Webinar: How HDHPCan Set Employees Up for Financial Success

Webinar: How HDHPCan Set Employees Up for Financial Success

Workshops & Talks

Hands On Training with Samuel Kina, Ph.D. | Chief Analytics Officer | Picwell, Inc.

How High Deductible Health Plans Can Set Employees Up for Financial Success

Overview

A common fear among employees can be that High Deductible Health Plans (HDHPs) expose them to too much risk. However, this misconception misses the near-certain long-term losses that come with not choosing a HDHP that includes an HSA. What employees are often missing is a full knowledge of the long-term financial impacts and risks associated with enrolling in an HDHP paired with HSA savings strategy, compared to a more traditional, low deductible PPO option. Employer contributions to HSAs can also set employees up for financial success and retirement readiness.

More Info

Join this complimentary webcast to discover how HSA-eligible plans are better for employees in the long run and can help improve their financial health. Topics discussed will include:

  • The short term risks that scare employees away from an HSA plan

  • The long term benefits that make HSAs a no-brainer

  • Ways to overcome employees’ apprehension towards HSAs to get them to enroll and contribute

  • And more…

Date: Wednesday, June 15 2022

Time: 2:00 p.m. ET 

Cost: Complimentary

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Samuel Kina, Ph.D. | Chief Analytics Officer | Picwell, Inc.

 

Bio

Samuel Kina, Ph.D. is the Chief Analytics Officer at Picwell, Inc. where he has led the company’s work in economic and predictive modeling since 2014, shortly after the company was founded. He has a wide range of experience in health policy and economics in the public, private, and non-profit sectors. He has advised several state and private health insurance exchanges, and he has provided economic and strategic support to several pharmaceutical manufacturers, health insurance companies, regulatory agencies, and Congress in matters related to health policy, intellectual property, antitrust regulation and FDA regulation and drug approval. Sam has taught courses in statistics, economics, and health policy, and his research has focused on the economics of the health insurance and pharmaceutical industries.

Prior to joining Picwell, he held positions at the Analysis Group, Congressional Budget Office, and the Alliance for Health Reform. Sam has a BA in Public Policy Analysis and Economics from Pomona College and a Ph.D. in Health Policy and Economics from Harvard University.

REGISTER NOW! (Not able to attend? We recommend you STILL REGISTER – you will receive an email with how to access the recording of the event)

Contact

Phone

(855)-667-4621

Email

info@medicalsolutionscorp.com

Address

7495 Atlantic Ave 
Delray Beach, FL 33446

HSA 2023 Dollar Limits

HSA 2023 Dollar Limits

The IRS has released the 2023  Health Savings Account (HSA) inflation adjustments. To be eligible to make HSA contributions, an individual must be covered under a high deductible health plan (HDHP) and meet certain other eligibility requirements.

New HSA 2023 limits are as follows:

 

2023

2022

HSA Annual Contribution Limit
$3,850;  $7,750
$3,650 – Single; $7,300 – Family
HDHP Minimum Annual Deductible
$1,500;  $3,000
$1,400 – Single; $2,800 – Family
HDHP Out-of-Pocket Maximum
$7,500;  $15,000
$7,050 – Single; $14,100 – Family
Age 55+ Catch-Up Provision
$1,000;  $2,000
$1,000- Single; $2,000 – Husband/Wife

 

Age 55 Catch Up Contribution

As in 401k and IRA contributions, you are allowed to contribute extra if you are above a certain age. If you are age 55 or older by the end of the year, you can contribute an additional $1,000 to your HSA. If you are married, and both of you are age 55, each of you can contribute an additional $1,000. A savvy strategy for high-income earners is to invest the money in your HSA for the long haul. Once you’re 65, you can take out tax-free distributions to cover Medicare premiums. If you withdraw money at that point for non-medical uses, you pay the same tax as you would on withdrawals from a pretax 401(k). But you can also take money out tax-free to reimburse yourself for prior years’ out-of-pocket medical expenses if you have the old receipts.


COVId-19 Update: 

You can even use an HSA to save on a typical trip to the CVS. Thanks to a tax relief provision tucked in the last Covid-19 stimulus package, you can use the money you stash in an HSA or FSA (more on those later) for over-the-counter medications like Tylenol or Flonase as well as menstrual products like tampons and pads. That reverses Obamacare restrictions on OTC meds requiring a doctor’s prescription for them to be eligible for reimbursement.

