Weekly HSA News – September 5, 2023

HSA Studies & Analysis
Women’s Health Savings Lag Men’s Even Though They’re Expected To Live Longer
Women are expected to live longer than men and can take on more healthcare costs over their lifetime. However, women’s HSA balances are, on average across generations, about 15% lower than men’s, a Bank of America report showed. Women are also more likely to spend the savings in their HSAs.   Read More
Best Health Savings Account Providers
Opening a Health Savings Account could help you save money while paying for deductibles, copayments, coinsurance and other health care costs. But finding the right provider isn’t always easy. We put together this guide to help you find the best HSA for your needs. Read on to see our top picks and for a more detailed look at how to make your selection.   Read More
HSA Compliance Corner
“Can I Reimburse Medicare Premiums Tax-free?” Not Always!
HSA owners can usually reimburse qualified medical, dental, and vision expenses that Medicare doesn’t pay tax-free, as well as Medicare premiums. But be sure to understand exactly what a Medicare premium is (not all your retirement coverage premiums may qualify). A little-understood rule may also affect couples when the younger spouse funds an HSA and the older one doesn’t.   Read More
HSAs and Medicare (Part 2): Can I Make a Lump Sum Contribution Before Enrolling?
To be an eligible individual to contribute to an HSA, you must be covered under an HDHP for the entire month and not on Medicare. When you enroll in Medicare, you lose your individual eligibility status for HSA contributions at the same time. If you front-load your HSA contributions in January and put in the annual maximum of $4,850, you will probably have over-contributed.   Read More
Market Trends
2024 Benefits Trends: Why Healthcare Plans Are Going Retro
New data shows that some organizations have been adding PPOs and HMOs back into benefits packages that previously offered only high-deductible plans with HSAs. In fact, the number of employers offering only these plans has decreased 33% since peaking in 2020. Employers began moving away from their full replacement high-deductible plans after Congress nixed the ACA’s “Cadillac tax” in December 2019.   Read More
SMBs Are Rethinking Group Health Benefits Amid Rising Costs
When smaller employers get priced out of traditional group health insurance, they are finding ways around the status quo. Adoption of HRAs and health stipends is projected to increase as even large companies struggle to keep up. 87% of large employers anticipate that group health insurance expenses will become unsustainable within the next decade, research suggests.   Read More
HSAs Industry News
Incentives Highlight Return of Transamerica ‘401(k)ares’ Campaign
Transamerica announced the continuation of its successful “401(k)ares” campaign to boost middle- and small-market American workers’ access to tax-deferred savings programs. As part of the campaign, small businesses that choose Transamerica as their retirement plan provider will have specific HSA/FSA administration and participant fees waived for two full quarters.   Read More
Maximizing Your HSA
FSA vs. HSA: What’s the Difference and How to Pick the Right Account for You
Paying for healthcare is expensive, even with insurance. Fortunately, the tax code gives you two separate ways to save on everything from copayments to contact lenses: FSAs and HSAs. These tax-advantaged accounts can be a lifesaver. Read on to discover all you need to know about these two accounts and how to determine which is right for your financial needs.   Read More
Avoiding the Negative Effects of Owning an Inactive HSA
It’s important to keep track of and manage all financial assets, and Health Savings Accounts are no exception. When an HSA has a low balance, it’s easy to lose track of, particularly when owners have a life change (such as losing a job or changing medical coverage).Here are three key reasons to pay attention to HSAs (and other financial assets).   Read More
Consumer-Driven Health Care
Online Pharmacy Programs Can Save Patients Millions in Prescription Drug Costs, Study Finds
Patients could save millions of dollars by buying prescription drugs through online pharmacy discount programs instead of through traditional insurance plans, according to a new study. The study found that at least 1 out of 5 prescriptions were cheaper through the Amazon or GoodRx discount card programs compared to what patients actually paid out of pocket for the drugs.   Read More