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Did you know that the median retail investor spends only six minutes researching a stock before buying it? Most of that time is spent staring at a price chart—often just the current day's movement. Nick compares the limited “research” many individual investors conduct to the extensive analysis performed by Henssler's research analysts.K.C. then takes a closer look at the “One Big Beautiful Bill” that passed the House of Representatives just hours before we recorded. We discuss the revised State and Local Tax (SALT) deduction cap, the increased Child Tax Credit, and the proposed tax break on tip income. While the bill's fate in the Senate remains uncertain, it appears that many of Trump's 2017 tax cuts may be extended.Last Friday, after the market closed, Moody's became the third major credit rating agency to downgrade the U.S. government's debt rating. The cut comes at a time when global confidence in U.S. debt is wavering, and Congress is debating a tax bill that could further increase the national debt. We examine what this downgrade means and whether it reflects actual investment risk.After the break, D.J. breaks down Health Savings Accounts (HSAs) and explains why they're one of the most powerful tools for saving money—thanks to their unique triple tax benefit. While many people use HSAs to pay for health-care expenses as they arise, there are compelling advantages to covering those costs from other funds and allowing the HSA to accumulate, benefiting from tax-deferred growth over time.Join hosts Nick Antonucci, CVA, CEPA, Director of Research, and Managing Associates K.C. Smith, CFP®, CEPA, and D.J. Barker, CWS®, and Kelly-Lynne Scalice, a seasoned communicator and host, on Henssler Money Talks as they explore key financial strategies to help investors navigate market uncertainty.Henssler Money Talks — May 24, 2025 | Season 39, Episode 21Timestamps and Chapters4:38: Impulse Investors26:31: House Approves One Big Beautiful Bill33:06: Moody's Downgrade39:50: Economic News45:37: HSAs: Triple Tax BenefitFollow Henssler: Facebook: https://www.facebook.com/HensslerFinancial/ YouTube: https://www.youtube.com/c/HensslerFinancial LinkedIn: https://www.linkedin.com/company/henssler-financial/ Instagram: https://www.instagram.com/hensslerfinancial/ TikTok: https://www.tiktok.com/@hensslerfinancial?lang=en X: https://www.x.com/hensslergroup “Henssler Money Talks” is brought to you by Henssler Financial. Sign up for the Money Talks Newsletter: https://www.henssler.com/newsletters/
More than two years after the pandemic-era Medicaid continuous enrollment provision ended, millions of eligible patients are without coverage, creating a crisis for hospitals and healthcare systems that rely on Medicaid reimbursement dollars. Adding to the strain on providers, Medicare physician payments have been cut for the fifth consecutive year. Compounding these challenges, the number of patients presenting as self-pay or on high-deductible health plans (HDHP) continues to grow. Uninsured, self-pay, and high-deductible patients take longer to pay — if they pay — and have a higher risk of write-off. What can providers do to protect their financial health? Listen to the podcast to hear RCM optimization experts discuss five proven tips for improving revenue capture, even in the most challenging of times. Providers will learn how to optimize reimbursement, reduce administrative burden, and improve the patient's financial experience. This episode is sponsored by ZOLL.
On the show today, I'm discussing something that could be a game-changer for your retirement savings: Health Savings Accounts, or HSAs. If you're on a high deductible health plan, you might be eligible for this unique, triple tax-free account, but are you making the most of it? I'm sharing the top five mistakes people make with their HSA accounts. If not avoided, those mistakes can cost you serious money and limit your financial options later in life. I'm covering everything from choosing the right HSA provider to maximizing your investments within the account, tracking expenses, and even strategizing for retirement healthcare needs. Plus, I'll give you actionable tips to avoid these common pitfalls and explain how an HSA can function as a powerful retirement savings tool. You will want to hear this episode if you are interested in... [00:00 HSAs offer triple tax benefits for qualified health costs. [06:17] Transfer your HSA to invest funds instead of letting them sit idle. [08:36] Use a bucketing strategy for investments and allocate funds based on risk and term. [13:24] Use an HSA to reimburse for long-term care insurance, COBRA costs, and Medicare Part B, D, and Advantage after age 65. [14:31] An HSA is suitable for tax-free withdrawals post-retirement. The Triple Tax Advantage of HSAs Health Savings Accounts (HSAs) have grown in popularity steadily due to their unique triple tax advantage: contributions are tax-deductible, earnings grow tax-deferred, and qualified withdrawals are tax-free. If you're enrolled in a high-deductible health plan (HDHP), you're likely eligible for an HSA, and maximizing this account could significantly boost your retirement planning. However, many account holders fail to capitalize on the full benefits. Let's explore the most common (and costly) mistakes people make with their HSAs, and the steps you can take to avoid them. 1. Sticking with a Poor HSA Provider Not all HSA providers are created equal. A “good” provider offers diverse sets of low-cost investment options, competitive yields on cash balances, a user-friendly platform, and minimal fees. Unfortunately, many people end up with accounts that lack investment choices or charge unnecessary fees, simply because their employer picked the provider. The good news? You can transfer your HSA balance to a more flexible institution like Fidelity or Charles Schwab without penalty, even while still employed. Doing so could unlock better investment potential and higher earnings on your cash, making it well worth investigating your current provider's offerings and considering a move if they fall short. 2. Not Investing Your HSA Money Surprisingly, many HSA owners leave their funds idle in low- or no-interest accounts, missing years of tax-free growth. If you don't plan to spend your HSA funds soon, consider using a “bucket” approach: keep enough in cash or a money market for your deductible, and invest the remainder in stock or bond funds for long-term growth. Since medical expenses are rarely incurred all at once, investing your surplus funds can help your account grow exponentially, harnessing the power of compounding. Review your provider's investment options and allocate your HSA funds according to your risk tolerance and time horizon. 3. Failing to Max Out Contributions Because HSAs offer unbeatable tax benefits, it's wise to contribute as much as possible. For 2025, contribution limits are $4,300 for individuals and $8,550 for families, including employee and employer contributions. If you're 55 or older, you can contribute an extra $1,000 as a “catch-up” contribution. If you're married and you and your spouse are over 55, each spouse can make their own catch-up contribution, but you'll need separate accounts. Remember, you have until the tax filing deadline to make contributions for the previous year, giving you ample opportunity to reach the maximum annual limit. 4. Treating Your HSA Like a Checking Account Many people promptly spend their HSA funds on current medical expenses, inadvertently missing a powerful savings opportunity. Instead, consider paying for qualified medical costs out-of-pocket and letting your HSA investments grow. As long as you keep records of those qualified expenses, you can reimburse yourself tax-free at any point in the future, even years later. This allows your HSA to function much like a “stealth IRA,” providing tax-free growth and withdrawals for medical needs in retirement, when such expenses are likely to be higher. 5. Neglecting to Track Qualified Expenses To take advantage of delayed reimbursement, it's crucial to maintain careful records of out-of-pocket medical expenditures. The IRS can require documentation during an audit, so scan or save receipts and keep a running log in a spreadsheet. Good record-keeping ensures that, when the time comes, you can confidently withdraw HSA funds tax-free to reimburse yourself or cover eligible costs like Medicare premiums, long-term care insurance, and more once you reach retirement age. Make Your HSA Work Harder for You Used strategically, an HSA can become one of your most valuable retirement planning tools. By carefully choosing your provider, investing wisely, maximizing contributions, delaying withdrawals, and tracking all qualified expenses, you can fully realize the triple tax benefits and enjoy greater financial security in retirement. Take a moment today to review your HSA practices, your future self will thank you. Resources Mentioned Fidelity Charles Schwab.com Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Download my entire book for FREE Connect With Morrissey Wealth Management www.MorrisseyWealthManagement.com/contact Subscribe to Retire With Ryan
Is investing just looking too good these days? When everything is going up including stocks, commodities and cryptocurrencies, one has to stop and think is this the top? In November US equity trading increased by 38% compared to November 2023. The last time we saw this type volume was in 2021 when meme stocks were the major craze. The CEO of Robinhood, Vlad Tenev, stated a few weeks ago that they're looking at expanding into sports betting. In my opinion that is not a far stretch from what they're doing now. Over the past year, their stock has climbed 235% and it trades under the symbol HOOD. Polling by the US conference board on the bullishness of investors revealed that consumers expectations for equities compared to their own income has never been higher. Funny thing when I was drafting this post and I tried to put in bullishness, the auto spellchecks corrected it with foolishness. I would have to agree with the spellcheck on that. Lastly, I can't help but comment on the most ridiculous thing in crypto I have seen yet. There is now a cryptocurrency and please excuse my language called Fartcoin that has a market value of over $900 million. Comparing that to something of value, that is greater than nearly 40% of all American publicly traded companies. Remember, if you are speculating, Wall Street will always have some type of crazy investment that they'll make a lot of money off of, but yet in the end, you the speculator investor will more than likely lose big if not all your investment. It may be exciting for a while, but eventually the emotional roller coaster will wear on you. Are pharmacy benefit managers, known as PBMs, costing consumers? If you go back to the early 60s, PBMs were the heroes because they helped reduce and control spending on prescription drugs. Back then drug companies were charging high prices and the PBMs came in and negotiated contracts for large purchases of drugs so the drug companies would not have to fill an order of 20 pills. Instead, through a PBM the drug companies could fill an order of say maybe 20,000 pills and charge much less. The consumer received lower prices on drugs, the drug company made a good profit, and the PBM took a slice of the pie. The reason we receive such great prices at Costco on all items is because they buy large quantities of products and pass the savings on to the consumer. Obviously, Costco doesn't pass all the benefit to the consumer and they keep part of the cost savings as a profit. Not to mention they also charge a subscription fee to gain access to these savings. This is the same way PBMs operate, they keep part of the discount or the spread for themselves so they can make profits. What all the hoopla is about is that the PBMs don't show the discount or the spread that they are receiving. The FTC, also known as the Federal Trade Commission, already regulates PBMs to ensure compliance with antitrust and consumer protection laws. There's also concern that six PBMs control roughly 90% of the market. I personally think that is OK especially when you compare it to how many options you have for your cell phone or cell phone service. There are many other services or products where you ultimately have limited options. Stock market falls after disappointing Fed comments It was widely anticipated the Federal Reserve would cut the Fed Funds Rate by a quarter of a point to a target range of 4.25%-4.5%. While the Fed followed through on those expectations and lowered the rate back to the level where it was in December 2022, it was the projection for 2025 that moved stocks lower. The Fed indicated it would probably only lower rates twice in 2025. This projection is based on the dot plot which is a matrix of individual members' future rate expectations. Personally, I'm not a fan of the dot plot as Fed expectations have been wildly off in the last few years and the latest dot plot cuts in half the committee's intention when the plot was last updated in September. I believe it is just too hard to predict out what inflation will be for the longer term, which then makes it difficult to get a gauge on where interest rates will be over the next few years. Given the current data I can see why the Fed wants to be patient, but the problem as we all know is data can change. If inflation does start to decelerate further next year it is absolutely possible the Fed cuts maybe four times instead of the current estimate of two cuts. The main takeaway I have from this meeting is the Fed is not on an aggressive rate cut cycle and they are going to be data dependent. Ultimately, the market did not like what Powell said and stocks fell greatly during his press conference. This led to another down day for the Dow Jones, which marked the 10th straight losing day. This is the longest losing streak since 1974 when the Dow fell 11 days straight. I do believe with the excessive valuations there will be continued volatility in the markets, but I do see this as an overreaction to the Fed comments and we still see great upside for several companies in next years market. Should you Fund a Health Savings Account? A Health Savings Account (HSA) is an investment account that is primary used for medical expenses but also doubles as a retirement account. Contributions to an HSA are tax deductible and can be invested. Investment earnings in an HSA grow tax deferred and may be withdrawn tax free to cover medical expenses at any age, you do not need to wait until retirement. You may also reimburse yourself for out-of-pocket medical expenses at any point for expenses that occurred while you had an HSA. For example, if you paid for some medical expense in 2024 but chose not to withdraw from your HSA to cover it, you could keep those funds growing tax free and withdraw them in 2030 or any other future year. Unlike Flexible Spending Accounts where funds must be used every year, balances in Health Savings Accounts rollover each year indefinitely, which is why they can be great retirement accounts. If you make a withdrawal that is not for medical expenses, it is taxable and comes with at 20% penalty. At age 65 you may withdraw funds for any reason without penalty, but it is still taxable if not used for medical expenses, so you really just want to use these for medical expenses to avoid taxes and penalties. In retirement there are typically plenty of medical expenses like Medicare premiums and elder care, so it is usually not a problem to withdraw all the funds tax free. An HSA account must be paired with a high deductible health plan (HDHP) and in 2024 the annual maximum contribution is $4,150 for a self-only plan and $8,300 for family plans. If you are over 55 you can make an extra $1,000 catch-up contribution. HSA accounts can be funded through payroll if your employer offers them or you can open your own account as long as you have a qualifying plan. It is more tax advantageous to fund through payroll though because not only are contributions pre income tax, they are also pre–Social Security and Medicare tax which is an extra 7.65% savings. Unfortunately, California does not recognize HSA accounts which means contributions are not deductible at the state level and earnings are taxable. However, these are still extremely tax efficient and useful accounts and are not utilized enough. Companies Discussed: Netflix, Inc. (NFLX), RH (RH), Broadcom Inc. (AVGO) & Occidental Petroleum Corporation (OXY)
This episode of Brokers' Corner provides a comprehensive breakdown of the IRS's newly announced limits for Health Savings Accounts (HSA) and High Deductible Health Plans (HDHP) for 2025, just in time for open enrollment. The episode explores updated contribution limits for both individual and family coverage, including the continuation of catch-up contributions for those 55 and older. Additionally, the podcast covers key changes to HDHP out-of-pocket maximums and minimum deductibles, and provides expert tips on how brokers, HR professionals, and benefits managers can help clients navigate these adjustments. Listeners also get insight into strategies employers can use to enhance benefits offerings and improve employee retention. Whether you're a broker or benefits manager, this episode offers vital insights to help you prepare for the upcoming open enrollment season.Read our broker blog: https://brokerblog.bernieportal.com/Follow us: https://www.linkedin.com/company/bernieportal/Book a BerniePortal demo: https://www.bernieportal.com/get-a-demo/
Expert Nerds talk through the complexities of open enrollment, starting with ways to assess healthcare plans and costs. This episode takes a deep dive into specific terminology and scenarios relevant to choosing health insurance coverage. Hosts Sean Pyles and Liz Weston start with an overview of open enrollment period timelines for November and December 2023 before welcoming guest Nerd Kate Ashford to explain deductibles, premiums, HMOs, PPOs and HDHPs. Then, NerdWallet's Tina Orem joins the show to discuss the pros and cons of high deductible plans and the intricacies of Health Savings Accounts (HSAs) and both Medical and Dependent Care Flexible Spending Accounts (FSAs). In the second half of this episode, she zeroes in on selecting optimal health insurance for individual needs, discussing the merits and disadvantages of different health plans, budgeting for healthcare, and how to compare the benefits of an FSA and an HSA. In their conversation, the Nerds discuss: open enrollment, health insurance options, healthcare choices, high deductible plans, premiums, health savings accounts (HSAs), flexible spending accounts (FSAs), optimal health insurance, HMOs, PPOs, HDHPs, health insurance budgeting, FSA vs HSA, the use it or lose it rule, health insurance decision-making, health insurance terminology, healthcare strategies, health plan selection, medical costs, and types of health insurance coverage. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com. Like what you hear? Please leave us a review and tell a friend.
https://vimeo.com/1021533441?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2024/10/20/2024-10-21-staking-returns-for-one-more-try-at-court This week we look at: S corporation finds multiple ways to terminate its S status, asks IRS forgiveness which is granted IRS rules condoms are medical expenses for tax purposes IRS adds items to list of preventive care an HDHP can pay without the insured having met the annual deductible PTIN registration opens for 2025 Staking income challenge returns to court
This week we look at: S corporation finds multiple ways to terminate its S status, asks IRS forgiveness which is granted IRS rules condoms are medical expenses for tax purposes IRS adds items to list of preventive care an HDHP can pay without the insured having met the annual deductible PTIN registration opens for 2025 Staking income challenge returns to court
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
Daniel and Logan talk about the pros and cons of PPO and HDHP healthcare plans.
In today's rapidly changing healthcare landscape, small- and mid-market private employers often feel pressured to compromise on their health plans. They accept one-size-fits-all solutions that don't align with their values, thinking they have no other option. But what if they do? Meet Ericka McPherson, Esq., executive director of Covenant Choice. Her organization offers a transformative alternative that gives even small-sized employers the same control, transparency, and cost-containment strategies enjoyed by larger corporations. These innovative healthcare plans allow for: Tailored benefits that align with Christian values, ensuring that one's business supports what matters most National health plans, including PPO, HDHP, and HSA options Transparent structure and costs Multiple choices for individual company flexibility and member-owned status. Covenant Choice for Small Groups specifically provides a unique opportunity to offer employees a health insurance plan that reflects commitment to faith and values. Exclusively available through the Christian Employers Alliance, this self-insured product provides protection against large claims with various options for deductibles, drug cards, and stop-loss insurance. Join host Mark Griffin as he and Ericka discuss the intricacies of running smaller businesses while properly insuring their employees – without breaking the bank or one's morals. As challenging as it may have felt in the past, it really is possible to find a plan that works for you! Want to contact Erika or meet with a member of her team? Simply text "Broker" or "Employer" to 28323. ––– Concerned about your organization's as-is HR programs? The benefits of having a trusted partner guide you and your team to excellence are invaluable. Contact us today. You and your employees will be glad you did. Rise with us by implementing our high-performance remote human-resource programs to help find great people! E-mail us here. Mark A. Griffin is president and founder of In HIS Name HR LLC. Connect with him on LinkedIn and Twitter.
