HSA News for June 3, 2019

HSA news from around the country is compiled by Mr HSA, Roy Ramthun.

News from Washington

White House Runs into Health-Care Industry Hostility as It Plans Executive Order

President Trump is preparing to issue an executive order to foster greater price transparency across a broad swath of the health-care industry as consumer concerns about medical costs emerge as a major issue in the lead-up to next year's presidential election. But the idea of disclosing prices has stirred such intense industry opposition that it may be dropped from the final version.

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Legislation Would Allow Senior Citizens to Use HSAs to Cover Homecare

Rep. Jackie Walorski (R-IN) and Rep. Katie Porter (D-CA) recently proposed a bipartisan bill (H.R. 2878) that would permit America’s senior citizens to use their HSAs for homecare services. Under current law, HSAs funds cannot be used tax-free for at-home care.

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HSA Compliance Corner

IRS Announces 2020 HSA Contribution Limits

On May 28, the IRS announced the annual inflation-adjusted limits for contributions to an HSA for calendar year 2020 is $3,550 for individuals with self-only coverage and $7,100 for family coverage. The minimum HDHP deductibles will rise to $1,400 for self-only coverage and $2,800 for family coverage.

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HSA Industry News

HSAs Get AI Upgrades

HSAs are getting a jolt of artificial intelligence to help people manage them better. Alegeus Technologies last week unveiled the Smart HSA, which uses AI to help guide benefit choices as well as decisions on health-care spending and saving. Bend Financial and Optum Bank have introduced AI-based capabilities in the past several months.

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HSA Industry Best Practices

Communication About Health Care Benefits Is Still Broken

While we wish there was some simple “hack” for health benefits communication, there is not. Instead, let’s borrow some tactics from marketing to help your employees understand their benefits and use them.

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The HSA Market

Education Dominates HSA Concerns of Plan Sponsors

Attendees at the recent Plan Sponsor Council of America’s National Conference got a sneak peek at the findings of the PSCA’s Inaugural HSA Survey. According to their preview of the survey results, employee education was far and away the predominant concern of plan sponsors. Nearly two-thirds (61%) ranked it as a primary concern, and another 17% cited it as a secondary issue. Nothing else came close.

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How Benefits Leaders Can Support Employees During the Cost-Shifting Crisis

Everyone is passing the buck until, inevitably, it’s the consumer who faces the consequences of reduced coverage, rising premiums, higher copays and larger deductibles. So what can today’s leaders, especially those in the benefits space, do to better support their employees? Here are three actionable tips.

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HSAs & Retirement

Employees Need to Plan for Greater Health Costs in Retirement

Some couples may need as much as $363,000 to cover their health care expenses in retirement, according to the Employee Benefit Research Institute. EBRI says that due to the financial condition of the Medicare program and cutbacks to employment-based retiree health programs, in the future, individuals are going to have to pay a greater share of their health care costs in retirement.

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Health Care Costs Big Retirement Concern

Planning for how to handle health care expenses during your retirement can be a sobering undertaking. Along with taxes, post-retirement health care costs are a piece of the retirement-planning puzzle that often gets overlooked. Key to eliminating anxiety is, simply, planning.

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Medical Costs in Retirement - Oh My!

One of the enduring myths that many workers retain is that they don't have to worry about developing a strategy to pay for medical care in retirement. After all, they assume, they've paid for Medicare through their payroll taxes during their working years. They couldn't be more wrong.

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Should You Fund Your HSA at the Expense of Your 401(k)?

Nearly every retirement article you read suggests that you should contribute every penny you can spare into your 401(k). Generally speaking, that’s pretty good advice. However, if you have access to an HSA, you may want to rethink that advice.

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Maximizing Your HSA

How to Save on Taxes and Healthcare Costs at the Same Time

You can't completely avoid healthcare expenses in retirement, but there are resources that can help ease the burden -- and as an added bonus, you can even lower your tax bill at the same time. One of the most important is the health savings account.

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4 Reasons to Open an HSA

Many of us are familiar with FSAs. But how much do you know about HSAs? Though they're not quite as common as FSAs, HSA enrollment can pay off in a very big way. Should you save in an HSA? If you're eligible, it pays to for the following reasons.

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FSA vs. HSA: What's the Difference?

Two types of accounts can save you money on out-of-pocket costs, such as deductibles and co-payments: an HSA or an FSA. The qualifications for, and advantages of, HSAs and FSAs differ. This guide breaks down the basics so you can confidently choose the right plan.

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Consumer-Driven Health Care

4 Areas in Consumer-Driven Healthcare Ripe for Innovation

Despite its success, CDH, as we know it today, is far from perfect. Thankfully, a solution is here. With the use of modern technologies, particularly artificial intelligence and machine learning, CDH is rapidly evolving to improve the healthcare experience and drive better outcomes for employers and employees.

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How to Shop at Amazon With Your FSA or HSA Card

Do you have an FSA or HSA as part of your health insurance? Good news: You can use it to buy a wealth of health and wellness products at Amazon. I've used it for things like co-pays at the doctor's office and prescriptions at the pharmacy. Be on the lookout for any Amazon product that has "FSA or HSA eligible" listed below the price and above the buy buttons.

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Surprise Medical Bills: Here's What You Owe (...or Do You?)

Patients are often surprised by their medical bills. Whether due to a facile understanding of the differences between charges and allowables or what they owe for medical services provided to them, the morass of billing nuances can be a nightmare. Patient responsibility (e.g. what you owe) can be murky and surprising if you have multiple “participants” or entities involved in the delivery of your care.

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Bryan CaplanComment