HSA News August 12, 2019
HSA news is compiled weekly by Mr. HSA Roy Ramthun.
News from Washington
Majority of House Democrats Have Signed on to Medicare for All
Progressives in the House of Representatives celebrated a “huge landmark” in the fight for a humane healthcare system in the U.S. after news broke that a majority of the House Democratic caucus--118 cosponsors--has signed on to the Medicare for All Act of 2019.
HSA Studies & Analysis
Cancer Survivors with High-Deductible Insurance More Likely to Delay Care
Cancer survivors with high-deductible insurance plans are more likely to delay or forgo treatment altogether, a new study says.Those with HDHPs and no HSAs were nearly 14 percent more likely to delay or skip important cancer care. This suggests HSAs may help patients to receive much needed but costly care.
HSA Industry News
HSA Bank Releases Investment Portfolio Tool to Simplify Decision-Making
HSA Bank announced they have partnered with Devenir to offer an investment portfolio tool designed to help investors better manage their HSA investments. Investors will have the flexibility of making adjustments to their allocations at any time, and have the option to create a predetermined schedule for asset realignment.
Bend Financial Signs Long-Term Agreement to Provide HSA Technology Solution for Elements Financial Federal Credit Union
Bend Financial announced the signing of a long-term agreement with Elements Financial Federal Credit Union to provide the HSA technology solution for their more than 15,000 accountholders and 80 employers.
Mississippi Man Pleads Guilty to Health Fraud Scheme Involving HSAs
A Mississippi man pled guilty before a U.S. District Court judge August 1 of conspiring to execute a health fraud scheme involving HSAs. The scheme involved sending personal information of 57 actual people, pretending that they were employees of an imaginary company, to a TPA located in Maryland. The TPA used the stolen information to create individualized HSAs with debit cards for all 57 people.
HSA Industry Best Practices
Start Educating Employees Now
Groups that renew January 1 compromise the success of their HSA adoption if they're not educating employees now. Yes, now - before Labor Day.
How Payers Can Help Members Prepare for the Financial Impacts of Chronic Disease
A new white paper from Optum Bank shows that 35% of people with a chronic illness have struggled to pay a medical bill within the past year. Chronic disease care accounts for 90% of healthcare costs, according to the report. The report offers four solutions that insurers or HSA administrators could take to improve members’ financial preparedness.
HSAs & Retirement
The Real Benefit of HSAs - And Why They're Not for Everyone
The idea behind an HSA is to make these contributions, have them grow over the years, and then cash them out in retirement. If you have a funded HSA, you can save your medical receipts over the years and submit them in retirement to get all the money back. This allows your contributions and earnings to get exponential growth over the years.
Medicare and the Law
A recent article discusses two major drawbacks of H.R. 3796, the bill that extends HSAs to Medicare enrollees. However, new HSA owners would experience neither of the downsides because they never would have been subject to the old rules. For existing HSA owners, this legislation would represent a positive trade-off.
Maximizing Your HSA
Have an HSA? Don't Make This Mistake
Though HSAs are a great way to pay for immediate healthcare expenses, they offer even more value when they're used as a retirement savings tool. Over time, you could accrue enough money to cover a large chunk of your healthcare expenses during retirement. But most people who have an HSA don't use it as a long-term savings account.
Consumer-Driven Health Care
Few Patients Price Shop Before Planned Hospital Visit, Survey Finds
Among patients who had a pre-planned visit to the hospital in the past year only 12% price shopped beforehand, and 97% of them were under the age of 65, according to a recent survey. Just 28% discussed costs with hospital staff before the visit or got an out-of-pocket estimate.
Looking for Cheaper Meds From Canada? Not So Fast
President Trump's plan to allow drugs from Canada could eventually help lower drug costs. But for now, beware of buying from abroad.
Calculate the Total Out-of-Pocket Cost of Your Health Insurance Plan
Many people won’t come close to hitting their out-of-pocket maximum, but it’s still worth adding up everything you might end up paying in in-network health insurance coverage, especially if you’re trying to decide between multiple insurance plans. It’s also worth considering whether you want to enroll in a plan with an HSA.
CVS Targets Millennials With Amazon-Like Membership
CVS has a plan to win over millennials and it looks a lot like Amazon Prime: free home delivery of products from shampoo to cold medicine, all for an annual membership fee of $48. CVS announced on August 5 its CarePass program will expand nationwide.