Financial Coaches Network - The Podcast: Build your Financial Coaching Business
Josh and Emily briefly discuss “what is an HSA?” and then dive into what financial coaches should think about when talking to clients about HSAs, including potential red flag areas. Top things to think about You have to have a high deductible health plan (HDHP) to qualify for an HSA. Feel free to do the math, but anything beyond, “the simple math says it's worth it/not worth it,” may be best left to a comprehensive financial adviser. Consider the implications of possibly switching insurance to a HDHP–what does it impact beyond cost? HSA contributions are not part of the standardized deduction. If you're going to use all of the money you contribute to an HSA, you should probably be using a lower deductible plan and contributing to an FSA instead of the high deductible plan and an HSA. HSAs make the most sense when there is enough free cashflow to pay for medical expenses out of pocket and contribute to the HSA to invest for the future (and this is when you need an investment licensed person to give advice). Broadly speaking, the same expenses qualify for FSA and HSA reimbursement (but you can't legally double dip). Want help building or growing a successful financial coaching business? Find resources below based on where you're at in your journey: Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity Already decided you're going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
The Friday Five for May 17, 2024: Camp Ritter Employee Training Event Next Week Talkspace Official Enters Medicare Market IRS Announces HSA & HDHP Amounts for CY 2025 Apple Announces New Accessibility Features Highlights from 2024 Google I/O Conference How comfortable are you with AI? Answer this week's question of the week: https://bit.ly/asgquestion Talkspace Officially Enters Medicare Market: Online therapy covered by Medicare: https://www.talkspace.com/coverage/insurance/medicare Talkspace Expands Access to Tele-Mental Healthcare With Medicare Launch: https://www.businesswire.com/news/home/20240514596587/en/Talkspace-Expands-Access-to-Tele-Mental-Healthcare-With-Medicare-Launch Talkspace expands online mental health therapy to millions of Medicare members: https://www.fiercehealthcare.com/digital-health/talkspace-expands-online-therapy-millions-medicare-members Talkspace rolls out teletherapy access to 13 million Medicare members: https://vator.tv/news/2024-05-14-talkspace-rolls-out-teletherapy-access-to-13-million-medicare-members Virtual Mental Health Provider Talkspace Taps Into Medicare Market: https://bhbusiness.com/2024/05/14/virtual-mental-health-provider-talkspace-taps-into-medicare-market/ IRS Announces HSA and HDHP Amounts for CY 2025: IRS Announces 2025 HSA, HDHP Limits: https://www.shrm.org/topics-tools/news/benefits-compensation/irs-announces-2025-hsa--hdhp-limits IRS announces HSA, HDHP limits for 2025: https://www.benefitspro.com/2024/05/13/irs-announces-hsa-hdhp-limits-for-2025/ IRS releases HSA and high-deductible health plan limits for 2025: https://global.lockton.com/us/en/news-insights/irs-releases-hsa-and-high-deductible-health-plan-limits-for-2025 Savings Boost: IRS Raises HSA Contribution Limits for 2025: https://www.hrmorning.com/news/irs-announces-new-hsa-contribution-limits/ Apple Announces New Accessibility Features: Apple announces new accessibility features, including Eye Tracking, Music Haptics, and Vocal Shortcuts: https://www.apple.com/newsroom/2024/05/apple-announces-new-accessibility-features-including-eye-tracking/ Apple's new accessibility features let you control an iPhone or iPad with your eyes: https://www.theverge.com/2024/5/15/24157271/apple-eye-tracking-speech-motion-sickness-accessibility-features Highlights from 2024 Google I/O Conference: Google I/O 2024 – the 7 biggest AI announcements, from Gemini to Android 15: https://www.techradar.com/phones/android/the-7-biggest-ai-announcements-from-google-io-2024 Google I/O 2024: Everything revealed including Gemini AI, Android 15 and more: https://www.engadget.com/google-io-2024-everything-revealed-including-gemini-ai-android-15-and-more-210414423.html Google now offers ‘web' search — and an AI opt-out button: https://www.theverge.com/2024/5/14/24074314/google-now-offers-web-search Resources: 5 Alternative Apps to Replace Google Podcast: https://link.chtbl.com/ASGF20240329 Best Free Writing & Grammar Apps: https://link.chtbl.com/ASGA58 Contact the Agent Survival Guide Podcast! Email us ASGPodcast@Ritterim.com or call 1-717-562-7211 and leave a voicemail. Greater Access to Health Coverage for DACA Recipients: https://link.chtbl.com/ASGF20240510 Interview: The 5 Pillars of Integrity: https://ritterim.com/blog/interview-the-5-pillars-of-integrity/ Interview: Training Opportunities for Agents at Ritter Insurance Marketing: https://ritterim.com/blog/interview-training-opportunities-for-agents-at-ritter-insurance-marketing/ Ready to Join an FMO? 10 Things to Consider: https://link.chtbl.com/ASG593 The Best Books for Insurance Agents: https://link.chtbl.com/ASG590 Tips for Becoming a Top Producing Insurance Agency: https://ritterim.com/blog/tips-for-becoming-a-top-producing-insurance-agency/ Follow Us on Social! Ritter on Facebook, https://www.facebook.com/RitterIM Instagram, https://www.instagram.com/ritter.insurance.marketing/ LinkedIn, https://www.linkedin.com/company/ritter-insurance-marketing TikTok, https://www.tiktok.com/@ritterim X (fka) Twitter, https://twitter.com/RitterIM and Youtube, https://www.youtube.com/user/RitterInsurance Sarah on LinkedIn, https://www.linkedin.com/in/sjrueppel/ Instagram, https://www.instagram.com/thesarahjrueppel/ and Threads, https://www.threads.net/@thesarahjrueppel Tina on LinkedIn, https://www.linkedin.com/in/tina-lamoreux-6384b7199/
Understand the different ways you can utilize a healthcare savings account and learn tips and tricks for HSA investing. 00:46 This Week in Your Money: Where can you find an unbiased analysis of the best financial products available? What products can help you make the most of your finances? Hosts Sean Pyles and Sara Rathner discuss NerdWallet's Best-Of Awards, a resource that can serve as a shortcut when it comes to finding the right financial tools for your goals. They share some highlights from this year's awards, including the best all-purpose travel rewards credit card and the best broker for beginner investors. 06:23 Today's Money Question: How does HSA investing work? Investing Nerd Alieza Durana joins Sean and Sara to answer a listener's questions about health savings accounts — what are HSAs, how do they work, and what are the benefits of having one? She discusses how you can use HSA funds for qualified medical expenses, how HSAs are similar to 401(k)s or Roth IRAs, and the triple tax advantages of HSAs. She also addresses the debate around whether to spend HSA funds on current medical expenses or save them for future healthcare costs in retirement, which leads to a discussion on balancing the need for immediate healthcare with long-term savings goals. In their conversation, the Nerds discuss: health savings accounts, HSA investing, financial products, financial tools, financial future, investment potential, credit cards, investment accounts, financial landscape, tax-free growth, retirement healthcare costs, Best-Of Awards, unbiased reviews, mortgages, savings accounts, financial decision-making, prosperity, spend or invest, annual contributions, high deductible health plans, HDHP, qualified medical expenses, investment potential, shopping smart, managing money, and financial maximization. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com. Like what you hear? Please leave us a review and tell a friend.
Welcome to another exciting episode of Keep What You Earn! Today, I am bringing you all the insider insights into Health Savings Accounts (HSAs) and how they can be a game-changer for saving on taxes. Joining me is none other than Austin Preece, a certified financial planner and enrolled agent, who's here to share his wealth of knowledge on all things HSAs. In this episode, Austin and I get down to the brass tacks of HSAs, including their benefits, who qualifies for them, the opportunities for investment, and some key pointers for both entrepreneurs and employees looking to get the most out of these nifty tax-saving tools. So, if you've ever wondered about the potential of HSAs and how they can help you keep more of what you earn, this podcast episode is a must-listen. Get ready to level up your financial game and make informed decisions about your money. Austin Preece is a dedicated financial advisor who has carved out a niche by focusing on a segment of the population that often goes underserved in the finance industry. While many of his peers concentrate on retirees, Austin finds fulfillment in addressing the unique financial challenges faced by those who are still years away from retirement. He takes a keen interest in the complex questions and issues that arise for this demographic, providing tailored financial planning and proactive management of their assets. His enthusiasm for guiding individuals through the earlier stages of their financial journeys illuminates his practice and fills a crucial gap in the advisory landscape. Austin's approach not only showcases his expertise but also his desire to make a meaningful difference in the lives of his clients during their peak earning years. What you'll hear in this episode: 04:56 HDHP requires specific deductible and out-of-pocket limits. 07:42 HSA options for self-employed individuals explained. 11:20 Can we withdraw money from retirement accounts? 15:46 Expensive health insurance, prefer high deductible plan. 16:49 Health insurance choices: benefits vs. costs explained. 19:40 HSA contributions through payroll and alternative options. If you like this episode, check out: How to Introduce Your Kids to Money How to Pour Money Into Your Business 4 Steps to Start Your Investing Journey with Tess Waresmith Want to learn more so you can earn more? CFO On Demand click here Click here to take our Podcast Listener Survey - we appreciate your feedback! Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
Expert Nerds talk through the complexities of open enrollment, starting with ways to assess healthcare plans and costs. This episode takes a deep dive into specific terminology and scenarios relevant to choosing health insurance coverage. Hosts Sean Pyles and Liz Weston start with an overview of open enrollment period timelines for November and December 2023 before welcoming guest Nerd Kate Ashford to explain deductibles, premiums, HMOs, PPOs and HDHPs. Then, NerdWallet's Tina Orem joins the show to discuss the pros and cons of high deductible plans and the intricacies of Health Savings Accounts (HSAs) and both Medical and Dependent Care Flexible Spending Accounts (FSAs). In the second half of this episode, she zeroes in on selecting optimal health insurance for individual needs, discussing the merits and disadvantages of different health plans, budgeting for healthcare, and how to compare the benefits of an FSA and an HSA. In their conversation, the Nerds discuss: open enrollment, health insurance options, healthcare choices, high deductible plans, premiums, health savings accounts (HSAs), flexible spending accounts (FSAs), optimal health insurance, HMOs, PPOs, HDHPs, health insurance budgeting, FSA vs HSA, the use it or lose it rule, health insurance decision-making, health insurance terminology, healthcare strategies, health plan selection, medical costs, and types of health insurance coverage. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com. Like what you hear? Please leave us a review and tell a friend.
We often hear about 401Ks and IRAs, two incredible retirement planning tools but what if I told you there was a third, secret retirement account that trumps both of these?Today we are discussing the Health Savings Account, or HSA, and why the HSA is not only a financial game-changer for managing your medical expenses but also a powerful tool to build wealth for your future.This episode is a replay of episode 40 where I interviewed Sean Mullaney Financial Planner, and the voice behind FITaxGuy.com. I needed to recast this episode because it is hard to cover Mastering Money at Work if I don't talk about HSAs.You'll uncover how HSAs offer a triple tax advantage, giving you tax deductions when you contribute, tax-free growth, and tax-free withdrawals for qualified medical expenses.But here's the real kicker: an HSA can become a pseudo-retirement fund by delaying your reimbursements and investing your contributions for the long haul.If you want to learn how to do that along with if you qualify for an HSA, how to keep your expenses organized, and what to do if your company doesn't offer an HSA, well then you're in the right place.Also, note this episode is originally from 2021. All of the information is still relevant and helpful but the HSA contribution limit has increased from $3,600 to $3,850 and increasing to $4,150 in 2024.Alright, let's get into it. I hope you enjoy my conversation with FI Tax Guy himself…Sean Mullaney.Key Takeaways:What is a HSAHow do you qualify for a HSATax benefits of an HSAIs a HSA my health insurance?Who a HDHP the right for youHow to figure out if your insurance qualifies for a HSAHow to get a FICA tax break when funding your HSAExamples of qualified medical expensesHow to use your HSA as a pseudo-retirement accountThe HSA contribution limit (increased to $3,850 in 2023)How to keep your HSA expenses organizedHow to set up an HSA independently if your employer doesn't offer oneMentions:IRS Publication 502: https://www.irs.gov/pub/irs-pdf/p502.pdfMore of Sean:www.MullaneyFinancial.comwww.FITaxguy.comMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/
Liz joins this week's podcast, and we delve into the many reasons why HSAs, or Health Savings Accounts, are awesome! We explain what an HSA is, the requirement of a High-deductible health insurance plan (HDHP) to participate, and the annual limits the IRS sets. Additionally, we share four reasons why HSAs are an incredible financial tool and how to maximize their benefits. We explain the triple-tax advantages that HSAs provide and some often overlooked benefits and loopholes. Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/023-4-reasons-hsas-are-awesome-and-how-to-maximize-the-benefits-of-health-savings-accounts/
We look at issues people run into in tax research, IRS ends COVID-19 HDHP relief and more.
