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HSAs

Posted May 24th, 2018 in Employers, Producers, Individuals

Why employees should max out their HSA contributions

Most people don’t think about an HSA as a savings account. Instead, they think of it as an account used to set aside money, tax-free, to pay for healthcare expenses. While this is true, the reality is an HSA is much more than a bank account. It’s a long-term savings vehicle.
 
Posted May 22nd, 2018 in Employers, Producers, Individuals

On May 10th, the Internal Revenue Service (IRS) published Revenue Procedure 2018-30 which includes inflation adjustments to qualified high deductible health plans (HDHPs) and Health Savings Account (HSA) contribution limits.

Posted May 1st, 2018 in Employers, Producers, Individuals

On April 26, the Internal Revenue Service (IRS) announced relief for taxpayers with family coverage under a High Deductible Health Plan (HDHP) who can contribute to a Health Savings Account (HSA).

Posted April 3rd, 2018 in Producers, Employers, Individuals

Last month, U.S. Representative Mike Kelly (R -PA) introduced the Bipartisan HSA Improvement Act. The proposed legislation would improve and enhance Health Savings Accounts (HSAs), and unlike most other HSA initiatives, this bill has bipartisan support.

HSAs have been an agenda item for the Republican party since their inception in 2004, but they are now gaining support amongst Democrats too. The Bipartisan HSA Improvement Act is co-authored by Rep. Earl Blumenauer (D-OR) and is being co-sponsored by a mixture of Republicans and Democrats including Erik Paulsen (R-MN), Ron Kind (D-WI), Terri Sewell (D-AL) and Brian Fitzpatrick (R-PA).

Posted March 27th, 2018 in Employers, Producers, Individuals
On Monday, March 5, 2018, the IRS published Internal Revenue Bulletin (IRB) 2018-10 that contains Revenue Procedure (Rev. Proc.) 2018-19. 
 
Effective for calendar year 2018, the family contribution limit for Health Savings Accounts (HSAs) has been lowered to $6,850 from the previously set amount of $6,900. 
 
There has been no change in the individual contribution limit of $3,450 or the catch-up contribution limit of $1,000 for calendar year 2018.
 
Posted March 13th, 2018 in Producers, Employers, Individuals
The Idaho Test – Last Thursday, the Centers for Medicare and Medicaid Services (CMS) shot down the state of Idaho’s plan to allow for the sale of health insurance plans which don’t comply with the Affordable Care Act (ACA). Idaho officials wanted less expensive plans to be available for purchase in their state, but these plans could use medical underwriting and wouldn’t have to cover all ten of the essential health benefits.
Posted February 20th, 2018 in Producers, Employers, Individuals
Congress keeps finding ways to include certain healthcare provisions into federal spending bills. A temporary spending bill passed in January included a suspension or delay of the Cadillac Tax, health insurer tax and medical device tax.
Posted January 30th, 2018 in Producers, Employers, Individuals
The Tax Cuts and Jobs Act was signed into law on December 22, 2017. It has been making headlines for many reasons over the past few weeks, but some parts of the law aren’t receiving as much attention – such as the provisions pertaining to the use of the Chained Consumer Price Index for Urban Consumers, also known as the Chained CPI.
 
Posted January 9th, 2018 in Producers, Employers
Participating members of Blue Cross Blue Shield plans in IL, MT, NM, OK & TX now get direct access to their HSA from Flex
 
Posted December 19th, 2017 in Producers, Employers, Individuals
The state of Maryland passed a law known as the Contraceptive Equity Act which is scheduled to take effect on January 1, 2018. The law requires fully insured health plans issued in the state of Maryland to cover male sterilization procedures (i.e. vasectomies) as preventive care without any copay, deductible or other cost-sharing requirements for the member.