HSA News for June 10, 2019
Read the latest news about Health Savings Accounts and consumer-driven health care. This list is compiled by Mr HSA Roy Ramthun.
News from Washington
Senators Are Pushing Forward on Measures to Lower Health-Care Costs
Two efforts are underway in the Senate to compile bipartisan packages aimed at lowering and bringing transparency to health-care costs, with the goal of merging them on the Senate floor this summer. Neither package will include one singular big thing to lower health-care costs for consumers. Instead, they’ll be full of smaller proposals that legislators say together could help move the needle on prices.
House Panel Sets 'Medicare for All' Hearing for This Week
The House Ways and Means Committee will hold a hearing this week on "Medicare for All," the proposal that would shift the U.S. to a single-payer health care system. The June 12 hearing will mark the first time the proposal is considered by a committee that has jurisdiction over health care issues.
Another Top House Democrat Backs Medicare for All
Rep. Ben Ray Lujan (D-NM), the assistant speaker of the House, announced June 4 that he supports “Medicare for All” legislation that has been introduced in the lower chamber, putting another top Democrat behind the far-reaching plan to overhaul the nation’s health care system.
HSA Industry Best Practices
HSAs Are Lagging When It Comes to Rollovers
When it comes to traditional retirement accounts such as 401(k)s and IRAs, employers or service providers often urge participants to consolidate assets in multiple accounts via a rollover. But it appears that advice isn't prevalent when it comes to HSAs, an up-and-coming retirement savings vehicle, which could have negative consequences for savers.
The HSA Market
Can Millennials and Generation Z Benefit from Having an HSA?
Millennials and Gen Zs make up 30% of today’s workforce. With the rise in HDHPs, HSAs are an important health benefit for these new workers. The benefit of having an HSA is the accessibility to review health care plans, enroll in benefits, check HSA balances and make important decisions via smartphone.
What’s Happening with HSA Growth?
Have employees fallen out of love with HDHPs and HSAs? According to research from EBRI, after the significant gains HSA enrollment has seen since their inception in 2004, growth rates have been slowing down in recent years. Depending on what numbers you’re looking at, HSA enrollment growth may not actually be that sluggish.
What Are HSAs – and How Do They Work for Your Business?
HSAs have existed for about 15 years. And they have grown in popularity. But many companies and individuals still don’t fully understand how they work. Check out these 10 things to help you decide if HSAs are right for your business.
Expanding HSAs Could Help Fix America's Broken Health Insurance Model
Instead of restricting HSAs to HDHPs, lawmakers should broaden HSA rules so consumers can take advantage of HSAs while enrolling in a plan that offers the biggest bang for their buck. Additionally, Americans should be empowered to use their HSA accounts for a wider variety of health-care expenses.
HSAs & Retirement
A Tale of Two HSAs
As a retirement tool, HSAs tend to be underutilized. According to one study of more than 2,155 full-time employees, only 8% of people who had an HSA used them as a savings tool. Often times, employees think they have to save a lot or have disposable income to capitalize on their HSA for retirement savings. But this simply isn’t true.
A Definitive Guide to Retirement Health-Care Costs
According to latest analysis from Fidelity, the targeted savings figure for health-care costs in retirement for an average couple in their mid 60s is approximately $285,000 (after taxes). It's a heart-stopping sum to be sure, but rather than panic, you should instead get smart about staying healthy, both physically and fiscally. Here are some tips.
Do You Have a Plan to Retire by 50? Great, But Can You Cover Your Health Care?
So you’re ready to sock retire before age 50. But a big obstacle threatens to keep you from joining the financial independence/retire early movement, the high costs of health care and health insurance. Without a job and too young for Medicare, what health care insurance options remain for early retirees and their family?
Healthcare Costs in Retirement Can Add Up
It’s no secret that the cost of health care in retirement is probably the biggest unknown hovering above most retirement plans. Most of us can’t know with any reasonable degree of certainty what kind of health issues we’ll run into as we age. We generally need to hope for the best and prepare for the worst.
Maximizing Your HSA
You Can Stash More Cash in This Tax-Free Account Next Year
The annual contribution limits for HSAs keep climbing. The IRS recently announced that it will raise them again for 2020 to account for inflation. This is great news for anyone who is eligible for an HSA, as this type of account offers a combination of tax-reducing features that is unrivaled.
Preparing for Summer with an HSA
Are you aware of all the summer-related items and services that are qualified for tax-free distribution from your HSA? The good old summertime presents new opportunities to purchase qualified items and services with pre-tax dollars from your HSA.
Consumer-Driven Health Care
Americans With Insurance Are Clueless About Their Costs, Data Shows
If it weren't for health insurance, millions of Americans would risk going bankrupt in the process of tending to their health. But having an insurance plan isn't enough; it's also important to understand how that plan works and what its coverage costs. Unfortunately, Americans seem to be falling down in this regard.
Price Transparency Proposals Raise Thorny Questions
A longtime hospital CEO in New Jersey is calling for price transparency — even advocating for disclosure of negotiated prices between hospitals and insurers — as the industry pushes back against attempts by the Trump administration to force highly secretive rates out into the open.
Soaring Insurance Deductibles and High Drug Prices Hit Sick Americans with a ‘Double Whammy’
The steep rise in health insurance deductibles over the last decade has saddled insured, middle- and working-class Americans with medical bills they can’t afford. The biggest impact, however, has been on people who have illnesses such as diabetes, cancer and epilepsy that require regular medications and consistent care.