The Friday Five for June 2, 2023: Medicaid work requirements in debt ceiling bill nixed, Medicaid enrollees unaware of Medicaid redeterminations and unsure of renewal process, Medicaid prescription drug transparency proposal, register to attend Ritter Summits, and RIMGO, Ritter's AEP-prep game is back! Next Steps After Listening: Get Ready to Summit with Ritter Insurance Marketing! https://summits.ritterim.com/ Reach out to your sales specialist! Click on the rep for your state here: https://www.ritterim.com/meet-your-sales-team/ RIMGO is Back: Ritter's Business-Boosting BINGO Competition! https://www.ritterim.com/blog/rimgo-is-back-ritters-business-boosting-bingo-competition What Summit is Sarah attending? Email the podcast with a question to get the answer at ASGPodcast@RitterIM.com Recent Episodes: Apps to Make Your Small Business More Efficient Whether you're working for yourself or a have a small team, these apps will help your business get organized and save time! 4 Perks of Being a Part-Time Insurance Agent Looking for a new part-time profession? Want flexibility and make your own schedule? Selling insurance part-time may be right for you! AHIP 2024, MA Enrollment Milestone, & Apple Personal Voice AHIP 2024 certification dates, Medicare Advantage enrollment reaches 50 percent, one in five seniors skipping meds to cut costs, Apple Personal Voice feature, and Meta's new Twitter clone How to Streamline Your Insurance Sales Process Are you having trouble meeting your personal and career goals, or feel your sales methods seem outdated? Perhaps you're in a good spot, but you want to increase your sales? If any of those sound like you, it's time to streamline your sales process! NABIP Certification, ChatGPT Scams, and Innovation for Field Agents NABIP 2024 certification release date, Chat GPT fleeceware scams, Craig Ritter's panel at Medicarians, new HSA and HDHP limits from the IRS, and TikTok Sans. References: Biden-Harris Administration Announces Proposal to Advance Prescription Drug Transparency in Medicaid: https://www.hhs.gov/about/news/2023/05/23/biden-harris-administration-announces-proposal-advance-prescription-drug-transparency-medicaid.html Debt deal claws back COVID relief, spares Medicaid: https://www.axios.com/2023/05/30/debt-deal-claws-back-covid-relief-spares-medicaid HR 2811, the Limit, Save, Grow Act of 2023: https://docs.house.gov/billsthisweek/20230529/BILLS-118hrPIH-fiscalresponsibility.pdf Medicaid Drug Price Verification Survey and Pharmacy Benefit Manager Drug Price Transparency: https://www.cms.gov/newsroom/fact-sheets/medicaid-drug-price-verification-survey-and-pharmacy-benefit-manager-drug-price-transparency Medicaid Program; Misclassification of Drugs, Program Administration and Program Integrity Updates Under the Medicaid Drug Rebate Program: https://www.federalregister.gov/documents/2023/05/26/2023-10934/medicaid-program-misclassification-of-drugs-program-administration-and-program-integrity-updates Medicaid work requirements dropped in debt ceiling deal: https://www.fiercehealthcare.com/regulatory/medicaid-work-requirements-dropped-debt-ceiling-deal New Details in Debt Limit Deal: Where $136 Billion in Cuts Will Come From: https://www.nytimes.com/2023/05/29/business/debt-ceiling-agreement.html The Unwinding of Medicaid Continuous Enrollment: Knowledge and Experiences of Enrollees: https://www.kff.org/medicaid/poll-finding/the-unwinding-of-medicaid-continuous-enrollment-knowledge-and-experiences-of-enrollees/ Tough Tradeoffs Under Republican Work Requirement Plan: Some People Lose Medicaid or States Could Pay to Maintain Coverage: https://www.kff.org/medicaid/issue-brief/tough-tradeoffs-under-republican-work-requirement-plan-some-people-lose-medicaid-or-states-could-pay-to-maintain-coverage/ Understanding the Intersection of Medicaid & Work: A Look at What the Data Say: https://www.kff.org/medicaid/issue-brief/understanding-the-intersection-of-medicaid-work-a-look-at-what-the-data-say/ What Happens When the U.S. Hits Its Debt Ceiling? https://www.cfr.org/backgrounder/what-happens-when-us-hits-its-debt-ceiling White House and G.O.P. Strike Debt Limit Deal to Avert Default: https://www.nytimes.com/2023/05/27/us/politics/debt-ceiling-deal.html With Medicaid redeterminations underway, many are unaware of the process: KFF: https://www.fiercehealthcare.com/regulatory/medicaid-redeterminations-underway-many-are-unaware-process-kff Follow Us on Social! Ritter on Facebook, https://www.facebook.com/RitterIM Instagram, https://www.instagram.com/ritter.insurance.marketing/ LinkedIn, https://www.linkedin.com/company/ritter-insurance-marketing TikTok, https://www.tiktok.com/@ritterim Twitter, https://twitter.com/RitterIM and Youtube, https://www.youtube.com/user/RitterInsurance Sarah on LinkedIn, https://www.linkedin.com/in/sjrueppel/ and Instagram, https://www.instagram.com/thesarahjrueppel/ Tina on LinkedIn, https://www.linkedin.com/in/tina-lamoreux-6384b7199/
In this episode of Tax Tuesday, tax experts Toby Mathis, Esq., and returning guest Jeff Webb, Esq., CFO of Anderson Business Advisors discuss various tax strategies for real estate, stocks, and nonprofits. Online we have Ander, Dutch, Sergei, Ross, Jared, Elliot, Troy, and all kinds of staff to help answer all your Tax Tuesday questions. Toby and Jeff cover topics such as 1031 and 721 exchanges, the Section 121 Exclusion, employee stock options, and the tax implications of short-term rentals and Health Savings Accounts (HSAs). They also discuss best practices for reimbursing personal contributions to a business. Submit your tax question to taxtuesday@andersonadvisors. Highlights/Topics: "Section 721 and 1031 differences” - It has the same effect as 1031 but you don't pay tax on the sale, But you're not exchanging one property for another…it's a tax-free exchange, but it's a one-and-done. "Tax benefits of a foundation versus a nonprofit organization?” - The easiest way is - a nonprofit (public charity) DOES stuff, a foundation funds stuff… "I have two houses I'm selling this year and or at the same time, both were residences for two years at the last five years consecutive. I have just lived in the latest house for the last two years and I've been preparing both to sell. Will I have a problem claiming both of them as residences two of the last five years and I'm selling them at the same time.” - So of the last 60 months, 24 of them you had to have lived in it as your primary residence. That met, then you can exclude, if you're single, $250,000 of capital gain. If you're married, you could exclude up to $500,000 of capital gain. DO NOT SELL AT THE SAME TIME. “How are stock options taxed?” - Tax treatment varies depending on the type of stock option (ISO, NSO, RSU), time held, and exercise/sale timing. "LLC taxed as S-Corp with brokerage account….anything similar to trader status?” - I have not seen anything that says any entity can make a mark to market section 475 election. If you're making a mark-to-market election because you're losing so much money in the market, get out of the market and go do something else. "Does California's 571L form business property tax apply to short-term rentals? - Yes, as short-term rentals are considered active trader businesses and subject to tax. “Who can qualify for an HSA?” - Eligible individuals must have a high deductible health plan (HDHP) and not be covered by another non-HDHP plan. Can I open an additional HSA with my LLC business? - No, you can only have one HSA per individual, but your LLC can contribute to your existing HSA. "Anderson made me a C-Corp, I put money in from my personal account to pay expenses. I have to take out the initial $7K … How do I legally and ‘tax-friendly' take the $7,000 back that I need for my personal reimbursement? - If the initial $7,000 was a loan, you can withdraw it tax-free as repayment; if a capital contribution, the process is different. Send us your questions, and we do about 50 events a year - check out the event schedule listed in the notes. Resources: Infinity Investing https://infinityinvesting.com/ Email us at Tax Tuesday taxtuesday@andersonadvisors.com Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/ Anderson Advisors https://andersonadvisors.com/ Anderson Advisors on YouTube https://www.youtube.com/channel/UCaL-wApuVYi2Va5dWzyTYVw Toby Mathis YouTube https://www.youtube.com/@TobyMathis Toby Mathis TikTok https://www.tiktok.com/@tobymathisesq
The Friday Five for May 19, 2023: NABIP 2024 certification release date, Chat GPT fleeceware scams, Craig Ritter's panel at Medicarians, new HSA and HDHP limits from the IRS, and TikTok Sans. Follow Us on Social! Ritter on Facebook, https://www.facebook.com/RitterIM Instagram, https://www.instagram.com/ritter.insurance.marketing/ LinkedIn, https://www.linkedin.com/company/ritter-insurance-marketing TikTok, https://www.tiktok.com/@ritterim Twitter, https://twitter.com/RitterIM and Youtube, https://www.youtube.com/user/RitterInsurance Sarah on LinkedIn, https://www.linkedin.com/in/sjrueppel/ and Instagram, https://www.instagram.com/thesarahjrueppel/ Tina on LinkedIn, https://www.linkedin.com/in/tina-lamoreux-6384b7199/ Resources: FAQs About NABIP Medicare Certification: https://www.ritterim.com/blog/faqs-about-nabip-medicare-certification/ NABIP 2024 Medicare Certification: https://www.ritterim.com/blog/nabip-2024-medicare-certification/ References: Carriers Accepting NABIP Certification: https://nabip.org/professional-development/medicare-advantage-certification/carriers ChatGPT Scams Are Infiltrating the App Store and Google Play: https://www.wired.com/story/chatgpt-scams-apple-app-store-google-play/ Innovation for Field Agents | Medicarians | AgentSync: https://www.youtube.com/watch?v=lKPHyy1jZK4 Introducing TikTok Sans: TikTok's new bespoke typeface: https://newsroom.tiktok.com/en-us/introducing-tiktok-sans IRS announces 2024 HSA, HDHP limits: https://www.benefitspro.com/2023/05/17/irs-announces-2024-hsa-hdhp-limits/ IRS Gives Big Boost to HSA, HDHP Limits in 2024: https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/2024-irs-contribution-limits-for-hsas-and-high-deductible-health-plans.aspx Montana becomes the first state to ban TikTok: https://www.npr.org/2023/05/18/1176805559/montana-tiktok-ban National Association of Benefits and Insurance Professionals (NABIP) Official Website: https://nabip.org/ NABIP Online Learning Portal: https://nabip.inreachce.com/ TikTok has a new font / TikTok Sans. https://www.theverge.com/2023/5/17/23727052/tiktok-sans-new-font
Welcome to Powering Your Retirement Radio. A Health Savings Account (HSA) is a savings account used in conjunction with a high-deductible health plan (HDHP) to pay for qualified medical expenses. Contributions to the account are made pre-tax and can be withdrawn tax-free to pay for qualified medical expenses. The money in the account can roll over from year to year and be invested to grow over time. Only people enrolled in an HDHP are eligible to open and contribute to an HSA, and there are limits on the amount that can be contributed each year. For more information visit the podcasts website: https://poweringyourretirement.com/2022/11/17/hsa_ideas
The Only Retirement Account that is Triple #Tax Advantaged! A health savings account, or #HSA, has a unique triple #tax benefit. Your contributions reduce your taxable income, any investment growth within the account is tax-free, and qualified withdrawals are tax-free! As Peter with Richon Planning explains to Erin Kennedy, if you have a High Deductible Health Plan, or #HDHP, it's often worth taking advantage of the HSA. Peter breaks down how to use the money in your account to pay medical bills and how to utilize it as an investment tool as well. He also breaks down common mistakes when creating and investing HSAs. As you work to determine which health plan is right for you and your family in 2023, Peter would be happy to help you determine if a HDHP makes sense for your unique financial goals and priorities. Please feel free to reach out by calling (919) 300-5886 or by visiting www.RichonPlanning.com #WealthManagement #Retirement #Healthcare
Is a high deductible health plan (HDHP) something you should consider for you and/or your family? In this show we talk about what a HDHP is and why it may make sense for you. The main reason to consider using a HDHP is to gain access to the powerful features of a Health Savings Account (HSA).
Is a high deductible health plan (HDHP) something you should consider for you and/or your family? In this show we talk about what a HDHP is and why it may make sense for you. The main reason to consider using a HDHP is to gain access to the powerful features of a Health Savings Account (HSA).
In this episode, Chase Cannon and Suzanne Spradley discuss the benefits provisions of the recently-enacted Inflation Reduction Act. Chase walks through the extension of premium tax credit expansions through 2025, and the impact on employers with respect to the employer mandate penalties. Next, Chase and Suzanne discuss Medicare prescription drug cost reductions and a formalization of prior IRS guidance that allows HDHP coverage of insulin in certain circumstances without impacting HSA eligibility. The two close the podcast by outlining the new law's increased funding of the IRS and how that might impact compliance enforcement on employer group health plans.
If you qualify for an HSA, you want to make the most of it. But they're not right for everyone. We'll talk about where they do the most good and where they'll have little impact on your budget today on MoneyWise. HSAs can help greatly to save on medical expenses and reduce your tax liability. Money goes into the account tax-deferred, and you can use it tax-free for qualified medical expenses. That's if you qualify. To be eligible for an HSA, you must have a high deductible health plan or HDHP. That means in 2022, your deductible for medical expenses, the point where your plan kicks in, must be at least $1,400 for an individual or $2,800 for a family. If that's you, you want to take full advantage of an HSA. Many financial advisers will tell you it's also a terrific way to save for retirement - for some folks. That's because at age 65, the penalty for using the money for non-medical reasons goes away, while money used for medical bills is still tax-deferred. So they're a real win-win, but again, only for some people. If you withdraw money from a retirement account after age 59 , you're taxed on it, but you don't pay a penalty. You can use the money for anything, but you do pay taxes on all of it, no matter what you use it for. With an HSA, after age 65, if you use the money for non-medical expenses you're still taxed. However, at that age, you'll probably have more medical expenses than you would earlier in life. When you use HSA money to meet those medical needs, it's tax-free. So in that sense, it's better than a conventional retirement plan. It's a double dip. Now, who's in that fortunate group? These are folks who don't need to tap into their HSA funds all the time for short-term health care. They're in a position to stockpile that cash for retirement in addition to other qualified plans like a 401k. It's such a good deal that some advisors will actually tell those individuals to pay medical bills out of pocket so they allow the money in their HSA to gain compound earnings for retirement. This group typically has low medical expenses and rarely reaches their health plan deductible. They're usually young and have the opportunity to accumulate more money over a lifetime. So this group can maximize their HSA's potential by investing the money in mutual funds or stocks and not spending it. HSAs are not like flexible spending accounts, so the money keeps rolling over from year to year with compound earnings. By the way, you can contribute to an HSA up to $3650 for an individual and $7,300 for a family in 2022, plus an additional $1,000 for people 55 or over. So that's great for folks in that group. Young, healthy, and able to contribute the max to their HSA for years and years, but they're in the minority. What about other folks? Well, most people who qualify for an HSA fall into a large middle group, and they still want to take full advantage of this opportunity. They're folks who have to tap into the account to meet their medical expenses. In fact, more than half of HSA owners exhaust their total balance every year. But that's okay, and it's really what the HSA was designed for. They're able to take advantage of the tax savings. The money they put in and use for medical expenses is tax-free, so it's still a good deal, even if the account never builds retirement savings. Now, that still leaves one group who might be eligible for a health savings account, that is, they have a high deductible health plan but they're still paying a lot out of pocket. For them, a health savings plan by itself won't be much help. What they really need is to get on a plan with lower deductibles. If that's you, it might mean paying more in premiums, but you can shop around for a plan that won't nickel and dime you to death after meeting the deductible. Now, no matter what your medical costs are, you can also think outside the box, and contact our friends at Christian Healthcare Ministries. You'll find them online at CHministries.org. They have medical sharing plans that could save you a bundle while meeting your healthcare needs. On today's program, Rob also answers listener questions: ● How can you begin investing with an inheritance? ● Does it make sense to use retirement funds to pay off a mortgage early? ● Is it wise to do a cash-out refinance on a mortgage to pay off consumer debt? RESOURCES MENTIONED: ● Betterment ● Wealthfront ● Schwab Intelligent Portfolios Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29
If you qualify for an HSA, you want to make the most of it. But they're not right for everyone. We'll talk about where they do the most good and where they'll have little impact on your budget today on MoneyWise. HSAs can help greatly to save on medical expenses and reduce your tax liability. Money goes into the account tax-deferred, and you can use it tax-free for qualified medical expenses. That's if you qualify. To be eligible for an HSA, you must have a high deductible health plan or HDHP. That means in 2022, your deductible for medical expenses, the point where your plan kicks in, must be at least $1,400 for an individual or $2,800 for a family. If that's you, you want to take full advantage of an HSA. Many financial advisers will tell you it's also a terrific way to save for retirement - for some folks. That's because at age 65, the penalty for using the money for non-medical reasons goes away, while money used for medical bills is still tax-deferred. So they're a real win-win, but again, only for some people. If you withdraw money from a retirement account after age 59 , you're taxed on it, but you don't pay a penalty. You can use the money for anything, but you do pay taxes on all of it, no matter what you use it for. With an HSA, after age 65, if you use the money for non-medical expenses you're still taxed. However, at that age, you'll probably have more medical expenses than you would earlier in life. When you use HSA money to meet those medical needs, it's tax-free. So in that sense, it's better than a conventional retirement plan. It's a double dip. Now, who's in that fortunate group? These are folks who don't need to tap into their HSA funds all the time for short-term health care. They're in a position to stockpile that cash for retirement in addition to other qualified plans like a 401k. It's such a good deal that some advisors will actually tell those individuals to pay medical bills out of pocket so they allow the money in their HSA to gain compound earnings for retirement. This group typically has low medical expenses and rarely reaches their health plan deductible. They're usually young and have the opportunity to accumulate more money over a lifetime. So this group can maximize their HSA's potential by investing the money in mutual funds or stocks and not spending it. HSAs are not like flexible spending accounts, so the money keeps rolling over from year to year with compound earnings. By the way, you can contribute to an HSA up to $3650 for an individual and $7,300 for a family in 2022, plus an additional $1,000 for people 55 or over. So that's great for folks in that group. Young, healthy, and able to contribute the max to their HSA for years and years, but they're in the minority. What about other folks? Well, most people who qualify for an HSA fall into a large middle group, and they still want to take full advantage of this opportunity. They're folks who have to tap into the account to meet their medical expenses. In fact, more than half of HSA owners exhaust their total balance every year. But that's okay, and it's really what the HSA was designed for. They're able to take advantage of the tax savings. The money they put in and use for medical expenses is tax-free, so it's still a good deal, even if the account never builds retirement savings. Now, that still leaves one group who might be eligible for a health savings account, that is, they have a high deductible health plan but they're still paying a lot out of pocket. For them, a health savings plan by itself won't be much help. What they really need is to get on a plan with lower deductibles. If that's you, it might mean paying more in premiums, but you can shop around for a plan that won't nickel and dime you to death after meeting the deductible. Now, no matter what your medical costs are, you can also think outside the box, and contact our friends at Christian Healthcare Ministries. You'll find them online at CHministries.org. They have medical sharing plans that could save you a bundle while meeting your healthcare needs. On today's program, Rob also answers listener questions: ● How can you begin investing with an inheritance? ● Does it make sense to use retirement funds to pay off a mortgage early? ● Is it wise to do a cash-out refinance on a mortgage to pay off consumer debt? RESOURCES MENTIONED: ● Betterment ● Wealthfront ● Schwab Intelligent Portfolios Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29
If you qualify for an HSA, you want to make the most of it. But they're not right for everyone. We'll talk about where they do the most good and where they'll have little impact on your budget today on MoneyWise. HSAs can help greatly to save on medical expenses and reduce your tax liability. Money goes into the account tax-deferred, and you can use it tax-free for qualified medical expenses. That's if you qualify. To be eligible for an HSA, you must have a high deductible health plan or HDHP. That means in 2022, your deductible for medical expenses, the point where your plan kicks in, must be at least $1,400 for an individual or $2,800 for a family. If that's you, you want to take full advantage of an HSA. Many financial advisers will tell you it's also a terrific way to save for retirement - for some folks. That's because at age 65, the penalty for using the money for non-medical reasons goes away, while money used for medical bills is still tax-deferred. So they're a real win-win, but again, only for some people. If you withdraw money from a retirement account after age 59 , you're taxed on it, but you don't pay a penalty. You can use the money for anything, but you do pay taxes on all of it, no matter what you use it for. With an HSA, after age 65, if you use the money for non-medical expenses you're still taxed. However, at that age, you'll probably have more medical expenses than you would earlier in life. When you use HSA money to meet those medical needs, it's tax-free. So in that sense, it's better than a conventional retirement plan. It's a double dip. Now, who's in that fortunate group? These are folks who don't need to tap into their HSA funds all the time for short-term health care. They're in a position to stockpile that cash for retirement in addition to other qualified plans like a 401k. It's such a good deal that some advisors will actually tell those individuals to pay medical bills out of pocket so they allow the money in their HSA to gain compound earnings for retirement. This group typically has low medical expenses and rarely reaches their health plan deductible. They're usually young and have the opportunity to accumulate more money over a lifetime. So this group can maximize their HSA's potential by investing the money in mutual funds or stocks and not spending it. HSAs are not like flexible spending accounts, so the money keeps rolling over from year to year with compound earnings. By the way, you can contribute to an HSA up to $3650 for an individual and $7,300 for a family in 2022, plus an additional $1,000 for people 55 or over. So that's great for folks in that group. Young, healthy, and able to contribute the max to their HSA for years and years, but they're in the minority. What about other folks? Well, most people who qualify for an HSA fall into a large middle group, and they still want to take full advantage of this opportunity. They're folks who have to tap into the account to meet their medical expenses. In fact, more than half of HSA owners exhaust their total balance every year. But that's okay, and it's really what the HSA was designed for. They're able to take advantage of the tax savings. The money they put in and use for medical expenses is tax-free, so it's still a good deal, even if the account never builds retirement savings. Now, that still leaves one group who might be eligible for a health savings account, that is, they have a high deductible health plan but they're still paying a lot out of pocket. For them, a health savings plan by itself won't be much help. What they really need is to get on a plan with lower deductibles. If that's you, it might mean paying more in premiums, but you can shop around for a plan that won't nickel and dime you to death after meeting the deductible. Now, no matter what your medical costs are, you can also think outside the box, and contact our friends at Christian Healthcare Ministries. You'll find them online at CHministries.org. They have medical sharing plans that could save you a bundle while meeting your healthcare needs. On today's program, Rob also answers listener questions: ● How can you begin investing with an inheritance? ● Does it make sense to use retirement funds to pay off a mortgage early? ● Is it wise to do a cash-out refinance on a mortgage to pay off consumer debt? RESOURCES MENTIONED: ● Betterment ● Wealthfront ● Schwab Intelligent Portfolios Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29
