HSA News for October 7, 2019

HSA news is compiled weekly by Mr. HSA, Roy Ramthun.

News from Washington

Trump Woos Seniors With Order to Boost Medicare Health Program

President Donald Trump sought to woo seniors on October 3 with an executive order aimed at strengthening the Medicare health program by reducing regulations, curbing fraud, and providing faster access to new medical devices and therapies.

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Trump’s Push for Health-Cost Transparency Sparks Furor

A Trump administration plan to make hospitals disclose their negotiated prices is spurring a battle between industry and patient advocates. September 27 marked the end of a public input period that has seen more than 750 comments on the proposed rule. The administration is expected to release a final rule in November. It would take effect January 1, 2020.

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Lawmakers Aim to Make It Easier to Save for Health Care Expenses

On September 27, Reps Jennifer Wexton (D-VA), Earl Blumenauer (D-OR) and Mike Kelly (R-PA) introduced the Health Savings for Families Act. The bill would allow families to utilize both HSA and FSA accounts without any tax consequences.

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HSA Studies & Analysis

Morningstar's 2019 Rankings of 11 Top HSA Providers

Our latest research paper evaluates and ranks 11 of the largest HSA providers available to individuals and articulates what we consider best industry practices. Our evaluations identify which HSAs we believe represent the best choices for individuals as opposed to employers, where fees are often negotiable based on a number of factors.

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7 Not-So-Positive Factors Affecting the Future of HSAs

The HSA market appears to be slowing, and according to a report from Aite Group. Despite HSAs’ potential for investment returns and for a position as an alternative retirement savings vehicle, that means that providers will have to adapt to a changing market. Here are 7 factors the report suggests should be top of mind.

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HSA Compliance Corner

3 Important HSA Changes to Know About for 2020

As is the case with other tax-advantaged savings plans, the rules surrounding HSAs can shift from year to year. Here are three important changes you need to know about for 2020.

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HSA Industry News

Alegeus to Spend Month of October Educating Consumers on HSAs

Alegeus announced that the company will not only join the industry in support of National HSA Awareness Day on October 15, but will celebrate the full month of October to educate consumers on the value of HSAs. This month will be dedicated to bringing public awareness around the power of HSAs and their ability to empower consumers to take control of their healthcare spending and saving.

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Here's How HealthEquity Lowers Healthcare Costs

HealthEquity has grown to become America's leading administrator of HSAs. With the cost of healthcare on the rise, HealthEquity looks perfectly positioned to grow for years on end. In this episode of The Motley Fool's Industry Focus: Healthcare, Shannon Jones and Brian Feroldi discuss HealthEquity's business model and share how the company helps to save its members money.

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HSA Industry Best Practices

HSA Heuristics: There Is No Contribution “Rule of Thumb” That Is Best for Everyone

Nothing stops you, the plan sponsor, from suggesting workers consider a prioritization based on your own plan design. Consider deploying automatic enrollment/escalation defaults – yes, automatic enrollment and escalation features can be applied to cafeteria plan elections of HSA contributions.

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How One Employer Opened Workers’ Eyes to the Benefits of HSAs

Sara Caddy, benefits manager with Dimensional Funds Advisors, helped to change the way employees look at HSAs by educating them about its value as a retirement tool, not just something to be used each time the employee visits the pharmacy.

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Maximizing Your HSA

FSAs vs. HSAs: Which Is the Best Fit for You?

FSAs and HSAs can be an essential element of your health care payment strategy, but there are important differences to know about each. FSAs and HSAs differ in important ways, including who's eligible to enroll and when savings expire. If you're stumped about which one to choose, here's what to know about HSAs vs. FSAs.

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Pre-HSA Awareness Day Quiz

The Motley Fool recently published an article showing that only 11% of employees understand HSAs. That’s a discouraging statistic that certainly reflects poorly on the industry’s efforts during the last 15 years to provide meaningful, understandable information to consumers. See how much you know about HSAs with this simple quiz.

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Consumer-Driven Health Care

A Biopsy Came With an Unexpected $2,170 'Cover Charge' for the Hospital

When Brianna Snitchler scheduled a biopsy, no one told her that Henry Ford Health System would also charge her a $2,170 facility fee. All told, her bills for the care she received related to the biopsy left her on the hook for $3,357.52, with her insurance paying $974.

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Health Care Transparency Needs Literacy to Work

There are certainly benefits to providing transparency and disclosure, but we first need to determine how to translate the information into an intelligible format, educate consumers about variables that may change the overall price of a service and then set up a simplified tool to shop.

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Does Telehealth Save Money? The Jury’s Still Out.

Telehealth advocates have long argued that virtual consults can cut medical spending. But researchers still don’t know whether that’s true, though more patients use the technology each year and hundreds of millions of dollars are being spent on it.

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How to Lower Your Health Care Costs

Selecting the right plan for you and your family can help save money. For example, if you don’t anticipate having hefty medical expenses, you may come out ahead with a high-deductible health insurance plan paired with a health savings account.

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Bryan CaplanComment