HSA News for April 29, 2019
News from Washington
Medicare Hospital Fund Reserves Likely to Be Exhausted in 2026: Report
Medicare's hospital insurance fund will be depleted in 2026, according to a government report released on April 22. U.S. healthcare costs are expected to be a hot topic during the 2020 presidential campaign, with uncertainty around possible cost-cutting solutions already weighing on healthcare stocks this year.
Most Americans Want Lower Health Care Costs, Not 'Medicare for All' or Obamacare Repeal
Washington may be obsessed with enacting "Medicare for All" or repealing Obamacare, but Americans have other priorities. According to a new poll released April 24, less than one-third put implementing Medicare for All or replacing the Affordable Care Act high on the to-do list.
Poll: Majority of Americans Want Laws Protecting Them from Surprise Medical Bills
A new poll released April 24 shows broad bipartisan support for Congress to address surprise medical billing. Three-quarters of the public — including a majority of Republicans — think the federal government should protect patients from having to cover surprise medical bills.
HSA Studies & Analysis
The Challenges of High-Deductible Plans for Chronically Ill People
Serious and life-threatening diseases do not wait for financial concerns. Not dealing with this cyclical issue will continue forcing people with chronic disease to make choices with potentially serious unintended consequences. And unfortunately, there are serious flaws in many of the approaches commonly suggested to lessen the burden of HDHPs for those with chronic diseases.
HSA Industry News
Bank of America Launches HSA Digital Platform
Bank of America has launched a new digital platform for HSAs designed to make the tax-advantaged savings vehicle more accessible and easier to use.
The HSA Market
Healthcare Is One of Your Greatest Expenses: How You Can Actually Save Money on It
One area that many employers struggle with are the rising costs of healthcare within their organizations. healthcare costs are the second highest cost for employers. Is it possible to actually save money in a rising cost environment? The short answer is yes. By understanding the why, you can be better prepared with the how.
Employers Expanding Benefits Offerings to Stay Competitive
When choosing which benefits to offer workers, the overarching objective for employers has long been to reduce cost. However, the need to be more competitive in the War for Talent by offering more desirable—and pricier—offerings is increasingly overriding expense reduction, according to the 2019 Lockton Benefits Survey.
Fintech’s Next Frontier: The $60 Billion Opportunity to Change Millennials and Their Healthcare
Lively is a VC-backed startup that aims to offer HSAs that meet Millennials’ expectations for financial products: low (or at least transparent) fees and easy to manage online. Four other fintech startups have HSAs in beta testing.
HSAs & Retirement
How Quickly Are HSAs Growing in the Retirement Plan Space?
Just as retirement burdens (and expense) are now shifted from employer to employee, so too are health care costs. HSAs help individuals prepare for both.
The 3 Most Dangerous Retirement Planning Myths
Retirement planning is complex, so it's no surprise that people harbor many misconceptions about it. Here's a closer look at three retirement planning myths that could land you in serious trouble if you believe them. #2 - Medicare will cover all my healthcare expenses in retirement.
Consumer-Driven Health Care
All High-Deductible Health Plans Are Not Created Equal
Health insurance plans that make Americans eligible for HSAs have a very strict definition they must meet to be considered a “high deductible health plan.” So why does it matter whether someone purchases an HSA-qualified health plan or another high deductible health plan that is not HSA-qualified?
Direct Care Plans Could Alleviate Problem of High Deductible Plans — if Congress Would Fix the Law
I have an HSA funded by my employer, and I’d like to use those dollars to pay my membership with my direct primary care physician in my area for my family’s primary care needs . The IRS, however, does not recognize my relationship with the doctor as a qualified medical expense. Congress can fix this.
Americans Are Living Longer — But We May Not Have Enough Physicians
The U.S. could face a shortage of nearly 122,000 physicians by 2032, according to data from the Association of American Medical Colleges. The projected shortfall for 2032 comes as demand growth for physicians continues to outpace supply growth, according to the study.