If you qualify for an HSA, you want to make the most of it. But they're not right for everyone. We'll talk about where they do the most good and where they'll have little impact on your budget today on MoneyWise. HSAs can help greatly to save on medical expenses and reduce your tax liability. Money goes into the account tax-deferred, and you can use it tax-free for qualified medical expenses. That's if you qualify. To be eligible for an HSA, you must have a high deductible health plan or HDHP. That means in 2022, your deductible for medical expenses, the point where your plan kicks in, must be at least $1,400 for an individual or $2,800 for a family. If that's you, you want to take full advantage of an HSA. Many financial advisers will tell you it's also a terrific way to save for retirement - for some folks. That's because at age 65, the penalty for using the money for non-medical reasons goes away, while money used for medical bills is still tax-deferred. So they're a real win-win, but again, only for some people. If you withdraw money from a retirement account after age 59 , you're taxed on it, but you don't pay a penalty. You can use the money for anything, but you do pay taxes on all of it, no matter what you use it for. With an HSA, after age 65, if you use the money for non-medical expenses you're still taxed. However, at that age, you'll probably have more medical expenses than you would earlier in life. When you use HSA money to meet those medical needs, it's tax-free. So in that sense, it's better than a conventional retirement plan. It's a double dip. Now, who's in that fortunate group? These are folks who don't need to tap into their HSA funds all the time for short-term health care. They're in a position to stockpile that cash for retirement in addition to other qualified plans like a 401k. It's such a good deal that some advisors will actually tell those individuals to pay medical bills out of pocket so they allow the money in their HSA to gain compound earnings for retirement. This group typically has low medical expenses and rarely reaches their health plan deductible. They're usually young and have the opportunity to accumulate more money over a lifetime. So this group can maximize their HSA's potential by investing the money in mutual funds or stocks and not spending it. HSAs are not like flexible spending accounts, so the money keeps rolling over from year to year with compound earnings. By the way, you can contribute to an HSA up to $3650 for an individual and $7,300 for a family in 2022, plus an additional $1,000 for people 55 or over. So that's great for folks in that group. Young, healthy, and able to contribute the max to their HSA for years and years, but they're in the minority. What about other folks? Well, most people who qualify for an HSA fall into a large middle group, and they still want to take full advantage of this opportunity. They're folks who have to tap into the account to meet their medical expenses. In fact, more than half of HSA owners exhaust their total balance every year. But that's okay, and it's really what the HSA was designed for. They're able to take advantage of the tax savings. The money they put in and use for medical expenses is tax-free, so it's still a good deal, even if the account never builds retirement savings. Now, that still leaves one group who might be eligible for a health savings account, that is, they have a high deductible health plan but they're still paying a lot out of pocket. For them, a health savings plan by itself won't be much help. What they really need is to get on a plan with lower deductibles. If that's you, it might mean paying more in premiums, but you can shop around for a plan that won't nickel and dime you to death after meeting the deductible. Now, no matter what your medical costs are, you can also think outside the box, and contact our friends at Christian Healthcare Ministries. You'll find them online at CHministries.org. They have medical sharing plans that could save you a bundle while meeting your healthcare needs. On today's program, Rob also answers listener questions: ● How can you begin investing with an inheritance? ● Does it make sense to use retirement funds to pay off a mortgage early? ● Is it wise to do a cash-out refinance on a mortgage to pay off consumer debt? RESOURCES MENTIONED: ● Betterment ● Wealthfront ● Schwab Intelligent Portfolios Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29
If you qualify for an HSA, you want to make the most of it. But they're not right for everyone. We'll talk about where they do the most good and where they'll have little impact on your budget today on MoneyWise. HSAs can help greatly to save on medical expenses and reduce your tax liability. Money goes into the account tax-deferred, and you can use it tax-free for qualified medical expenses. That's if you qualify. To be eligible for an HSA, you must have a high deductible health plan or HDHP. That means in 2022, your deductible for medical expenses, the point where your plan kicks in, must be at least $1,400 for an individual or $2,800 for a family. If that's you, you want to take full advantage of an HSA. Many financial advisers will tell you it's also a terrific way to save for retirement - for some folks. That's because at age 65, the penalty for using the money for non-medical reasons goes away, while money used for medical bills is still tax-deferred. So they're a real win-win, but again, only for some people. If you withdraw money from a retirement account after age 59 , you're taxed on it, but you don't pay a penalty. You can use the money for anything, but you do pay taxes on all of it, no matter what you use it for. With an HSA, after age 65, if you use the money for non-medical expenses you're still taxed. However, at that age, you'll probably have more medical expenses than you would earlier in life. When you use HSA money to meet those medical needs, it's tax-free. So in that sense, it's better than a conventional retirement plan. It's a double dip. Now, who's in that fortunate group? These are folks who don't need to tap into their HSA funds all the time for short-term health care. They're in a position to stockpile that cash for retirement in addition to other qualified plans like a 401k. It's such a good deal that some advisors will actually tell those individuals to pay medical bills out of pocket so they allow the money in their HSA to gain compound earnings for retirement. This group typically has low medical expenses and rarely reaches their health plan deductible. They're usually young and have the opportunity to accumulate more money over a lifetime. So this group can maximize their HSA's potential by investing the money in mutual funds or stocks and not spending it. HSAs are not like flexible spending accounts, so the money keeps rolling over from year to year with compound earnings. By the way, you can contribute to an HSA up to $3650 for an individual and $7,300 for a family in 2022, plus an additional $1,000 for people 55 or over. So that's great for folks in that group. Young, healthy, and able to contribute the max to their HSA for years and years, but they're in the minority. What about other folks? Well, most people who qualify for an HSA fall into a large middle group, and they still want to take full advantage of this opportunity. They're folks who have to tap into the account to meet their medical expenses. In fact, more than half of HSA owners exhaust their total balance every year. But that's okay, and it's really what the HSA was designed for. They're able to take advantage of the tax savings. The money they put in and use for medical expenses is tax-free, so it's still a good deal, even if the account never builds retirement savings. Now, that still leaves one group who might be eligible for a health savings account, that is, they have a high deductible health plan but they're still paying a lot out of pocket. For them, a health savings plan by itself won't be much help. What they really need is to get on a plan with lower deductibles. If that's you, it might mean paying more in premiums, but you can shop around for a plan that won't nickel and dime you to death after meeting the deductible. Now, no matter what your medical costs are, you can also think outside the box, and contact our friends at Christian Healthcare Ministries. You'll find them online at CHministries.org. They have medical sharing plans that could save you a bundle while meeting your healthcare needs. On today's program, Rob also answers listener questions: ● How can you begin investing with an inheritance? ● Does it make sense to use retirement funds to pay off a mortgage early? ● Is it wise to do a cash-out refinance on a mortgage to pay off consumer debt? RESOURCES MENTIONED: ● Betterment ● Wealthfront ● Schwab Intelligent Portfolios Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29
This episode Dr. Dahle and Dr. Spath answer questions about health insurance. They talk about PPOs vs. HDHP plans. They discuss the difference between co-pays and out-of-pocket maximums. They cover the difference between bronze and silver and platinum plans and talk about why HSAs are so awesome. They answer questions about when you should or should not pay cash for your house and if 1099 employees need to create an LLC or not. See the full show notes here: https://www.whitecoatinvestor.com/employer-health-insurance-plans-and-ppo-versus-hdhp-266 Now is a great time to start thinking about reviewing your last tax plan or starting a new one to make sure you're taking advantage of all the available strategies. Waiting too long into the year can result in lost opportunities to keep more of your hard-earned money in your pocket! If you haven't heard about Cerebral Tax Advisors, physicians all over the country work with them to lower their personal and business taxes through court-tested and IRS approved tax strategies. Medical professionals rely on Cerebral Tax Advisors for proactive tax planning strategies for doctors, helping them lower their effective tax rate and increase their wealth. Alexis Gallati, founder of Cerebral Tax Advisors, has nearly two decades of experience in high level tax planning strategies and multi-state tax preparation. She's also the author of the book “Advanced Tax Planning for Medical Professionals”, grew up in a family of physicians and is married to one. Cerebral's services are flat-rate and they are focused on their client's return on investment. If you'd like to find out more or schedule a free consultation, visit their website at https://www.cerebraltaxadvisors.com The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter
With the pandemic and higher living costs, financial wellbeing is a matter that employers are prioritizing to reduce the impacts on employees. In this episode, our benefits delivery experts discuss outcome-focused communication strategies for employers so they can help their employees enrolled in high deductible health plans (HDHP) take full advantage of their health savings accounts (HSA).
In this HRchat we hone in on employee financial wellbeing. Bill Banham is joined by Darius Chehrzad, the Chief Commercial Officer at Paytient, a company focused on helping people better access affordable care. Paytient works with employers, partners, brokers, and health systems to provide a healthier way to pay for out-of-pocket care expenses.Questions Include:How does something like Paytient fit into an employer's benefits offering?What does it mean to say affordability in healthcare has moved one step forward and two steps back? What is the effect of OOP increasing on our physical and financial well-being? What is the effect of members not being able to pay medical bills?What is the effect of this on providers? How does this come back in higher fees and premiums?What are the non-obvious implications that HR is missing? When employees are not getting care, what are the long-term effects?With this cycle of price increases and people not getting care, there seems to be a big focus on HDHP to try to keep costs down. How does Paytient help with this transition?We do our best to ensure editorial objectivity. The views and ideas shared by our guests and sponsors are entirely independent of The HR Gazette, HRchat Podcast and Iceni Media Inc.
Tune in for some high-level guidance to determine if a high deductible health plan (HDHP) with a Health Savings Account (HSA) is a smart choice. And, if you are a Pearl Jam fan you can sing the episode title to the tune of Jeremy if you'd like!
In this episode, Dr. Christopher Tookey and Dr. Rose Wolbrink share some thoughts about High Deductible Health Care Plans and Health Savings Accounts. A disclaimer, we're providing general guidance but everyone is different and you should always discuss with your health care professional management of any disease and therapy before trying anything you discover from a source on the internet (including this podcast)
Action Items:Listen to Episode 20Evaluate Health Plans and choose a HDHP if possible.Maximize HSA first.Invest HSA (check out Schwab's investable HSA).Consider a one-time IRA to HSA transfer.
The Federal Benefits Open Season starts November 8 this year and goes through December 13. This is the opportunity for our federal employees out there to re-look your benefit choices and explore your options for 2022. During the annual open season, you can enroll in a Federal Employees Health Benefits (FEHB) Program and the Federal Employees Dental and Vision Insurance Program (FEDVIP) plan. You can also change plans, change plan options, you can change enrollment type between self, self plus one, or family coverage, or cancel your enrollment. Do nothing and your current coverage will automatically continue. You also have choices to make with the Federal Flexible Spending Account Program (FSAFEDS). https://www.fsafeds.com With an HCFSA, you use pre-tax dollars to pay for qualified out-of-pocket health care expenses. The maximum amount you can allot to an HCFSA is $2,750 (per individual) a year and the minimum is $100. You declare your savings amount and set up the allotment during open season and the total amount you elect to save will be available on day one of 2022. Your fund contributions are withdrawn automatically from each paycheck and deposited into your FSA before taxes are deducted. You can only carry over $550 of a the Health Care FSA from one year to the next.With the Dependent Care FSA (DCFSA). You can contribute up to $5,000 a year to pay for care for your child under age 13. It also covers care for your spouse or a relative who is incapable of self-care and lives in your home. Dependent Care FSA savings cannot be carried over to the next year at all. If you do nothing during open season your FSA election will NOT automatically continue. You must reenroll. A High Deductible Health Plan (HDHP) combines a Health Savings Account (HSA) or a Health Reimbursement Arrangement (HRA), medical coverage and a tax-advantaged way to save for future medical expense. With an HDHP, you must meet the entire annual deductible before plan benefits are paid for services other than in-network preventive care. Once you hit the catastrophic limit, the plan pays 100% of the allowable amount. Th insurer will set up an HSA for you and put a set amount of money in it. You can also put contribute to the account with pre tax dollars. Funds deposited in your HSA are not taxed, interest on the HSA grows tax free, and you can withdraw it tax free to pay qualified medical expenses. There are more rules, so be sure to read more on this before making a decision. I'll put a link to a good OPM fact sheet on HSAs in the show notes. https://www.opm.gov/healthcare-insurance/fastfacts/high-deductible-health-plans.pdfDon't assume your plan is staying the same. Review your plan documents every Open Season for changes to and what new options may be available. Is there are newer plan choices that is a better buy. Read the plan brochures. Some FEHB plans offer basic dental and vision benefits or discount programs. You might be better off in a FEHB plan with some dental benefits than paying a separate FEDVIP premium.If you require extensive medical treatment in the 2022 it may be worth paying higher premiums for a plan that covers more of your claims. If everyone is healthy, consider paying less for a plan with less coverage and putting the extra cash in savings, like an FSA or HSA. OPM has a great online tool you can use to compare the various plans available and their costs for 2022. You can search for the plan options using your location or employee type, and you can review any changes to the plan you already have. https://www.opm.gov/healthcare-insurance/healthcare/plan-information/compare-plans/
In this episode of The Economic Review, I examined the possibility of HSA-expansion in healthcare reform. Highlights include: -A look at how HSAs are beneficial to HDHP policy holders -The current beliefs and attitudes of U.S. adults toward HSAs -How HSAs could provide a bipartisan path to healthcare reform -The effect expanding HSAs would have on the healthcare system, including decreased costs
The IRS recently issued new 2022 contribution limits for health savings accounts (HSA). In this episode of HR Party of One, host Sarah Hecht discusses the changes that employers and employees should expect to health coverage savings in the new year. Find us at https://www.bernieportal.com/hr-party-of-one/ (https://www.bernieportal.com/hr-party-of-one/) BerniePortal: The all-in-one HRIS that makes building a business & managing its people easy. http://bit.ly/2NEQ5Qb (http://bit.ly/2NEQ5Qb) What is an HRIS? https://bit.ly/what-is-an-hris (https://bit.ly/what-is-an-hris) BernieU: Your free one-stop shop for compelling, convenient, and comprehensive HR training and courses that will keep you up-to-date on all things human resources. Approved for SHRM & HRCI recertification credit hours. Enroll today! https://university.bernieportal.com/ (https://university.bernieportal.com/) The HR Party of One Blog https://blog.bernieportal.com/en/hr-party-of-one?hsCtaTracking=b3b92578-8739-4cfd-b1ca-97b75053c111%7Cfc88f7d2-eafe-4e2f-b269-3cd9d1d6950c (https://blog.bernieportal.com/en/hr-party-of-one?hsCtaTracking=b3b92578-8739-4cfd-b1ca-97b75053c111%7Cfc88f7d2-eafe-4e2f-b269-3cd9d1d6950c) Join the HR Party of One Linkedin Group! https://www.linkedin.com/groups/12527070/ (https://www.linkedin.com/groups/12527070/) ▬ Episode Resources & Links ▬▬▬▬▬▬▬▬▬▬ Template: HR Reminder for Team to Update HSA Contributions for 2022 https://blog.bernieportal.com/template-update-employee-hsa-contribution-letter (https://blog.bernieportal.com/template-update-employee-hsa-contribution-letter) Free Demo: See BerniePortal in Action https://offer.bernieportal.com/bernieportal-on-demand-demo/ (https://offer.bernieportal.com/bernieportal-on-demand-demo/) Free Download: BerniePortal Benefits Administration Feature Book https://f.hubspotusercontent00.net/hubfs/131307/BerniePortal%20Benefits%20Administration%20Feature%20Book.pdf (https://f.hubspotusercontent00.net/hubfs/131307/BerniePortal%20Benefits%20Administration%20Feature%20Book.pdf) ▬ Social Media ▬▬▬▬▬▬▬▬▬▬▬ ► LinkedIn: https://www.linkedin.com/company/bernieportal (https://www.linkedin.com/company/bernieportal) ► Twitter: https://twitter.com/HRPartyofOne (https://twitter.com/HRPartyofOne) ► Facebook: https://www.facebook.com/BerniePortal (https://www.facebook.com/BerniePortal) ► Instagram: https://www.instagram.com/bernieportal/ (https://www.instagram.com/bernieportal/) ▬ Podcast▬▬▬▬▬▬▬▬▬▬▬▬ ► Apple Podcasts: https://podcasts.apple.com/us/podcast/hr-party-of-one/id1495233115 (https://podcasts.apple.com/us/podcast/hr-party-of-one/id1495233115) ► Spotify: https://open.spotify.com/show/5ViQkKdatT40DPLJkY2pgA (https://open.spotify.com/show/5ViQkKdatT40DPLJkY2pgA) ► Google Podcast: https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaHJwYXJ0eW9mb25lLw%3D%3D (https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaHJwYXJ0eW9mb25lLw%3D%3D) ► Amazon Music: https://music.amazon.com/podcasts/1874beb8-2a68-4310-8816-e704e6850995/HR-Party-of-One (https://music.amazon.com/podcasts/1874beb8-2a68-4310-8816-e704e6850995/HR-Party-of-One) ► iHeartRadio: https://www.iheart.com/podcast/269-hr-party-of-one-57127074/# (https://www.iheart.com/podcast/269-hr-party-of-one-57127074/#) ► Pocket Casts: https://pca.st/o6e2auqq (https://pca.st/o6e2auqq) ►RSS: https://feeds.captivate.fm/hrpartyofone/ (https://feeds.captivate.fm/hrpartyofone/ ) ► Other: https://hrpartyofone.captivate.fm/listen (https://hrpartyofone.captivate.fm/listen) #HR, #HumanResources, #HRTips, #HumanResourcesTips, #SmallBusiness, #HRPartyOfOne, #HSA, #HealthSavingsAccount
In our last episode, we covered so much material about tax including terminology, the US tax system, and retirement accounts. One topic that came up but we didn't get to discuss extensively was Health Savings Accounts or HSA. I was going to let this go as I always have an endless list of topics I wish I could have covered with my guests but both Sean and I agreed HSAs were too important of a topic to be left unturned. So Sean agreed to come back on and share more of his knowledge. A high deductible health plan paired with a HSA can be a great option to consider for young adults with no chronic medical issues. This episode acts as a part 2 to the former so if you haven't listened to episode 39, I recommend that you do that first. This short episode is packed with a ton of information including what an HSA is, how to identify if you're a candidate for a high deductible health plan, the mechanics of how an HSA works, and how HSAs can be used as a retirement account. Reminder that this discussion is general and educational in nature and does not constitute tax, investment, legal, or financial advice with respect to any particular individual or taxpayer. Please consult your own advisors regarding your own unique situation. Show Notes: [2:32] What is an HSA and who qualifies [9:46] Is a HDHP for me? [15:12] What's a qualified medical expense? Favorite Quotes: [7:50] “A HDHP is not optimal medical insurance coverage for every person but for a lot of young folks, it can work really well.” [18:48] “There is no time limit on reimbursing yourself out of your HSA for your old medical expenses.” Mentions: IRS Publication 502: https://www.irs.gov/forms-pubs/about-publication-502 More of Sean: www.FITaxGuy.com www.mullaneyfinancial.com More of Justin & The Struggle is Real: Show Notes: https://justinpeters.co/thestruggleisreal/ Instagram: https://www.instagram.com/justinleepeters/ YouTube:https://www.youtube.com/channel/UC0yHxQvHpSdx_gJiQJpVCIQ?view_as=subscriber Apple Podcast: https://podcasts.apple.com/us/podcast/the-sandbox-with-justin-peters/id1496701179?fbclid=IwAR26mTFgNRnMCdJjzA4FHTT6MvLKkuqGbx3rWm7J7UBM8ERVIiIV1Baj0IY Spotify: https://open.spotify.com/show/701hEq4AKxseYuY79xjpSJ
#030 - Why Your High Deductible Health Plan Is Not As High As You Think exposes the misperception that an HDHP is too expensive. Scott W. Dowling provides a real world example - from close to home - that illustrates why there is no advantage to having a traditional low deductible plan and how it ultimately costs you more compared to a High Deductible Health Plan.Focus on Out Of Pocket Maximum - Not DeductibleThe total amount you may spend on an insurance claim includes the amount you pay for the insurance premium plus the total amount you pay Out Of Pocket. Out of Pocket includes deductibles and coinsurance amounts. The maximum Out Of Pocket cost is expressly stated in the plan description. Make certain to locate the maximum Out Of Pocket amount in the plan description when you are comparing your options. Even plans with $250 or $500 deductibles can have maximum Out Of Pocket amounts over $10,000 and even $15,000 annually.The Goal: Pay the least amount of premium AND the least amount in claimsYour goal is to pay the least amount of money while ensuring you are 100% covered. The money you pay for premium is part of the total you need to consider when comparing your options. Lower deductible plans cost more in premium than higher deductible plans. Out Of Pocket costs are capped at a certain amount as stated in the plan design. The maximum Out Of Pocket states the limit that insurance plan will start to cover all of your remaining annual expenses at 100% - meaning you have nothing further to pay for claims during that annual period. Know your Out Of Pocket maximum.A High Deductible Health Plan with a Health Savings Account costs less overallA High Deductible Health Plan (HDHP) with a Health Savings Account (HSA) costs less in annual premium than a traditional PPO or HMO plan. Depending on your tax bracket, a traditional PPO or HMO plan can cost 20% to 30% or more for Out Of Pocket costs compared to an HDHP with an HSA. When you pay your Out Of Pocket costs with your HSA, the money you spend has not been taxed. When you pay your Out Of Pocket costs for a traditional PPO or HMO plan, the money you spend has already been taxed. For example, an individual in the second lowest marginal tax bracket, 22%, will spend 28% MORE on Out Of Pocket expenses. $10,000 paid from your HSA is the same as $12,820 if you have a traditional PPO or HMO. A PPO or HMO costs a lot more money!I prefer Lively HSA (full disclosure, I receive a nominal fee from Lively...at no cost to you)Surprise! Blowing Through Your Out Of Pocket Maximum On One Claim Is Very Easy To DoThis example may be relatable for many of you who either participate or are parents of those who participate in competitive athletics. All of the kids in the family have been competitive athletes into college. Our rugby player had an unfortunate accident that required surgery - on his thumb! A broken thumb doesn't sound that bad, but after 3 days of visiting a clinic, getting an x-ray, a second opinion and then surgery including 9 screws and a plate, the total claim came in at over $15,000. And that's at the network discount! We're easily through the annual Out Of Pocket maximum......for a broken thumb!!!!Thanks, as always, for listening to Doxcost. We appreciate you very much! Please tell your family, friends, coworkers, boss, office manager and/or firm administrator about Doxcost. Listen wherever you get your podcasts.www.doxcost.comHear more music from my pal, Morgan Fingleton, here!
