. Here’s My Plan to Cover It.
If you aren’t planning for increased medical bills during your retirement, you may be in for a rude awakening. If you plan for it, though, a Health Savings Account can be a great way to cover those medical expenses in retirement. The longer you leave money in your HSA, the more time it has to grow with no tax liability. That’s the superpower of using an HSA.   Read More
Maximizing Your HSA
How to Reap Tax Breaks from Your HSA
Health Savings Accounts offer remarkable benefits. But the nuts and bolts of using them are often confusing. So it’s no surprise that my previous article, which explored unusual features of HSAs, prompted a flood of reader questions. With open-enrollment for healthcare plans coming soon, many of these questions are worth further attention. Here are answers to readers’ questions.   Read More
The Benefits of a Health Savings Account Today and Tomorrow – Part 1
Health Savings Accounts are a powerful financial ally. But the benefits are limited to those who understand how to harness the power of these accounts. If your employer offers a program and you haven’t enrolled, it makes sense to consider whether this approach delivers greater financial benefit to you. Let’s look at some of the ways that Health Savings Accounts deliver value today.   Read More
The Four Tax Powers of HSAs
Health Savings Accounts once were a relatively staid way to set aside funds in an interest-bearing account for future health care costs but have now morphed into a legitimate investment category on its own. The reason is that HSAs may be the only account available to have a quadruple tax advantage. I encourage people to maximize their contributions every year and invest them for the long-term.   Read More
Turn Your Medical Expenses Into a $7,300 Tax Break
Medical bills can really deplete your savings after you pay your premiums, deductibles, copays, and any other out-of-pocket expenses that you may accumulate during the year. It can all add up very quickly. Luckily, you might be able to make your medical bills work for you, including certain tax advantages. Here’s how to use a Health Savings Account to turn these bills into as much as a $7,300 tax break.   Read More
HSA Limits Are Increasing in 2023. Here Are 3 Reasons to Max Out
It really pays to save and invest in an HSA if you’re able to do so. And next year, you’ll get the chance to pump even more money into your HSA, since the contribution limits are increasing. Not everyone who has an HSA opts to participate, and some people who participate might not push themselves to max out their contributions. But here are three reasons you should.   Read More
Consumer-Driven Health Care
Hospitals Are Hiding Prices From Patients, Advocacy Report Says
Some large hospitals are still not posting their complete price lists as required by federal transparency rules, a new analysis by PatientRightsAdvocate.org found. A comparison of price data for seven hospitals in Florida and Texas, owned by two major health systems, to corresponding insurance plan data revealed the omissions in the hospital files, the organization said.   Read More
64% Of Consumers Have Never Tried to Find Healthcare Prices, New Survey Shows
Despite recent regulations to ensure consumers have access to cost information about health insurance coverage and healthcare services, most Americans are still not exhibiting shopping behaviors, according to new research. Two-thirds (64%) of those surveyed said they have never tried to find the price of a healthcare service. Younger adults (18-34) were more likely than older adults (55+) to do so.   Read More
Why States Are Dropping Their ‘Tampon Tax’
The struggle to afford menstrual products remains an issue across the country, where menstrual products are taxed in almost half of U.S. states. Partly fueling the financial burden of menstruation is the “tampon tax” – which refers to the sales tax applied to tampons, pads and other menstrual products. Currently, 22 states tax menstrual products, according to a recent study from USAFacts.   Read More
CVS Drops Prices on Its Tampons and Will Pay the ‘Pink Tax’
CVS will reduce prices by 25% on its store-branded menstrual products nationwide and pay the sales taxes on those products in a dozen states. The chain also began paying sales taxes for customers on period products in 12 states. CVS said it cannot cover the taxes in other states that levy them due to laws preventing third parties from paying taxes on a customer’s behalf.   Read More