Your Weekly HSA News – January 3, 2022

Read the latest news about Health Savings Accounts and consumer-driven health care.
News from Washington
IRS Announces Tax Relief for Arkansas Victims of Severe Storms and Tornadoes
Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS announced that victims of severe storms and tornadoes beginning December 10, 2021 will receive tax relief. Affected taxpayers in areas impacted by the storms and tornadoes will have until May 16 to make 2021 HSA contributions.   Read More
HSA Compliance Corner
Can I Save in My Health Savings Account After Age 65?
IRS rules say you can no longer contribute pre-tax money to your HSA once you’re enrolled in Medicare. However, if you are still working and covered by an employer qualified health plan and not yet receiving Social Security retirement benefits, you can delay Medicare enrollment beyond age 65. You may want to consider delaying Medicare enrollment until you retire.   Read More
HSA Industry News
HealthyHive Introduces Adviser HSA Educational Program
HealthyHive has launched a new education program providing retirement-focused advisers with comprehensive education, as well as educational content they can share with their clients. As HSA investments continue to grow, HealtyHive’s goal is to help advisers learn more about the inner workings of HSAs, providing for increased adoption and more efficient usage.   Read More
The HSA Market
New Age of Health Consumerism Highlights Opportunity for Future Benefit Tools
Much has been written about the rise of health care consumerism, which has been driven in large part by e-commerce, telehealth, and digital payments. Less discussed is the reality that many patients didn’t become discerning health care consumers until they realize they needed to be more active in their own care as out-of-pocket health expenses continue to climb. That’s why today’s patients need other innovative financing solutions, as well as tools to help them use them appropriately.   Read More
A Better 401(k) Cited as Top Reason to Switch Jobs
Nearly 3 in 4 employees (74%) in a new survey said they would likely leave their job for an employer that offered better financial benefits, especially among Millennials (79%) and Gen Z (84%). Beyond a high-quality 401(k) and a 401(k) matching program, a flexible spending account or health savings account was the next most enticing benefit workers want.   Read More
HSAs & Retirement
Should a Health Savings Account Take the Place of an IRA or 401(k)?
Once you turn 65, you can withdraw funds from an HSA and use them for any purpose without being penalized. All that happens is that you pay taxes on the sum you withdraw. It’s for this reason that HSAs are often touted as a retirement savings plan of sorts. But should you save in an HSA at the expense of your IRA or 401(k)?   Read More
If You’re Missing Out on This Retirement Savings Plan, You’re Making a Big Mistake
Healthcare can be a true budget-buster in retirement. So it pays to specifically sock money away for your future healthcare needs. You could do so by increasing the amount of money you put into your IRA or 401(k) plan, or you could take advantage of an HSA. Technically, an HSA isn’t a retirement savings plan. But an HSA can easily function as a retirement plan, even if that’s not its official designation.   Read More
11 Eyebrow-Raising Facts from the Secure Retirement Institute
The Secure Retirement Institute recently released the fifth edition of its Retail Retirement Reference Guide, chock full of 161 pages of valuable research and insights about the U.S. retirement income market. Here are some of the facts and figures 401k-focused advisors might be most interested in so you can dive deeper into the key trends, insights, and emerging opportunities shaping the retirement market.   Read More
Maximizing Your HSA
Rushing to Fund Your Account by Year-End? Relax. You Have Plenty of Time!
If you’re conducting your year-end financial review and realize that you haven’t fully funded your HSA for 2021, relax. Although you may have run out of time to fund your HSA through the most tax-efficient means using pre-tax payroll deductions, you still have until Spring to make a personal tax-deductible contribution that applies to the 2021 tax year.   Read More
Should You Save in an HSA in 2022?
Even Americans with health insurance routinely wind up loaded with medical bills. If you don’t set money aside to cover them, they could easily lead you into debt. You have options when it comes to saving for healthcare. If you’re eligible for a health savings account, it could pay to open one in 2022.   Read More
Consumer-Driven Health Care
Your Healthcare Deductible Might Reset in January. Here’s What That Means
Many health insurance plans have a deductive reset date that begins at the top of the calendar year, or January 1. This is when the deductible value resets and you’re once again required to begin paying it down for healthcare coverage. Being mindful of your deductible reset date can literally mean a difference of thousands of dollars.   Read More
A New Ban on Surprise Medical Bills Starts This Week
If you have a medical emergency, you will no longer need to worry about a large bill from a doctor you did not choose. For years, millions of Americans with medical emergencies could receive another nasty surprise: a bill from a doctor they did not choose and who did not accept their insurance. A law that goes into effect January 1 will make many such bills illegal.   Read More
What to Do if You Receive a Surprise Medical Bill
Even with the new No Surprises Act law in place, experts say it’s still important for insured individuals to pay attention when reviewing their medical bills. If you think you were billed incorrectly for your care, start by calling your insurer. You can also call the provider for an explanation—it could just be the result of a billing mistake.   Read More