#028 - What Is A High Deductible Health Plan And How Can It Help Me? explains what kind of health insurance plan you can have so you can open and fund a Health Savings Account. Scott explains the basics so that you can get 100% covered and spend the least amount of money possible.High Deductible Health Plan RequirementsIn order to open and fund a Health Savings Account, the Internal Revenue Service requires that a the insured be enrolled in an eligible High Deductible Health Plan. The requirements are straight-forward.Learn more in IRS Publication 969 linked here*To be an eligible High Deductible Health Plan, the plan must:Have an Individual Deductible no lower than $1,400 ($2,800 for spouse, dependent, family)Have an annual Individual Out Of Pocket Maximum no higher than $7,000 ($14,000 for spouse, dependent, familyDeductible must come first - NO COPAYMENT*Limits apply to 2021 tax yearHSA Rules for 2021Disconnect between HDHP and HSAs - More Education NeededThe Journal of the American Medical Association commissioned a study on Health Savings Accounts that concluded few US adults enrolled in High Deductible Health Plans are using HSAs to save for health care. As a result, more education is needed to make HDHPs and HSAs more valuable and effective.See the JAMA study hereWe're on a mission to get you 100% covered and spend the least amount possible. Please subscribe and tell your family, friends, co-workers, boss, office manager, HR director or firm administrator to listen to Doxcost on Apple Podcasts or wherever you get your shows.Next up, we'll talk about affordability - how to structure your HDHP/HSA to get started.I appreciate you very much! See ya next time.....Clarence Davis, #28 Oakland Raiders - Sea Of Hands - watch hereLike the music on Doxcost? Listen to my pal, Morgan Fingleton, here
#024- Traditional PPO vs. High Deductible Health Plan With Health Savings Account answers the question posed by an anticipated Dad to be. Is it better to switch from a high deductible health plan (HDHP) with Health Savings Account (HSA) to a traditional PPO plan due to a possible family addition? Listen in to what Scott has to say!Most people do not understand how Health Savings Accounts work, nor how they help you save REAL money.Would you light a match to a dollar bill? Then why are you not using a Health Savings Account? Because lighting a match to your money is what you do when you enroll in a traditional health plan. Learn the rules for Health Savings AccountsTraditional PPO vs. High Deductible Health Plan With Health Savings Account highlights some easy to understand but often misunderstood concepts.Eligible High Deductible Health Plans can have a deductible as low as $1,400Anyone can contribute to your Health Savings Account - not just youYou are not required to use the HSA provider through you employerYou are not required to contribute only through payroll deductionYou can contribute a lump sum to your HSA at anytime during the year Not all HSA providers allow for funds to be invested or offer limited optionsMany HSA providers charge you a fee - choose one that is free!Scott prefers Lively HSA - it is FREE, ONLINE with FULL INVESTMENT optionsTo calculate the amount you save on every dollar you spend with a Health Savings Account, divide 1 by 1 minus your tax rate or 1 / (1 - Your Tax Rate) For the 22% bracket the calculation would be1 / (1 - .22) or 1 / .78 = 1.28Rather than earning $1.28, paying Uncle Sam tax at 22% of $1.28 or 28 cents and having $1.00 left to pay the doctor or hospital,Using a Health Savings Account, you earn $1.28, pay Uncle Sam 0% tax on $1.28 or NOTHING and have $1.00 left to pay the doctor or hospital and STILL HAVE 28 CENTS IN YOUR POCKET TO SAVE AND INVEST UNTIL WELL AFTER RETIREMENT!Learn your Federal Income Tax Rate hereAs always, I appreciate you! Tell your family, friends, co-workers, boss and firm administrator to listen to Doxcost!In the next episode, we'll cover all the things you don't know about HMOs, PPOs and EPOs. See ya then!
#023 - Reprise: Why You Save By Getting Your Health Insurance Through Your Employer is an encore presentation of one of our most listened to episodes. Learn the advantages and reasons why you win, your employer wins and the insurance company wins when your employer provides health insurance as an employee benefit.History Of Employer Sponsored Health InsuranceIn Dallas, one of the earliest known employer sponsored health insurance plans was arranged by Baylor Hospital to benefit public school employees at the time of the Great Depression. Baylor had a hospital full of empty beds. To stimulate demand for its services, spread its risk among a large number of people and efficiently sell its product, Baylor offered a monthly pre-paid hospital benefit to the numerous teachers in Dallas. We know that plan as Blue Cross.Similarly, at the turn of the 20th Century, groups of physicians offered their services to the logging and mining communities of Oregon and Washington on a prepaid basis. We know that plan as Blue Shield.Baylor Hospital and the PNWEmployers Pay The Majority Of Health Insurance Premiums For Their EmployeesWhether employees know it or not, when they get their health insurance through their employer, the employer is paying most, if not all, all of the health insurance premium on their behalf. The most recent Kaiser Family Foundation Health Benefits Survey shows that 157,000,000 (one hundred and fifty-seven million) people in the United States get their insurance through their employer. The survey further states that employers pay 80% of the premium for single employees and nearly 60% for employees their families. This fact is why many people are so surprised when they separate from employment and are faced with paying 100% of their premium under COBRA.Kaiser Family Foundation 2020 Employer Health Benefits SurveyMake The Most Of Your DeductibleSingle employees (i.e Employee Only in insurance jargon) only have to worry about one deductible per year. Employees with a spouse, a child or both have to face a deductible twice as high as single employees. This is especially true for High Deductible Health Plans. Their is an easy solution for families to reduce their deductible to the same as a single employee, however. It is called an Embedded Deductible.Embedded deductibles allow families to meet only the individual deductible when a single family member has a claim. If two family members (or more) have claims in the same year, each is subject to the single deductible, until each reaches the single limit or all reach the family limit.*When working with a High Deductible Health Plan and a Health Savings Account, make certain that the deductible is at least $2,800 for an individual - otherwise the IRS will not allow you to deduct your HSA contributions for that year.Embedded Deductible ExampleThanks, as always, for listening! I appreciate you very much. Support us by telling your family, friends, co-workers and your boss!Listen to our theme music and lots of other great songs from Morgan Fingleton hereTalk to you next Thursday!
https://vimeo.com/551232271 https://www.currentfederaltaxdevelopments.com/podcasts/2021/5/17/2021-05-17-direct-submission-to-caf-coming This week we look at: IRS begins revising returns that reported taxable unemployment and excess APTC HSA and HDHP numbers for 2022 released Census will not change the boundaries of qualified opportunity zones IRS looking to automate submission of power of attorney forms
This week we look at: IRS begins revising returns that reported taxable unemployment and excess APTC HSA and HDHP numbers for 2022 released Census will not change the boundaries of qualified opportunity zones IRS looking to automate submission of power of attorney forms Copyright 2021, Kaplan, Inc.
#022 - Reprise of Health Insurance Open Enrollment Make It Simple, Episode 2. Get ready for Open Enrollment now so that you have the fundamentals down….get out ahead….don't wait until October when stress will be highest and you might make a poor choice.For some employees, this show is quite timely because many employers have renewal dates on July 1st. Ask your employer the date that your health insurance renews so you can be properly prepared!Doxcost Episode 2Get Health Insurance Plan Documents/Enrollment Kit from your employer to consider your optionsIdentify three key items:PremiumDeductibleCoinsurance RateSee example of table in Episode Two show notes at Doxcost.comMake certain you tell your employer that you want a plan that is eligible for a Health Savings Account (HSA). Plans that are eligible for HSAs are called High Deductible Health Plans. Don't fear the high deductible…..it can be as low as $1,400 annually and still qualify for use with an HSA.When considering your lowest cost options, you need to add all of your expenses. Your expenses are all of the cash coming out of your pocket to pay premiums, deductibles, coinsurance AND taxes withheld from your paycheck!Traditional PPO and HMO plans require that you pay tax to Uncle Sam first before you pay your deductible and coinsurance.HSA eligible plans save you the same amount of taxes that traditional plans make you pay. Depending on the plan, that could mean thousands of dollars you can save each and every year.IRS detailed information on Health Savings AccountsThanks, as always, for your support. Tell your family, friends coworkers about Doxcost. If your employer needs help, I am happy to connect with them.Tell your employer to contact me here (link to Doxcost contact)Next episode I cover the benefits of getting your health insurance through your employer.And if you like the music on Doxcost, hear more from my pal Morgan Fingleton, click here
As employers are squeezed tighter and tighter in terms of healthcare costs, it's an ever-increasing challenge to create benefit packages that appeal to the kind of workforce they want to attract and keep. Many find HDHP's a necessary evil. - After a conversation with this HSA WIZARD, you may just changed your mind and find it a powerful tool not just for affordable healthcare -- but as a robust wealth-building strategy!
#021 - Reprise: Don't Fear The High Deductible is an encore presentation of our most popular show. Health Savings Accounts (HSAs) work with High Deductible Health Plans (HDHPs) save you the most money, period.In order to open a Health Savings Account, you must be enrolled in an eligible High Deductible Health Plan. Most people see High Deductible and get scared away. High Deductible Health Plans go as low as $1,400 for an individual in 2021 and $2,800 for households with two or more.Learn more about HSA and HDHP limits for 2021Don't Pay Tax And Keep Money In Your PocketMoney deposited in a HSA account is not taxed. Money deposited in a regular savings account (or checking or investment account) is taxed - often referred to as after tax because Uncle Sam takes his tax out of your paycheck and what is left is after tax.Learn more about Health Savings Accounts hereOur family has utilized Health Savings Accounts since they started in 2004. I prefer Lively.Visit Lively here - I receive a nominal fee for recommending LivelyAs I always, I appreciate you very much! Tell your family, friends, coworkers and your boss about Doxcost!Next episode we'll take another look at why you get your health insurance through your employer....
#019 - I Hate Insurance and other comments about health insurance and healthcare are highlighted in a snapshot look at how people view their current situation within the health insurance and healthcare systems as exclaimed on Twitter.Follow @doxcost on TwitterLots of angst and anguish can be found on Twitter. We decided to take a look and see what is really bothering people about health insurance and healthcare. Scott puts "I Hate Insurance" in the search box. Some comments are amusing, some is unfortunate and some is disturbing. I respond in an honest and helpful way or at least put things in context.Lots of people misunderstand health insurance. The tangling of health insurance and healthcare is on full display.Why You Save By Getting Your Health Insurance Through Your Employer - Episode 3A couple of doctors, obviously well-educated, display their ignorance regarding their profession's direct contribution to the "thousands and thousands of dollars insurance companies have convinced people to spend on their health insurance". Payments to providers (i.e. Doctors, Hospitals, Pharma) are the single largest component of the cost of your health insurance premiums.How Health Insurance Is Priced - What Makes Up A Dollar of Premium - Episode 11 I appreciate you very much! Tell your family, friends and colleagues - especially small business owners - to listen to Doxcost wherever they get their podcasts. Follow us on Twitter @doxcostNext up, we'll explain the cancer that is Assignment of Benefits and how that single-handedly takes you out of the loop with your doctor and your insurance. You won't want to miss it next Thursday!
#018 - Learn how an HSA will earn you a quick and easy return by making an eligible deposit before you file your taxes.An HSA is like getting free money!Don't Pay FICA or Federal Income Tax(some states still tax your HSA deposits)FICA = Social Security Withholding AND Medicare Withholding = 7.65% of your paycheckFederal Income Tax Withholding = 10% to 37%Maximum HSA Deposit in 2021Individual - $3,600Head of Household/Married/Family - $7,200 per yearYou keep the money instead of paying Uncle Sam$3600 x .0765 = $275$3600x .22 = $792$1,067 stays in your pocket! Why give it away when you do not have to? If you're a family, you'll keep even more of your hard-earned paycheck!I've utilized the benefits of Health Savings Accounts since their inception. I prefer Lively HSALearn about Lively HSA hereThanks, as always, for your support! Please share Doxcost with your family, friends and colleagues. Visit doxcost.com to learn more.Open Enrollment Workshop coming late summer 2021!
2021 could be a big year for high-deductible health plan (HDHP) and health savings account (HSA) enrollment. Employees who are new to HDHPs might be surprised that the deductible isn’t as big of a leap as they would expect. And HSAs are often confused with FSAs, even though HSAs have a number of key advantages over an FSA. To learn more about HSAs and retirement, get your free white paper. Follow Bill Stuart on LinkedIn.
#009 - Know what you have! Grab your policy or the plan outline provided by your employer and review your coverage now, at the beginning of the year.Understand what you will have to spend if and when a claim arises and set money aside, as best as you can, to cover the total.Know the following:Deductible amountYour percentage share of CoinsuranceYour Out of Pocket Maximum (OOP)Your premium - over the course of the year, not just for one month or one pay periodIf you have a spouse and/or children, check to see if your deductible/OOP is double or moreIf you have a Health Savings Account (HSA), know your annual maximum contribution and fully fund your HSA as best as you can - over 55 years old.....contribute an additional $1,000 and open a separate HSA for a spouse and contribute another $1,000I recommend Lively HSA. Lively is free, online and paperless. I receive nominal compensation from Lively at no cost to you.https://doxcost.com/livelyI appreciate you very much! Thanks, as always, for your support. Subscribe and tell your friends!In the next show, we'll discuss how health insurance is priced and why you need to pay attention to how much you are charged by your doctor, hospital, pharmacy and other providers.
It’s often a good idea to open a Health Savings Account (HSA). Your employer’s high-deductible health plan (HDHP) comes with a useful option – a health savings account (HSA). You can save for current and future medical expenses in an HSA, and they confer a triple tax advantage.If you missed any of our past episodes, you can hear them in your favorite podcast app, just click here and choose your player. Get this briefing hands-free: Subscribe free to this show as a daily Alexa Flash Briefing! Enable the skill here then say, "Alexa, news." See acast.com/privacy for privacy and opt-out information.