HSA/HDHP Market Growth

HSA holders own the assets in the accounts and can build up substantial sums over time.  Enrollment in HSA-compatible insurance plans has increased to 10 million earlier this year, from 1 million in March 2005, according to, America’s Health Insurance Plans (AHIP), a trade group.

FSA Store

HSAs were authorized starting in January 2004. Since then, AHIP has conducted a periodic census of health plans participating in the HSA/HDHP market.

  • The number of people with HSA/HDHP coverage rose to more than 11.4 in January 2011, up from 10.0 million in January 2010, 8.0 million in January 2009, and 6.1 million in January 2008.
  • 30 percent of individuals covered by an HSA plan were in the small group market, 50 percent were in the large-group market, and the remaining 20 percent were in the individual market.
  •  14% of all workers in the private sector have access to a Health Savings Account acc. to the Bureau of Labor Statistics.
  • States with the highest levels of HSA/HDHP enrollment were California, Ohio, Florida, Texas, Illinois, and Minnesota.

HSA Advantages:

  • Opportunity to build savings – Unused money stays in your account from year to year and earns tax-free interest. The HSA also gives you an investment opportunity.
  • Tax-free contributions and earnings – You don’t pay taxes on contributions or earnings.
  • Tax-Free Money allowed for non-traditional Medical coverage– As per IRS Publication 502, unused money can be used for dental, vision, Lasik eye surgery, acupuncture, yoga, infertility, etc.  Popular Examples
  • Portability – The funds belong to you, so you keep the funds if you change jobs or retire.

Our overall experience with HSAs has been positive when employer funding is at a minimum 50% using either the HSA or an HRA (Health Reimbursement Account-employer keeps unspent money).  Traditional plans trend of higher copays and new in-network deductibles has also led to the popularity of an HSA.

Next Steps

Plan sponsors should update payroll and plan administration systems for the 2022 cost-of-living adjustments and should incorporate the new limits in relevant participant communications, such as open enrollment and communication materials, plan documents, and summary plan descriptions.

RESOURCE:

Is your HSA compliant?  Which pre-tax qualified HSAFSAHRA spending card is right for you? Please contact our team at Millennium Medical Solutions Corp (855)667-4621 for immediate answers.  Stay tuned for updates as more information gets released.  Sign up for the latest news updates.

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Free Telehealth Restored Under HSA Until 2023

Free Telehealth Restored Under HSA Until 2023

Free Telehealth Restored Under HSA until 2023

Effective April 1, 2022, high-deductible health plans can once again offer first-dollar coverage for Telehealth and other remote services without making participants ineligible for health savings account (“HSA”) contributions.  The relief runs only through the end of 2022. This relief allows individuals with High Deductible Health Plans  (“HDHPs”) to receive free telehealth services prior to the satisfaction of their minimum deductible and remain eligible to make Health Savings Account (“HSA”) contributions.

Background

Individuals may contribute to an HSA if they are covered by a qualifying HDHP and do not have other disqualifying coverage. Generally, telehealth or other remote health care services are considered other health care coverage that, if provided before satisfaction of the required deductible, may be disqualifying for purposes of contributing to an HSA. 

The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) were signed into law on March 27, 2020. Among other things, the CARES Act offered temporary relief related to telehealth and other remote care services when offered with an HDHP and HSA. Specifically, for plan years beginning on or before December 31, 2021, telehealth and other remote care services could be offered before satisfaction of the deductible without jeopardizing an individual’s eligibility to contribute to an HSA.

Employer Action

Employers offering HDHPs with HSAs should consider whether to re-implement (or continue) free telehealth as part of a benefit offering. Employers with calendar year plans may 

have already re-introduced a cost associated with telehealth for HDHP/HSA participants once the CARES Act relief expired and should consider whether to waive those costs again given the temporary nature of this relief. Additionally,  employers with non-calendar year plans should consider the administrative and communication burdens that may be imposed by providing relief that may expire prior to the end of the current plan year. 

It is important that employers review these changes with their carriers, Third Party Administrators and telehealth vendors to understand their approach and communicate any changes with participants.

Learn more about how we are successfully helping navigate SMB for 20+ years. If you have any questions or would like additional information, please contact us at 855-667-4621 or info@medicalsolutionscorp.com.

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