HSA News for July 8, 2019

Here is the latest news in HSAs compiled by Mr. HSA, Roy Ramthun.

News from Washington

Nixing Private Insurance Divides 'Medicare for All' Candidates

Some Democratic presidential candidates who say they support “Medicare for All” are walking a tightrope on whether to fully embrace a key portion of the proposal that calls for eliminating private insurance. Only a few White House hopefuls raised their hands when asked at the first debates if they were willing to abolish private insurers.

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Obamacare Repeal Lawsuit Faces Major Court Test This Week

Obamacare will be back in court on July 9 in a closely watched case hanging over the health care system. The 5th Circuit Court of Appeals in New Orleans will hear arguments in a lawsuit backed by the Trump administration seeking to overturn the entire Affordable Care Act.

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HSA Industry Best Practices

4 Practical Ways to Improve Your Business’ HSA Communications

It’s not enough to simply offer an HSA option to your employees. Employers play a crucial role in ensuring their workforce understands the benefits of using an HSA and, thus, empowering them to make the most of their organization’s offering. Outlined below are a few quick and easy steps that employers can take to streamline the employee education process through effective communication.

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Here’s One Way to Improve Your Recruiting and Retention Efforts

Many employers are finding they can still provide highly valued benefits within their budget by offering CDHPs. Although they come in various forms, a CDHP most commonly means offering an HDHP paired with a spending account for out-of-pocket costs such as an HSA.

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The HSA Market

HSAs and the U.S. Healthcare System

Finding a solution to the challenges facing the U.S. healthcare industry has been problematic. But HSAs are a great way for Americans to save for medical expenses. What benefits do HSAs offer that would make politicians from both sides of the aisle support the program? Let’s take a look.

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Lowering Out-of-Pocket Costs for Millions of Americans with Chronic Conditions

Two important things happened last week. First, the president issued an Executive Order to improve price and quality transparency in American healthcare, and second, Senators Thune (R-SD) and Carper (D-DE) introduced the Chronic Disease Management Act. How is this relevant for HSAs?

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HSAs & Retirement

Even Health Couples Will Face Extreme Health Care Costs in Retirement

A healthy 65-year-old couple retiring this year will spend $369,000 in today’s dollars on health care over their lifetime, according to Milliman. In future dollars, that increases to $551,000. By age 85, their health care expenses are 250% higher than at age 65.

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Help Employees Choose the Right Benefits to Manage Health Care Costs in Retirement

High health care costs during working years and in retirement can easily derail a financial plan. Employees need a long-term strategy. Increasingly, employers are offering products such as voluntary insurance benefits and HSAs that employees can combine to create comprehensive plans that meet their unique needs and goals.

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Maximizing Your HSA

Maximize Your Savings Opportunities With the Often-Overlooked HSA

It’s a shame HSAs are so often overlooked, because unlike most investments, which might offer two tax benefits (such as tax-free contributions and tax deferral on growth, or tax-free growth and tax-free withdrawals), an HSA can be a triple threat. Here’s how.

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Securing Financial Independence

With our political independence secured, people today need to focus on another goal: financial security. An HSA represents the only tax-frictionless account available to average Americans to save for current and future expenses.

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Why Spending Your HSA Is a Rookie Move

Why are companies encouraging their account holders to spend when saving and investing are far more powerful uses of the HSA? If the money is simply deposited and spent, the most beneficial tax advantages are wasted.

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Consumer-Driven Health Care

Here's When Knowing a Drug Price Can Help

Starting this week, the drug ads you see on TV will have to include not just the familiar list of possible side effects but also the price of that medication. The new rule is part of a larger effort by Trump to increase price transparency in healthcare and to control costs.

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Seven Steps to Health Care Cost Savings

Health care is more complicated than ever. With rising premiums and different levels of coverage, it can be confusing to know what you can afford when it comes to wellness visits, urgent care and prescriptions. Here are some simple ideas that could help you save on health care.

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How Can Providers Support Meaningful Price Transparency to Address Consumerism in Healthcare?

Delivering price information is not only a good thing for the national healthcare market and for patients, but it is one of the most impactful ways that providers can support patients on their healthcare journey, while also improving the overall financial viability of the hospital or health system. How can providers support meaningful price transparency while addressing the growing need for consumerism?

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Will Price Transparency in Health Care Lower Costs or Backfire?

It is too early to predict if President Trump's Executive Order would backfire in the form of some hospitals raising prices. Insurers have raised fears that with the new transparency in pricing structures, hospitals would be able to see opportunities to increase their prices to levels approaching those of their higher-priced competitors.

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Bryan CaplanComment