Rob, Scott, and Jason discuss the 2020 Kaiser Health Survey, including: renewal rate increases, employer and employee premium contribution rates, the most common plan designs (PPO, HDHP, HMO, POS) and their enrollments, higher deductibles and employee cost sharing, the uncertainties that insurers and employers have to deal with right now, and more.
During this 20th episode of the Simplifynance Podcast, host Rachel Stewart talks with Hunter Kinchen, Employee Benefits Consultant with BXS Insurance about Health Insurance Group Benefit offerings and what employees and business owners should consider when selecting their plan. Episode Highlights: -Hunter works with Business Owners to design benefits packages for their workforce as well as with employees to help understand the offerings. -Hunter publishes LinkedIn videos to help simplify complex benefit language and health insurance concepts. -He found that more people needed access to his knowledge than he was originally aware of. -Insurance products, investments, etc sometimes float around independently of one another. There’s a common broken link between High deductible plans and Health Saving Accounts. -High deductible plans require the member to meet the listed deductible BEFORE the insurance starts to cover any of the cost, known as the co-insurance. -In a copay plan, costs are more predictable and are stated as a “copay,” $25 for a physician visit for example. These costs apply towards your deductible, but you do not have to meet your deductible first before the copay applies. You are paying (with your premium for that predictability. -Hunter has 2 young children, and believes that the copay plan may work better for families with young children. -Understanding which plan is right for you depends on a number of factors: expected usage, access to plan offerings between spouses, and comfort level on predictability. -A certain plan type isn’t always “best” forever. Life may necessitate a change in plan type. -Be on the lookout for how costs are illustrated. Sometimes they are shown as the full cost (before considering the employer’s contribution), or shown as a per pay period –which could be 12, 24 or 26 times a year. Make sure you are considering apples to apples when looking at plan costs, such as your total annual cost for each option. -HSA (Health Saving Accounts) are tied to High Deductible plans. It’s not an insurance product, rather a savings vehicle. Yet, it typically gets lost between the 2. But understanding its purpose and benefits may help you utilize it to its fullest advantage. -Contributions and account growth are tax exempt when used for qualified medical expenses. -Consider contributing to your HSA if you’ve maxed out your employer’s retirement plan contribution limits as another way to save for retirement and reduce your taxable income. -An HSA is not the same as an FSA (Flexible Spending Account.) An HSA can only be tied to a High Deductible plan. An FSA can be tied to either a HDHP or a Copay plan. -You can use funds on Amazon to purchase things like sunscreen, that are HSA/FSA eligible. -FSA balances do not roll over from one year to the next. It’s a use it or lose it account. However, HSA balances will continue year after year and can even be there for you in retirement years to offset medical expenses, which make up a large amount of retirement expenses. -Oftentimes, employers will offer a contribution to HSA’s, which might be another consideration in choosing a High Deductible plan. -As a business owner, you can reach out to Hunter even if just starting your business to inquire about group benefits. You only need 2 employees to have a group. It doesn’t cost to shop the benefits. All you need are standard employee demographics and a quote can be provided. -If a business owner has an individual plan that was bought in the open marketplace, they might consider pricing out similar options in the group plan space. There might be some savings that could be uncovered. -As you’re considering benefits packages, having a comprehensive offering can help with attracted and retaining talent. It may help when employees consider employment with you or even are considering leaving employment. Outside of health insurance, vision, dental, disability, etc are all worth considering in your overall compensation package. Hunter can be reached by emailing him at hunter.kinchen@bxsi.com or by his office phone at 225-215-9472. Resources Mentioned: ● Horizon Financial Group ● Simplifynance Resources ● rachel@horizonfg.com ● hunter.kinchen@bxsi.com ● Linkedin: Hunter Kinchen ● bancorpsouth.com/insurance
Feel like your premiums are too expensive? Learn how you can significantly save money and find an affordable health insurance plan for your family! Choosing an Affordable Health Insurance Plan Like many families, we want affordable health insurance. Unfortunately, it’s not always easy. In 2019, the average annual premium for a family was over $20,000! That’s quite a bit of money so it’s absolutely crucial that you’re 1) getting the most out of it and 2) if there is a more affordable option, you can make that transition easier. The good news is with open enrollment, you can have some big wins with your benefits for next year. I want to make sure that when you two sit down, I want you to feel comfortable and confident about tackling your benefits. Of course, every couple is different, I’m grateful Andy Hill, the creator of Marriage, Kids, and Money and the co-founder of Thriving Families Facebook Group is here to chat with me about his and Nicole’s process with choosing a health plan. We’re going to compare how each of us approached finding the best health insurance plan for our families. In this episode we’ll get into: The differences between the most common options given What to consider when deciding if a high deductible plan is right for you Maximizing your available health care benefits Let’s get started! Resources to Save Money on Healthcare Are you looking for more help with keeping health care within your budget? Here are some resources: Best Budget and Money Apps: Personal Capital, Tiller, Mint Grow Your Stash Faster: High Yield Savings with CiT Bank Free 401(k) Analysis: blooom Jumpstart Your Marriage and Your Money Simplify and Enjoy: Financial Freedom for Families 5 Days to $5K Course How to Save Money on Your Health Insurance and Expenses Hack the Affordable Care Act Guide Why We’re Switching to a High Deductible Health Plan How to Spend Less on Insurance Thank You to Our Sponsor Coastal! Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today. They have competitive rates on checking and savings accounts! Key Takeaways on Finding an Affordable Option for Healthcare Before we wrap up, I want to focus on a few key takeaways I got from speaking with Andy and preparing this episode. Invest time in choosing your healthcare plan. Health care can be expensive, but simply going with the cheapest option can hurt you in several ways. High deductible health plans aren’t for everyone. We have an HDHP and so far love it and so do many in the FI space, but that doesn’t mean it’s the best option for you. Use tax-advantaged accounts to maximize your money. If you want to discuss this more, please come chat with us on Facebook in the Thriving Families Group. We’re supportive. We’d love to see you there! Support the Podcast! Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it. Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share. Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher. Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together! Music Credit Like the music in this episode? Our theme song is by Gentle Regime. Additional music by Lee Rosevere and Logan from Music for Makers in this episode.
Keep more money in your wallet. Consider electing HDHP 2 or 3 during Annual Enrollment.
One of the healthcare conversations on Capitol Hill centers around the decoupling of health savings accounts (HSAs) from their high-deductible health plan (HDHP) requirement. Will it happen? And if so, when? And what would that mean for HSAs? We break it all down in this episode of Benefits Buzz.
To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Ever since the signing of the Affordable Care Act in 20-10 health savings accounts have become more popular and for many Americans theyre now an absolute necessity.As deductibles soared the need to offset those costs has also risen sharply enter the HSA. Today, financial planner and teacher Rob West explains how they can save you money now and decades into the future. Then its your calls at 800-525-7000. HSAs are intended to help folks cope with high health insurance costs specifically high deductibles. Think of an HSA also as a qualified retirement account, like a 401k or traditional IRA, that you can tap into for health-related expenses at any time. Not everyone is eligible for an HSA. You first must have an HDHP or High Deductible Healthcare Plan For 2020, the minimum deductible for an individual policy is $1,400, for a family policy its $2,800. Theres also a maximum annual out-of-pocket expense requirement its $6,900 for individuals and $13,800 for a family. The money you put into an HSA isnt counted toward adjusted gross income on your tax return. So, when you use those funds for qualified medical expenses, youre paying with pre-tax dollars. Theres a long list of qualified expenses, including doctor visits,deductibles, co-insurance, prescriptions, and dental and vision care. Her is a more complete list of other expenses. You can withdraw any amount from an HSA at any time,butif you use it for something other than a qualified expense its subject to regular taxes plus a 20-percent penalty Once you reach age 65, you can use HSA funds foranythingwithout incurring the 20-percent penalty. You would only have to pay regular income tax on money used for non-qualified expenses. If your employer offers a HAS you simply sign up and designate how much you want taken out of each paycheck. That amount will go into your account before taxes. If you have a High Deductible Healthcare Plan and your employerdoesntoffer one, or if its a private plan, you can set up an HSA at any of the major brokerages like Vanguard, Fidelity or Schwab. Here are some questions we answered from our callers on todays program: I have a small amount of money that was given to me as a pension from a job from a long time ago. I was given the opportunity to take the money and invest it. It is in a holding account. I have been told to put it into a self-directed IRA. Should I do this now or wait until the market is steadier? I recently sold a property and I do not need the funds right now. How should I handle this money? My husband and I own our home, but we do not have any retirement saved. We are considering a reverse mortgage. What is your opinion on this? I have 3 IRA accounts and each is tied to a life insurance policy. They all have my name on them, but they are all for different purposes. How do I go about getting the money to the correct places? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.
Should you stick with the Federal Employees Health Benefit Plan (FEHB), or switch over to TRICARE. Here’s what you need to know: Who. To be eligible for FEHB, you must be a federal employee or a covered family member. In general, to be eligible for TRICARE, you must in the military or a family member; this includes guard, reserves, and retired military.While activated, guard and reserves are eligible for the same Tricare plans as active duty servicemembers. Retired reservists age 60 and older are eligible for Tricare. However, drilling Guard and Reservists, and retired reservists under age 60, ARE NOT eligible for TRICARE if you are eligible for FEHB. Tricare vs. FEHB. Tricare Pros:1. Simple. Three main categories of Tricare – Select, Prime, Tricare for Life. Select and Prime are for eligible servicemembers under age 65. Tricare for Life is the only plan available for those 65 and older.2. Consistent. Plans and fees are the same nationwide (FEHB varies by state)..3. Cheaper (generally) than FEHB for similar coverage.FEHB Pros:1. Choice. More types of plans, more providers, and more options.2. Offers High Deductible Health Plans (HDHP), some with Health Savings Accounts (HSA). These are not offered in Tricare.Considerations.If an HDHP is a good fit for you (only available in FEHB) look for one with an HSA that includes employer contributions. HSA’s are the account you deposit money to save and invest to pay the high out of pocket medical expenses associated with the HDHP. If your medical expenses are less than your contributions, these are a great savings tool. The money is yours forever, unspent money is rolled over from year to year. Your contributions and the earnings in your account are NOT taxed, ever, as long as they are used to pay medical expenses. When you turn 65, you are no longer eligible to maintain an HAS and any funds still in your HSA are distributed to you tax-free to spend or invest any way you want.When you reach age 65, you must sign up for Medicare part B (unless you have an exception) and begin paying Medicare Part B premiums. Both Tricare for Life and HEFB work together with Medicare to cover your needs. Tricare for Life has no fees or premiums. When combined with Medicare coverage is nearly complete with very few other out of pocket expenses (other than Medicare premiums). HEFB plan costs are the same for retirees as for current employees. So you will need to pay your FEHB premiums AND Medicare premiums. Retired federal employees should review you FEHB coverage. You may be able to retain similar overall coverage (FEHB and Medicare combined) and lower your costs by switching to a less robust FEHB plan.It is very important that you sign up for Medicare Part B when you reach age 65. If you have an exception, you must sign up as soon as lose your exception. There is a 10% Medicare Part B premium penalty for every year you delay (delay 5 years, you owe a 50% penalty). This penalty is permanent - you would need to pay it yearly for the rest of your life. Tricare and FEHB in retirement.1. You must be enrolled in Tricare and/or FEHB for the last 5 years before retirement. 2. You will need to enroll in FEHB (if you aren’t already) during the open season before your retirement to meet the requirement to be in FEHB on the day you retire.3. If you would like to move to Tricare after you begin federal retirement, SUSPEND (do not cancel) FEHB to retain the ability to go back to FEHB later if you want.4. If you cancel FEHB in retirement, it is permanent and you can never return to FEHB. If you have any questions about today’s show, or would like to learn more, reach out and let’s do this, together. https://www.moneypilotadvisor.com
https://vimeo.com/422254012 https://www.currentfederaltaxdevelopments.com/podcasts/2020/5/24/2020-05-25-just-kidding This week we look at: PPP guidance on foreign affiliates, §501(c)(12) utilities, the actual final extension of the PPP repayment date and the SBA backing off the threats on necessity of the loan certification IRS discusses which date to use to value certain stock based compensation Changes made to maximum medical FSA carryovers for cafeteria plans IRS issues COVID-19 related relief for cafeteria plans The tax consequences of payments to students discussed in IRS FAQ which uses §139 to exclude them from income IRS releases inflation adjusted HSA and HDHP numbers for 2021
This week we look at: PPP guidance on foreign affiliates, §501(c)(12) utilities, the actual final extension of the PPP repayment date and the SBA backing off the threats on necessity of the loan certification IRS discusses which date to use to value certain stock based compensation Changes made to maximum medical FSA carryovers for cafeteria plans IRS issues COVID-19 related relief for cafeteria plans The tax consequences of payments to students discussed in IRS FAQ which uses §139 to exclude them from income IRS releases inflation adjusted HSA and HDHP numbers for 2021 Copyright 2020, Kaplan, Inc.
