Most people have heard of a Health Savings Account. It sounds good, tax benefits and all. But why should they want one?
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The next two weeks are crucial for healthcare legislation, as the 116th Congress proposes probably its last major bill prior to the November election.
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Health savings accounts (HSAs) were enacted in 2003 to help Americans cope with the increasingly popular high deductible health plans that offer low premiums, but higher out of pocket costs.
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A simple, one-page piece of legislation will allow Americans to pay for their health care tax-free during the duration of the coronavirus pandemic.
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Although Health Savings Accounts are personal financial accounts, they do affect the family. And the family can affect the account. Let's examine how a spouse can boost the benefits that you derive from your Health Savings Account . . . or derail your best-laid financial plans.
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The coronavirus pandemic in the United States forced the Federal Reserve to cut rates close to zero in order to dampen the effect of the virus on the U.S. economy. In this unique time, Devenir has been observing how health savings account (HSA) providers have reacted to the rate cut. In the past, during times of economic expansion, we have observed that the deposit rates offered in health savings accounts have been less reactive to raises in the Federal Funds rate.
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When you look at the history of 401Ks and HSAs, their origins have similar intentions - to help Americans prepare for a retirement that the government and employers are placing more squarely on their backs.
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HSA investments have grown rapidly in recent years, reaching 24% of total assets and over 1.2 million (4%) accounts as of 12/31/2019. The average investment balance for investment account holders has grown to $12,695 in 2019, from roughly $5,000 in 2011.
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In the face of the coronavirus pandemic, policymakers are rightly leaving no stone unturned for proposals that can help mitigate the economic and healthcare damage caused by the virus. While Congress recently passed the Coronavirus Aid, Relief, and Economic Security Act to help citizens through this crisis, Senate Majority Leader Mitch McConnell has said there will likely be additional legislation in the coming weeks or months focusing on healthcare measures.
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Under current law, anyone enrolled in any part of Medicare is disqualified from making or receiving contributions to a Health Savings Account. This provision hurts working seniors with lower incomes and those working for small companies (who typically are lower-paid).
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The IRS extended the tax filing deadline to July 15th, 2020 as part of the response to the Coronavirus Pandemic. This extension led to questions about prior year contributions to retirement accounts and HSA’s. Yesterday, the IRS released guidance on the tax filing extension.
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HealthEquity SVP Dr. Bill West updates the industry on major issues: employer attitudes towards CDH after the Cadillac Tax repeal, the slowdown in ACA exchanges, what Medicare could do to help HSAs, and why total replacement is still a priority for employers.
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As US adults approach Medicare eligibility at age 65 years, they face important decisions about health care and employment. Recent legislative, regulatory, and legal challenges to the Affordable Care Act may add new uncertainties to this decision-making.
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We recently released a white paper outlining best-practices related to HSA menu design we have developed over the past 15 years of designing menus for HSAs. An important aspect of the menu design process is sizing the menu to optimize the availability of core asset classes while also limiting excessive overlap or overly risky asset classes that can overwhelm the typical investor. This blog considers four important factors that impact sizing decisions of HSA menus.
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As congressional Democrats rally around healthcare reform that creates a larger role for the federal government in the design, delivery, and financing of medical care in the United States, Republicans, including President Trump and a handful of members of Congress, are focused on more market-oriented solutions to managing costs by giving individuals more information and control over their own care.
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While the healthcare industry continues to promote the growth of Health Savings Accounts (or “HSAs”), the versatility of the HSA may still contain a few surprises, even for those who have held their accounts for many years. For instance, how many know they can buy rental property with their Health Savings Account? “Not many” would be a safe bet.
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As we begin 2020, the impeachment cloud continues to hang over Washington. The House vote and the president’s defiant response has dominated the headlines, and that won’t change in the new year with the prospect of a likely Senate trial in the next few weeks. The cloud of controversy threatens to keep members of Congress from working on many of the nation’s problems they were hired to solve.
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A new, bipartisan effort in Congress wisely aims to reduce out-of-pocket medical costs for senior citizens without requiring a complicated, systemic revamping of the whole Medicare system. Here’s hoping the Health Care Savings for Seniors Act, co-authored by Democrat Ami Bera of California and Republican Jason Smith of Missouri, gains momentum and finds its way into law.
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Representatives Ami Bera (D-CA) and Jason Smith (R-MO) have introduced bi-partisan legislation (HR 3796 “The Health Savings for Seniors Act”) to allow retired seniors on Medicare to have a health savings account or HSA. Medicare beneficiaries would be able to fund the account and use it to pay for healthcare expenses in retirement.
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