HSA News for June 6, 2022
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
News from Washington
Will Proposed Legislation Bring HOPE to Those Who Can't Open HSAs Today?
A number of legislative proposals have been drafted to address specific populations excluded from opening and funding Health Savings Accounts. Those proposals target specific groups. HOPE Accounts provide many (but not all) of these same tax and time benefits to the larger population, thereby offering an opportunity for advocates for each of these groups to unite to support a single proposal.
HSA Industry News
Millennium Trust Adds HSAs with Completion of PayFlex Deal
Millennium Trust Company announced it has completed the acquisition PayFlex Holdings, Inc. Millenium Trust had announced on April 5 the agreement to buy PayFlex, a provider of HSAs and other consumer-directed benefits solutions, from CVS Health.
Health-E Commerce Simplifies Tax-Free Healthcare Accounts with Launch of Interactive Eligibility Lists
Health-E Commerce, parent brand to FSAstore.com and HSAstore.com, has launched enhanced, interactive FSA and HSA eligibility lists to eliminate the guesswork and make it easier for consumers to explore and find services and items that can be paid for with FSA and HSA funds while engaging with deeper education on topics that will help them maximize their funds.
HSA Industry Best Practices
How Can We Reframe Our HSAs to Support DEI Efforts?
HSAs are a useful way for people to save for medical expenses, but not everyone uses HSAs optimally. While HSAs can help stretch healthcare spending further and could blunt the effects of health inequities faced by Black, Hispanic, women, and lower-income people, the underutilization of HSAs threatens to reinforce and exacerbate these inequities. However, employers may be able to blunt the effects of health inequities by providing contributions to their workers’ HSAs.
The HSA Market
HSA for Small Business – What You Need to Know
Small business owners and their employees can stretch their dollars further by establishing a health savings account. With an HSA, participants are empowered to save earnings and more wisely spend money on healthcare expenses. While it might be easy to assume this tax-advantaged account is a benefit available only to large companies, the option is also a possibility for small businesses.
HSAs & Retirement
5 Reasons This Is the Best Type of Retirement Account
The health savings account available to many folks enrolled in a high-deductible health insurance plan is a great place to save for today’s medical expenses. But it might be an even better place to stash cash for your golden years. Here are some key reasons to consider using an HSA to save for retirement.
Investing in Your HSA vs. Your 401(k)
As with a 401(k), you can also invest the money in your HSA in stocks and other securities, potentially allowing for higher returns over time. Your investment strategy should be similar to the one you’re using for your other retirement assets. When deciding how to invest your HSA assets, consider your portfolio as a whole so your overall diversification strategy and risk profile are where you want them to be.
Maximizing Your HSA
How Much Should You Put in a Health Savings Account?
If you have the ability to contribute the maximum to your HSA, there’s really no reason not to do so. If your employer matches your HSA contribution, you may want to contribute enough to max out the matched funds. If matching funds are available for your 401(k) but not your HSA, think about what you are saving for and how much of your savings you anticipate being needed or used for medical expenses.
Consumer-Driven Health Care
Cancer Screenings Like Colonoscopies Are Supposed to Be Free. Hers Cost $2,185
Elizabeth Melville dutifully prepped for her colonoscopy and went to New London Hospital's outpatient department for what was supposed to be a zero-cost procedure. Melville had one small polyp that the gastroenterologist snipped out while she was sedated. It was benign. So she thought she was done with many patients' least favorite medical obligation for several years. Then the bill came.