In this episode we discuss the newly signed Cares Act aimed at providing aid to businesses and individuals that have been impacted by the Coronavirus and the resulting economic shut-down. The application process for the Cares Act loans will take the form of a modified 7a SBA loan and will be processed through SBA approved lenders. On this episode, we have bank representatives, employment attorney, FSU Economics professor and business leaders in the restaurant industry. A recent post re: the summary of the Cares Act:Senate Passes the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”)26 March 2020 Coronavirus Resource Center BlogAuthors: Frank S. Murray Jr Jared B. Rifis Leah R. Imbrogno Jamie N. Class Matthew E. Sierawski Julia Di Vito Kaitlyn M. Foley As the coronavirus outbreak continues to wreak havoc on markets and industries in the United States and around the world, businesses are now confronting significant and unique challenges. Successful navigation of these challenges will require thoughtful and comprehensive planning. Foley has created a multi-disciplinary and multi-jurisdictional team, which has prepared a wealth of topical client resources (see Foley’s Coronavirus Resource Center) and is prepared to help our clients meet the legal and business challenges that the coronavirus outbreak is creating for stakeholders across a range of industries, including manufacturing, technology, solar, hospitality and travel, healthcare, food, fashion and apparel, and sports and entertainment. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) – Summary of Bill Language and Key TakeawaysOn March 25, 2020, the Senate unanimously passed (96-0) the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), commonly known as “Phase Three” of coronavirus economic relief. The CARES Act provides much needed stimulus to individuals, businesses, and hospitals in response to the economic distress caused by the coronavirus (COVID-19) pandemic. The bill passed on March 25 is not yet law. Until the CARES Act is passed by the House of Representatives and signed into law by the President, it is subject to revisions. The bill will now go to the House, which is currently not in session. The House may reconvene to address the bill or pass the bill by unanimous consent agreement. The House is expected to pass the bill without changes on March 27, and it will then be presented to the President for his signature.Additional information, updates, and analysis regarding the CARES Act will be posted on Foley’s Coronavirus Resource Center. Please check back frequently for updates. Foley is available to assist in interpretation of the CARES Act for your business and can help you find ways to claim and/or use available funding for your company. The CARES ActTop 10 Takeaways:Provides stimulus to individuals, businesses, and hospitals in response to the economic distress caused by the coronavirus (COVID-19) pandemic.Creates a $349 billion loan program for small businesses, including 501(c)(3) non-profits and physician practices. These loans can be forgiven through a process that incentivizes companies to retain employees.Allocates $500 billion for assistance to businesses, states, and municipalities, with no more than $25 billion designated for passenger air carriers, $4 billion for air cargo carriers, and $17 billion for businesses critical to maintaining national security. The remaining $454 billion may be used to support lending to eligible businesses, states, and municipalities.Allocates $130 billion in relief to the medical and hospital industries, including for medical supplies and drug and device shortages.Expands telehealth services in Medicare, including services unrelated to COVID-19 treatments.Provides $1,200 to Americans making $75,000 or less ($150,000 in the case of joint returns and $112,500 for head of household) and $500 for each child, to be paid “as rapidly as possible.”Expands eligibility for unemployment insurance and provides people with an additional $600 per week on top of the unemployment amount determined by each state.Expands the Defense Production Act, allowing for a period of two years when the government may correct any shortfall in resources without regard to the current expenditure limit of $50 million.Provides the Secretary of the Treasury with the authority to make loans or loan guarantees to states, municipalities, and eligible businesses and loosens a variety of regulations prior legislation imposed through the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Economic Stabilization Act of 2008, and others.Accompanied by supplemental appropriations to help the government respond to this pandemic.Summary of the CARES Act:Division A - Keeping American Workers Paid and Employed, Healthcare System Enhancements, and Economic Stabilization Title I – Keeping American Workers Paid and Employed Act Foley Title I Contacts: Jamie Class, Erin Toomey, Jessica Glatzer Mason, and Frank MurrayPaycheck Protection ProgramThe Paycheck Protection Loan Program, at a price tag of $349 billion, covers the period February 15, 2020 through June 30, 2020 and greatly expands SBA loan eligibility. The loan program will allow businesses suffering due to the coronavirus outbreak to borrow money for a variety of qualified costs related to employee compensation and benefits, including (i) payroll costs, (ii) continuation of health care benefits, (iii) employee compensation (of those making less than $100K), (iv) mortgage interest obligations, (v) rent, (vi) utilities and (vii) interest on debt incurred before the covered period.The legislation greatly expands the number of businesses (including non-profits) that are eligible for SBA loans and raises the maximum amount for such a loan by 2.5 x the average total monthly payroll costs, or up to $10 million. The interest rate may not to exceed 4%.Companies that employ no more than 500 employees are (or a greater number based on the size standard applicable to the industry) may be eligible. Certain companies in the Accommodation and Food Services Industry (NAICS Code 72) may be eligible if they have no more than 500 employees per physical location. In most cases, the number of employees is counted together with all affiliates.Waives affiliation rules under 13 C.F.R. 121.103 for any business with less than 500 employees in the Accommodation and Food Services Industry, certain franchise businesses and small businesses that receive financing through the Small Business Investment Company Act. Affiliation rules otherwise apply to determine eligibility.Waives the credit available elsewhere, personal guaranty and collateral requirements.For eligibility purposes, requires lenders to determine whether a business was operational on February 15, 2020, and had employees for whom it paid salaries and payroll taxes, or a paid independent contractor. (This is likely to be interpreted to replace the determination of repayment ability which is not possible during the crisis.)All or a portion of the loan may be forgivable and debt service payments may be deferred for up to 1 year.Entrepreneurial DevelopmentProvides funding to educate small businesses and their employees regarding (i) Federal resources available during this time, (ii) Hazards of COVID-19 and (iii) best practices around teleworking to prevent the spread of COVID-19.iii. State Trade Expansion ProgramAllows for federal grant funds appropriated to support the State Trade Expansion Program (STEP) in FY 2018 and FY 2019 to remain available for use through FY 2021.Waiver of Matching Funds Requirement under the Women’s Business Center ProgramEliminates the non-federal match requirement for Women’s Business Centers for a period of three months. Loan Forgiveness Establishes that the borrower under the Paycheck Protection Program shall be eligible for loan forgiveness equal to the amount spent by the borrower during an 8-week period after the origination date on (i) rent, (ii) payroll costs for workers making less than $100K, (iii) interest on a mortgage, and (iv) utility payments. The amount forgiven may not exceed the principal of the loan. Incentivizes companies to retain employees by reducing the amount forgiven proportionally by any reduction in employees retained compared to the prior year.To encourage employers to rehire any employees who have already been laid off due to the COVID-19 crisis, borrowers that re-hire workers previously laid off will not be penalized for having a reduced payroll at the beginning of the period.Minority Business Development Agency Empowers the Department of Commerce, through the Minority Business Development Agency, to provide grants to minority business centers and minority chambers of commerce to provide education, training and advising related to accessing federal resources.vii. United States Treasury Program Management Authority The Department of the Treasury, consulting with the Small Business Administration and the Chairman of the Farm Credit Administration shall establish criteria to allow other lenders to participate in the Paycheck Protection Program, so long as such participation does not threaten the safety and soundness of the lender, as determined in consultation with the relevant federal banking agencies.viii. Emergency Economic Injury Disaster Loans (“EIDLs”) For the period between January 31, 2020 and December 31, 2020 (the “covered period”) EIDL eligibility is greatly expanded to include any business with not more than 500 employees operating under a sole proprietorship or as an independent contractor, and any cooperative, ESOP and tribal small business concern with not more than 500 employees. The number of employees is determined together with affiliates.Furthermore, EIDLs may be approved solely on the bases of an applicant’s credit score or by use of alternative methods to gauge the applicant’s ability to repay. Additionally, applicants may request an advance of up to $10,000 within three days after the Administrator receives the application, subject to verification that the entity is eligible under this program. The advance may be used for any allowable purposes under §7(b)(2) of the Small Business Act and is not subject to repayment, even if the loan request is ultimately denied.Importantly, the CARES Act waives: (1) the requirement of personal guarantees for loans up to $200,000, (2) the requirement that the applicant must be in business for a year (but must be in operation on January 31, 2020), and (3) the credit elsewhere test.Establishes that an emergency involving Federal primary responsibility determined to exist by the President under Section 501(b) of the Stafford Disaster Relief and Emergency Assistance Act qualifies as a new trigger for EIDLs.Importantly, the CARES Act waives: (1) the requirement of personal guarantees for loans up to $200,000, (2) the requirement that the applicant must be in business for a year (but must be in operation on January 31, 2020), and (3) the credit elsewhere test.Subsidy for Certain Loan PaymentsFor loans under §7(a) of the Small Business Act, Title V of the Small Business Investment Act, and for loans made by an intermediary using §7(m) loans or grants, the Administrator shall pay the principal, interest, and fees owed for loans in regular servicing status for any such loans, whether on deferment or not, that were made before the enactment of the Act for the following 6-month period, and for any such loans that were made between the date of enactment of the Act and six months from such date. This does not apply to Payroll Protection loans or EIDL loans which have separate subsidy and repayment requirements.The payments shall be made not later than 30 days from when the first payment is due and shall be applied such that the borrower is relieved of any obligation to pay that amount. The Administrator shall coordinate with relevant banking agencies to request that lenders not be required to increase reserves because of these payments.The Administrator will waive limits on the maximum loan maturities for loans given deferral and extended maturity during the year following enactment. The Administrator will extend lender site visit requirement timelines as necessary because of COVID-19, to within 60 days of a non-default adverse event, and 90 days of a default. $17 billion is appropriated for the foregoing.BankruptcySection 1182(1) of Title 11 is amended to define “debtor” as persons engaged in commercial or business activities and their affiliates (excluding persons who primarily own single asset real estate) that have aggregate, noncontingent, liquidated secured and unsecured debts (at the date of petition filing or the order for relief) of $7,500,000 or less (excluding debts owed to affiliates or insiders), half or more of which arose from those activities. Exempt from this new definition are any members of a group of affiliated debtors that has aggregate, noncontingent, liquidated secured and unsecured debts over $7,500,000 (excluding debt owed to affiliates or insiders); corporations subject to 1934 Act reporting requirements; and affiliates of an issuer under the 1934 Act. National Emergency Act payments for COVID-19 by the President are exempted from “current monthly income” and “disposable income” when determining the power of courts to approve debtor plans rejected by trustees or claim holders. Debtors that have experienced material financial hardship due to COVID-19 can modify a plan confirmed prior to this Act’s enactment date if approved after notice and hearing, but only if that plan doesn’t provide payments more than seven years after the first payment was due under the original plan, and follows requirements of 1322(a)-(c) and 1325(a). This modification terminates one year after the enactment of this Act.Title II – Assistance for American Workers, Families, and Businesses Foley Title II Contacts: Julie Lutfi, Ashley May, and Dick RileySubtitle A: Unemployment Insurance ProvisionsEligibilityThe law expands the scope of individuals who are eligible for unemployment benefits, including those who are furloughed or out of work as a direct result of COVID-19, self-employed or gig workers, and those who have exhausted existing state and federal unemployment benefit provisions.The only individuals expressly excluded from coverage are those who have the ability to telework with pay and those who are receiving paid sick leave or other paid benefits (even if they otherwise satisfy the criteria for unemployment under the new law).Administration of BenefitThe benefits are administered by each state and upon the state’s written agreement with the Secretary of Labor to provide the specific benefits. States that enter into such an agreement with the Secretary of Labor will be reimbursed in whole or in part for the cost of the benefits plus administrative expensesTypes of Benefits ProvideThe law provides an increase of $600 per week in the amounts customarily available for unemployment under state law. This increase applies for unemployment payments made from the date of the law’s enactment through July 31, 2020 (approximately four months).States can agree to provide pandemic emergency unemployment compensation to individuals who have either exhausted all of the benefits available to them under existing state and federal law or who are not otherwise eligible for benefits under existing state and federal law. Individuals must be able and available to work and actively seeking work, unless they are unable to do so as a result of COVID-19 illness, quarantine, or movement restriction.States can agree to waive the waiting period for receipt of benefits so that individuals do not experience gaps in income.The federal government will temporarily fund short-time compensation under existing state plans. States that do not yet have short-time compensation plans in place may agree to implement a plan, provided that employers who enter into short-time compensation plans must be required to pay to the state half of the short-time compensation paid under the planTime Periods for Expanded BenefitsThe law provides unemployment benefit assistance to covered individuals who are not otherwise entitled to benefits under existing state or federal law for weeks of unemployment, partial unemployment, or inability to work caused by COVID-19 during the period January 27, 2020 through December 31, 2020. This includes any waiting periods for benefits under applicable state law.The total benefit may not extend beyond 39 weeks (including any unemployment benefits or extended benefits received under existing state or federal law), unless, after the law is enacted, the duration of extended benefits is extended, in which case the total benefit may extend beyond 39 weeks by that same additional period of extended benefits.The $600 weekly benefit increase will be applicable to weekly payments made through the end of July 2020.Protections Against Fraud and OverpaymentAny fraudulent intent or misrepresentations to obtain payments to which an individual is not entitled will result in ineligibility for any other unemployment compensation benefits under the new law as well as criminal prosecution. Overpayments may be clawed back by the state agencies.Social Security TreatmentThe additional unemployment compensation provided is not considered “income” for purposes of Medicaid and CHIP.Subtitle B: Rebates and Other Individual ProvisionsTax CreditsBeginning in 2020, "eligible individual" taxpayers can benefit from a tax credit equal to the sum of: (i) $1,200 for single filers ($2,400 for those filing a joint return) plus (ii) an amount equal to th eproduct of (a) $500 multiplied by (b) the number of qualifying children. However, the aforementioned tax credits will be “phased-out” by 5% (but not below 0) when such eligible taxpayer’s adjusted gross income exceeds: (i) $150,000 for joint-filers, (ii) $112,500 for heads of household, and (iii) $75,000 for all other types of filers.This means, for example, the tax credit will phase out entirely at $198,000 for joint-filers with no children.“Coronavirus-Related Distribution”A “coronavirus-related distribution,” as defined under the CARES Act, is generally defined as any distribution from an eligible retirement plan made: (i) on or after January 1, 2020 and before December 31, 2020, (ii) to an individual (a) who is diagnosed with COVID-19, (b) whose spouse or dependent is diagnosed with COVID-19, or (c) who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, had hours reduced, or other factors as determined by the Secretary of the Treasury during the COVID-19 pandemic.Tax Treatment of Coronavirus-Related DistributionsIndividuals who elect to receive a “coronavirus-related distribution” will not be subject to the traditional 10% tax penalty imposed under the Internal Revenue Code of 1986, as amended (the “Code”) for early withdrawals from eligible retirement accounts,unless the aggregate amount of such distributions from all plans maintained by the employer (and any member of any “controlled group” which includes the employer) to such individual exceeds $100,000. Coronavirus-related distributions made from both traditional eligible employer sponsored retirement plans and individual retirement accounts (“IRAs”) may be excluded from gross income.Repayments of Coronavirus-Related DistributionsAny individual who receives a coronavirus-related distribution may generally, at any time during the three (3) year period beginning on the day after the date such coronavirus-related distribution was received, make one (1) or more contributions in an aggregate amount not to exceed the amount of such distribution to an eligible retirement plan of which such individual is a beneficiary . The aforementioned repayments of coronavirus-related distributions for eligible retirement plans, will, to the extent of the amount of the contribution, be treated as having received the coronavirus-related distribution in an eligible rollover distribution,” and as having transferred the amount to the eligible retirement plan in a direct trustee to trustee transfer within sixty (60) days of distribution.Effects on the Limits on Loans from Qualified Employer PlansThe limitation on loans from any qualified employer plan made to qualified individuals will be increased from $50,000 to $100,000, and should the due date of any such loan occur between the date of enactment of the CARES Act and December 31, 2020, it will be delayed for one (1) year.Effects on Minimum Distribution ThresholdThe CARES Act temporarily waives the minimum distribution requirements for all “eligible deferred compensation plans.” This includes: (i) certain contribution plans (e.g. an employer purchased annuity contract), (ii) deferred compensation plans that are maintained by an eligible employer, or (iii) IRAs. This applies for all distributions made on or after January 1, 2020.However, if this section applies to any pension plan or contract amendments, such pension plan or contract amendments will not fail to be treated as being operated in accordance with the terms of the plan during such period, solely because the plan operates in accordance with the CARES Act, so long as the amendment or contract in question has been in effect from its effective date until December 31, 2020.Any plan or contract amendments to which Section 2203 of the CARES Act (the section on temporary waiver of required minimum distribution rules) applies will not fail to meet the requirements of either the Internal Revenue Code or the Employee Retirement Income Security Act as a result of making such an amendment. However, this provision only applies to those amendments which are in effect during the period beginning on the effective date of the amendment until December 31, 2020.Tax Treatment of Charitable DonationThe CARES Act allows taxpayers to take an above-the-line tax deduction for charitable contributions of up to $300 for the tax year beginning in 2020.Additionally, except for certain exclusions specified below, the percentage and excess carryover restrictions on charitable and other “qualified contributions” (e.g. a contribution to a corporation, trust, a state, or an organization of war veterans, etc.) are disregarded.Exceptions to the CARES Act General Disregard of the Percentage and Excess Carryover Restrictions on Qualified ContributionsThe CARES Act treats individuals and corporations differently regarding the aforementioned exceptions, and such different treatments are described below.Qualified contributions for individuals will be allowed as deductions to the extent that the combined contributions do not exceed (i) the excess of the taxpayer’s adjusted gross income over (ii) the amount of the charitable contributions made by the individual under certain other provisions of the CARES Act (e.g., donations to a church, educational organization, private foundation, etc.). If such contributions exceed the foregoing limitation, they will be added to the qualified contribution excess, which is eligible to be treated as charitable deductions for up to the next five (5) successive tax years. Any qualified contributions made by corporations will be allowed as deductions only if these contributions do not exceed 25% of the taxable income of the corporation over the amount of all other charitable contributions allowed under the CARES Act. To the extent a corporation exceeds this limit, it will carry over the excess which will be eligible to be applied as charitable contribution deductions for the subsequent five tax years. This is provided that the excess qualified contribution amounts in question meet certain other restrictions, specifically, they must not exceed the lesser of: (i) 10% of the corporation’s taxable income or the total charitable deductions taken by the corporation during the taxable year over the sum of the contributions made in such year plus the aggregate of the excess contributions which were made in taxable years before the contribution year and which are deductible under this subparagraph for such succeeding taxable year; or (ii) in the case of the first succeeding taxable year, the amount of such excess contribution, and in the case of the second, third, fourth, or fifth succeeding taxable year, the portion of such excess contribution not deductible under this subparagraph for any taxable year intervening between the contribution year and such succeeding taxable year.iii. Subtitle C: Business ProvisionsEmployee Retention Credit for Employer Subject to Closure Due to COVID-19Eligible employers will receive a credit against applicable employment taxes for each calendar quarter in an amount equal to 50% of the qualified wages with respect to each employee. The amount of qualified wages taken into account for each eligible employee, however, will not exceed $10,000 per calendar quarter and the credit will not exceed the applicable employment taxes owed for such calendar quarter. The aforementioned credit is not applicable if the employer is alto taking advantage of the small business interruption loan. An eligible employer is defined as any employer: (i) which was carrying on a trade or business during calendar year 2020, and (ii) with respect to any calendar quarter for which, (a) the operation of their trade or business was fully or partially suspended due to governmental order as a result of COVID-19, or (b) the calendar quarter is within the period beginning with (1) the calendar quarter after December 31, 2019 for which gross receipts for the calendar quarter are less than 50% of the gross receipts for the same calendar quarter of the prior year and the ending with (2) the calendar quarter following the first calendar quarter beginning after the calendar quarter described in (1) for which gross receipts of the employer are greater than 80% gross receipts for the same calendar quarter in the prior year.Delay of Payment of Employer Payroll TaxesThe CARES Act will allow for most employers to defer