The Treasury Department and IRS have been directed to consider ways to expand the use and flexibility of HSAs and High Deductible Health Plans (HDHPs) consistent with the provisions of section 223 and the appropriate standard for preventive care under section 223(c)(2)(C). In response, on July 17, the departments, in consultation with HHS, published a list of certain medical care services received and items purchased for certain chronic conditions to be classified as preventative care for someone with that chronic condition.
On June 24, 2019, President Trump signed an Executive Order to improve price and quality transparency in American Healthcare. While most of this order relates to price transparency for hospitals and health systems, it does include a provision that calls for guidance to expand the use of health savings accounts (HSAs) in combination with HSA-qualified health plans.
On June 13, the U.S. Departments of Health and Human Services, Labor and Treasury issued a final rule that creates two new kinds of Health Reimbursement Arrangements (HRAs) – the Individual Coverage HRA (ICHRA) and the Excepted Benefit HRA – effective for January 1, 2020 plan start dates.
On May 28, 2019, the IRS released 2020 inflation-adjusted amounts for HSA-qualified health plans.
On December 28, 2018, the IRS Office of the Chief Counsel released Informational Letter 2018-0033 to clarify when employers can request to recover mistaken HSA contributions. This letter should be used to interpret IRS Notice 2008-59, the previous guidance that served as a primary source of information on HSA issues and administrative procedures.
President Trump issued an Executive Order that calls for regulations to expand the use of Health Reimbursement Arrangements (HRAs). Learn what they are and when we can expect them to be final.
On July 19, 2018, the House Rules Committee released two HSA-related bills (Rules Committee Prints 115-82 and 115-83) that re-packaged 10 of the 11 bills approved by the House Ways & Means Committee on July 12 into two separate bills. On July 23, these bills were party-line approved 8-4 by the House Rules Committee, and on July 25, they were adopted by the House of Representatives. Now, the bills will move on to the Senate for consideration later this year.
On July 11, 2018, the House Ways and Means committee will mark up its new bill with two of the four HSA Council-proposed provisions expected to be in play – HSAs for working seniors and increasing contributions to the out-of-pocket maximum.
There are plenty of myths surrounding the CDH market. To help dispel some of them, we sat down with WageWorks Chief Compliance Officer, Jody Dietel, who was recently invited to speak in front of the House of Representatives Ways and Means Subcommittee on Health about lowering costs and expanding access to consumer-directed health (CDH) plans.
The consumer-directed healthcare (CDH) industry, represented by the American Bankers Association HSA Council and ECFC, have been busy testifying before House and congressional committees to ignite legislative efforts that make medical coverage more accessible and more affordable to Americans.