paying their share of applicable employment taxes from the time the CARES Act is signed into law through December 31, 2020. Half of this deferred amount would be due on December 31, 2021 and the other half by December 31, 2022.Modifications for Net Operating Losses (“NOL”)There will generally be a temporary repeal of taxable income limitation including (i) in the case of a taxable year beginning before January 1, 2021, the aggregate of the net operating loss (“NOL”) carryovers to such year, plus the NOL carrybacks to such year, and (ii) in the case of a taxable year beginning after December 31, 2020, the sum of (a) the aggregate amount of NOLs arising in taxable years beginning before January 1, 2018, carried to such taxable year, plus (b) the lesser of (1) the aggregate amount of NOLs beginning after December 31, 2017, carried to such taxable year, or (2) 80% of the excess of certain taxable income.In the case of any NOL arising in a taxable year beginning after December 31, 2017, and before January 1, 2021, whereby (i) such NOL will be a net operating loss carryback to each of the five (5) taxable years preceding the taxable year of such loss and (ii) certain rules applicable to farming losses and insurance companies shall not apply. There are additional rules that apply specifically to “real estate investment trusts” and life insurance companies.Modification of Limitation on Losses for Taxpayers Other Than CorporationsFor any taxpayer other than a corporation:For a taxable year beginning after December 31, 2017 and before January 1, 2026, subsection (j) (relating to a limitation on excess farm losses of certain taxpayers) would not apply; and ii. For any taxable year beginning after December 31, 2020 and before January 1, 2026, any excess business loss of the taxpayer for the taxable year will not be allowed.In regard to treatment of capital gains and losses for purposes of calculating “excess business losses”: Deductions for losses from sales or exchanges of capital assets will not be taken into account.The amount of gains from sales or exchanges of capital assets taken into account will not exceed the lesser of (1) the capital gain net income determined by taking into account only gains and losses attributable to a trade or business, or (2) the capital gain net income.The amendments made in the aforementioned section shall apply to taxable years beginning after December 31, 2017.Modification of Credit for Prior Year Minimum Tax Liability of CorporationsThe corporate alternative minimum tax (AMT) was repealed as part of the Tax Cuts and Jobs Act, but corporate AMT credits were made available as refundable credits over several years, ending in 2021. The CARE Act accelerates the ability of companies to recover those AMT credits, permitting companies to claim a refund now and obtain additional cash flow during the COVID-19 emergency. Modification of Limitation on Business InterestThe CARES Act temporarily increases the amount of interest expense businesses are allowed to deduct on their tax returns, by increasing the 30-percent limitation (as imposed under the Tax Cuts and Jobs Act) to 50 percent of taxable income (with adjustments) for 2019 and 2020. As businesses look to weather the storm of the current crisis, this provision will allow them to increase liquidity with a reduced cost of capital, so that they are able to continue operations and keep employees on payroll.Qualified Improvement PropertyThe CARES Act enables businesses, especially in the hospitality industry, to write off immediately costs associated with improving facilities instead of having to depreciate those improvements over the 39-year life of the building. The provision, which corrects an error in the Tax Cuts and Jobs Act, not only increases companies’ access to cash flow by allowing them to amend a prior year return, but also incentivizes them to continue to invest in improvements as the country recovers from the COVID-19 emergency. Temporary Exception from Excise Tax for Alcohol Used to Produce Hand SanitizerFor distilled spirits removed after December 31, 2019 and before January 1, 2021, such distilled spirits will be free of tax for use in or contained in hand sanitizer produced and distributed in a manner consistent with any guidance issued by the FDA related to the outbreak of COVID-19.Title III – Supporting America’s Health Care System in the Fight Against the Coronavirus Foley Title III Contacts: Rachel O’Neil, Erin Horton, Anil Shankar, and Paul JosephSubtitle A, Part I: Addressing Supply ShortagesProvides for the National Academies to examine and report on the security of the U.S. medical product supply chain in order to assess U.S. dependence on critical drugs and devices sourced outside of the U.S., and to develop recommendations to improve resiliency of the U.S. supply chain for critical drug and devices.Requires the Strategic National Stockpile to include certain types of medical supplies, including personal protective equipment (PPEs), and identifies respiratory protective devices as covered countermeasures for use during a public health emergency.Prioritizes the review of drug applications to mitigate emergency drug shortages.Creates additional reporting requirements for drug manufacturers to report a discontinuation and disruption of the sourcing of active pharmaceutical ingredients.Requires manufacturers of certain drugs and medical devices critical to public health during a public emergency to develop, maintain, and implement risk management plans related to shortages, creating an annual notification requirement of the same. Such manufacturers are also subject to shortage-related inspections by the Secretary of Health and Human Services (HHS).Subtitle A, Part II: Access to Health Care for COVID-19 Patients Permits group health plans and insurers to cover and reimburse providers of diagnostic testing relating to COVID-19 at pre-emergency-period negotiated rates, and sets reimbursement rates in instances without previously negotiated rates equal to the cash price for services listed on a publicly-available website or the plan or insurer can negotiate with a provider for a rate lower than such cash price. All providers of a diagnostic test for COVID-19 are required to publicize cash price for such tests. Failure to comply with these requirements could result in HHS assessing a civil monetary penalty of up to $300 per day.Requires health plans and issuers to provide for rapid coverage of “qualifying coronavirus preventative services” – an item, service, or immunization intended to prevent or mitigate coronavirus—and vaccines for coronavirus.Appropriates $1.3 billion for FY 2020 for supplemental awards to health care centers for the prevention, diagnosis, and treatment of COVID-19.Amends Section 330I of the Public Health Service Act, relating to Telehealth Network and Telehealth Resource Centers Grant Programs, and Section 330A of the Public Health Service Act, relating to the Rural Health Care Services Outreach, Rural Health Network Development, and Small Healthcare Provider Quality Improvement Grant Programs—an individual or entity affected by these grant programs should seek out an attorney to examine the effect of such amendments.Limits potential state and federal liability for volunteer health care professionals—who provide services without compensation or other thing of value—for harm caused to patients relating to the diagnosis, prevention, or treatment of COVID-19. This provision expressly preempts more restrictive state or local law.Amends certain federal regulations governing the confidentiality and disclosure of substance use disorder patient records (Part 2), including allowing certain re-disclosures to covered entities, business associates, or other programs subject to HIPAA after obtaining the patient’s prior written consent.Permits a state agency or area agency on aging to transfer, without prior approval, not more than 100% of the funds received by the agency to meet the needs of the state or area served, and provides that the same meaning shall be given to an individual unable to obtain nutrition due to social distancing as one who is homebound due to illness.Provides that within 180 days of the passage of the Act, the Secretary of HHS shall issue guidance on the sharing of patients’ protected health information (PHI) related to COVID-19, including guidance on compliance with HIPAA regulations and applicable policies.Provides that the Secretary of HHS shall carry out a national awareness campaign relating to the importance and safety of blood donation, and the need of for donations for the blood supply during a public health emergency.iii. Subtitle A, Part III: Innovation Provides for using competitive procedures to enter into transactions to carry out public-health emergency health related projects and prohibits canceling those contracts solely because the emergency ends.Includes new provisions to expedite the development and approval of drugs to prevent or treat diseases in animals that are could have significant adverse consequences for humans.Subtitle A, Part IV: Health Care WorkforceApproves appropriations for a variety of health professions-related programs, with particular focus on programs serving medically underserved populations (rural and geriatric).Subtitle B: Education ProvisionsWaives requirement for certain higher education institutions to match federal funding and allows certain institutions to transfer unexpended allotment.Permits certain higher education institutions to use their allocations of Supplemental Educational Opportunity Grants for emergency financial aid for students.Permits certain higher education loan borrowers flexibility in repaying loans or returning grants during a qualified emergency.Permits certain students to complete distance education and certain students of foreign institutions to take classes in the United States.Allows the Secretary of Education to issue waivers upon request relating to assessments, accountability, and related reporting requirements, and requirements for state and local educational agencies and Indian Tribes to receive funding.Allows the Secretary of Education to grant a deferment to an institution that received a loan under Part D of Title III of the Higher Education Act.Payments on student loans held by the Department of Education are suspended for 6 months, and the Secretary of Education shall suspend all involuntary collection activities during the period of payment suspension.The Corporation for National and Community Service can allow individuals to accrue service hours and may permit certain grants funds.Not more than 20% of the total amount allocated to a local area under 29 U.S.C. 3151 et seq. may be used for administrative costs.For the program year 2019, not more than 20% of the total amount allocated to a local area under 29 U.S.C. 3151 et seq., may be used for administrative costs of carrying out certain local workforce investment activities, if the portion of the total amount that exceeds 10% of the total amount is used to respond to qualifying emergency. For the program year 2019, certain unobligated funds reserved by a governor for statewide activities under the Workforce Innovation Opportunity Act may be used for statewide rapid response activities, or in certain circumstances, released to local boards impacted by the coronavirus.Gives the Secretary of Education authority to waive certain eligibility requirements, wait periods, and allotment requirements under the Higher Education Act for a period of time.Authorizes the Secretary of Education to modify the required and allowable uses of funds for grants and to modify any federal share or other financial matching requirement for a grant awarded under certain provisions of the Higher Education Act to an institution of higher education or other grant recipient (not including an individual recipient of Federal student financial assistance) as a result of a qualifying emergency.Allows the Secretary of Education to modify the categories of extenuating circumstances under which a grant recipient may be excused from fulfilling a portion of a service obligation under title IV of the Higher Education Act and must consider teaching service that is part-time or temporarily interrupted due to the emergency to be full-time service. Requires the Secretary of Education to waive certain years of teaching service requirements under the Higher Education Act in certain circumstances.Subtitle C: Labor ProvisionsPaid Public Health Emergency Leave MinimumsEmployers may, but are not required to, pay any more than $200 per day and $10,000 in the aggregate for each employee for public health emergency leave under section 110(b)(2)(B) of the Family & Medical Leave Act of 1993 as amended by the Emergency Family and Medical Leave Expansion Act.Rehire Eligibility for Paid Public Health Emergency Leave EmployersFor purposes of public health emergency leave under the Emergency Family and Medical Leave Expansion Act, an eligible employee is an employee who has been employed for at least 30 calendar days by an employer with respect to whom leave is requested. The employee must be employed for at least 30 calendar days, which includes an employee who was laid off by that employer on or after March 1, 2020, had worked for employer for not less than 30 of the last 60 calendar days prior to the employees layoff, and was rehired by the employer.Emergency Paid Sick Leave MinimumsEmployers may, but are not required to, pay any more than:$511 per day or $5,110 in the aggregate for each employee when taking emergency paid sick leave if the employee is subject to a federal, state or local quarantine or isolation order related to COVID-19, the employee has been advised by a health care provider to self-quarantine due to concerns related to COVID-19, or the employee is experiencing symptoms of COVID-19 and seeking medical diagnosis; or $200 per day or $2,000 in the aggregate for each employee when taking emergency paid sick leave if the employee is caring for an individual who is subject to a federal, state or local quarantine order, or is caring for an individual who has been advised to self-quarantine due to concerns related to COVID-19, the employee is caring for the employee's son or daughter, if the child’s school or childcare facility has been closed or the child’s care provider is unavailable due to COVID-19 precautions, or the employee is experiencing any other substantially similar condition specified by HHS in consultation with the Department of the Treasury and the Department of Labor.Advance Refunding of Payroll Credits for Required Paid Sick Leave and Required Paid Family LeaveEmployers can apply a credit in the amount calculated under subsection (a) of section 7001 or 7003 of the Family First Coronavirus Response Act, subject to the limitations placed by subsection (b) of section 7001 and 7003, both calculated through the end of the most recent payroll period in the quarter. In anticipation of a credit, the credit may be advanced according to forms and instructions to be provided by the Secretary of Labor. The Act ensures employers that the Secretary of Treasury shall waive any penalty under section 6656 of the Internal Revenue Code of 1986 for failure to make a deposit of the tax imposed under section 3111 (a) or 3221(a) of such Code if failure was due to anticipation of credit allowed.vii. Subtitle D: Finance CommitteeAn additional safe harbor provision is added to section 223(c)(2) of the Internal Revenue Code, providing that a plan shall not fail to be treated as a high deductible health plan (HDHP) by reason of failing to have a deductible for telehealth and other remote care services. Section 223(c)(1)(B) of the Internal Revenue Code is adjusted to include “telehealth and other remote care.” This addition allows an individual to have an insurance plan (for plan years beginning on or before December 31, 2021) that includes telehealth and other remote care without disqualifying the individual from owning an HDHP.Inclusion of Certain Over-the-Counter Medical Products as Qualified Medical ExpensesMenstrual care products are now included under the term “qualified medical expenses.” Increasing Medicare Telehealth Flexibilities During Emergency Period The amendment removes some limiting qualifications to section 1320b-5(b)(8), which allows for the Secretary of HHS to temporarily waive or modify the application of portions of the Social Security Act in the case of a telehealth service furnished in any emergency area during an emergency period. The provision that sets out the defined term “qualified provider,” which limited 1320b-5(b)(8), is removed in its entirety. Enhancing Medicare Telehealth Services for Federally Qualified Health Centers and Rural Health Clinics During Emergency PeriodA new provision is added under Section 1834(m) of the Social Security Act (42 USC 1395m(m)), enhancing payment for telehealth services furnished via a telecommunications system by a federally qualified health center (FQHC) or rural health clinic (RHC) during an “emergency period” notwithstanding that the FQHC or the RHC providing the telehealth service is not at the same location as the beneficiary. Payment methods for FQHCs or RHCs that serve as distant sites shall be based on payment rates similar to the national average payment rates for comparable telehealth services under the physician fee schedule under section 1848.Temporary Waiver of Requirement for Face-to-Face Visits Between Home Dialysis Patients and PhysiciansAmended section 1395rr(b)(3)(B) to allow the Secretary of HHS to waive the requirement that individuals with end stage renal disease receiving home dialysis must receive certain periodic face-to-face (non-telehealth) clinical assessments in order to be eligible to receive end stage disease-related clinical assessments via telehealth. Use of Telehealth to Conduct Face-to-Face Encounter Prior to Recertification of Eligibility for Hospice Care During Emergency PeriodSection 1395f(a)(7)(D)(i) is amended to allow a hospice physician or hospice nurse practitioner during an “emergency period” to conduct a face-to-face encounter via telehealth to determine recertification for continued eligibility for hospice care.Encouraging Use of Telecommunications Systems for Home Health Services Furnished During Emergency PeriodDuring an emergency period, the Secretary of HHS shall consider ways to encourage the use of telecommunications systems.Improving Care Planning for Medicare Home Health ServicesCertain Medicare sections are expanded from being limited to the services of a physician to include services of nurse practitioners, clinical nurse specialists, and physician assistants that provide home health services.Adjustment of SequestrationA temporary suspension of Medicare sequestration put into effect during the period of May 1, 2020 through December 31, 2020. The Medicare programs under title XVIII of the Social Security Act shall be exempt from reduction under any sequestration order during the period.Medicare Hospital Inpatient Prospective Payment System Add-On Payment for COVID-19 Patients During Emergency PeriodThe Secretary of HHS will increase the weighting factor for coronavirus-diagnosed patients discharged during the emergency period. The weighting factor is used by the Secretary of HHS to reflect the relative hospital resources used with respect to discharges for a particular group compared to discharges within other groups.Increasing Access to Post-Acute Care During Emergency PeriodDuring the emergency period, the Secretary of HHS will waive the requirement that patients of inpatient rehabilitation facilities receive at least 15 hours of therapy per week. For long-term care hospitals furnishing services during the emergency period, the Secretary of HHS will further waive discharge percent requirements and the general application of site neutral payment rates.Revising Payment Rates for Durable Medical Equipment Under the Medicare Program Through Duration of Emergency PeriodThe Secretary of HHS shall apply the transition rule, described in 42 C.F.R. § 414.210(g)(9)(iii), to items and services furnished in rural areas and noncontiguous areas as planned through December 31, 2020, and through the duration of the emergency period. For areas other than rural and noncontiguous areas, the Secretary of HHS shall apply the transition rule described in 42 C.F.R. § 414.210(g)(9)(iv) through the remainder of the emergency period.Coverage of the COVID-19 Vaccine Under Part B of the Medicare Program Without Any Cost-SharingThe term “medical and other health services” is expanded to include “COVID-19 vaccine and administration.” The deductible described in section 1395l(b) shall not apply with respect to a COVID-19 vaccine and its administration.Requiring Medicare Prescription Drug Plans and MA-PD Plans to Allow for Fills and Refills of Covered Part D Drugs for up to a 3-Month SupplyDuring the emergency period, a prescription drug plan or MA-PD plan shall permit a part D eligible individual reenrolled in such plan to obtain a single fill or refill the total day supply prescribed for such individual for a covered part D drug.Providing Home and Community-Based Services in Acute Care HospitalsThe prohibition that nothing in section 1395a allows the Secretary of HHS authorization to limit the amount of payment that may be made under a plan for home-and-community care is expanded to include home and community-based services, self-directed personal assistance services, or home and community-based attendant services. The provision is also expanded to clarify that the section shall not be construed to prohibit receipt of any care or services specified in paragraph (1) in an acute care hospital, provided certain requirements are met.Clarification Regrading Uninsured Individuals The Families First Coronavirus Response Act, enacted last week, added subsection (ss) to section 1396a, which defined “uninsured individual” as those not described in section 1396a(a)(10)(A)(i) and not enrolled in certain health care programs. The CARES Act amends this definition to exclude subsection VIII if the individual is a resident of a state that does not furnish medical assistance as described. Clarification Regarding Coverage of COVID-19 Testing ProductsThe Families First Coronavirus Response Act, enacted last week, added COVID-19 testing to section 1396d, which provides medical assistance payments under certain conditions. The CARES Act amends this section by removing the requirement that the in-vitro diagnostic products administered are approved, cleared, or authorized under sections 510(k), 513, 514, or 564 of the Federal Food, Drug, and Cosmetic Act.Amendment Relating to Reporting Requirements with Respect to Clinical Diagnostic Laboratory TestsThe CARES Act extends the dates by one year for the reporting periods in section 1395m-1(a)(1)(B). The applicable prohibition that payment amounts determined under section 1395m-1 shall not result in a reduction in payments, as defined by the subsection, for a clinical diagnostic laboratory test is expanded to 2017 through 2024. The applicable percentages used to determine the limits on reductions in payment defined in 1395m-1(b)(3)(A) are adjusted to include a new clause for 2021, which makes the new applicable percentage zero (0) for 2021.Expansion of Medicare Hospital Accelerated Payment Program During the COVID-19 Public Health EmergencyMandates that the Secretary of HHS expand the accelerated payment program to hospitals experiencing significant cash flow problems during the “emergency period.” Exception for Certain States from Enhanced FMAP Requirements Provides that states may receive the temporary increase of Medicaid Federal Medical Assistance Percentage (FMAP) (authorized under the Families First Act enacted last week) notwithstanding the requirement to not impose premiums on beneficiaries, for a period of 30 days.viii. Subtitle E, Part I: Medicare ProvisionsExtension of Funding for Quality Measure Endorsement, Input, and SelectionThe Social Security Act is amended to increase the amount allotted for this fiscal year ending on October 1, 2020 from $4,830,000 to $20,000,000 and for the period beginning on October 1, 2020 and ending on November 30, 2020, the amount equal to the pro rata portion of $20,000,000. Extension of Funding Outreach and Assistance for Low-Income ProgramsThe amount allocated for state health insurance programs shall be $13,000,000 for this fiscal year. For the period beginning on October 1, 2020 and ending on November 30, 2020, the amount available will be equal to the pro rata portion of $13,000,000.The amount allocated for area agencies on aging shall be $7,500,000 for the fiscal year of 2020. For the period beginning on October 1, 2020 and ending on November 30, 2020, the amount available will be equal to the pro rata portion of $7,500,000.The amount allocated for aging and disability resource centers shall be $5,000,000 for fiscal year 2020. For the period beginning on October 1, 2020 and ending on November 30, 2020, the amount available will be equal to the pro rata portion of $5,000,000.The amount allocated for grant or contract with national center for benefits and outreach enrollment is now $12,000,000 for the 2020 fiscal year ending on October 1, 2020. For the period beginning on October 1, 2020 and ending on November 30, 2020, the amount available will be equal to the pro rata portion of $12,000,000.Subtitle E, Part II: Medicaid ProvisionsExtension of the Money Follows the Person Rebalancing Demonstration ProgramThe Deficit Reduction Act of 2005 section 6071(h)(1)(G) is amended to allocate $337,500,000 for the period beginning on January 1, 2020 and ending on September 30, 2020. For the period beginning on October 1, 2020 and ending on November 30, 2020, the amount available will be equal to the pro rata portion of $337,500,000.Extension of Spousal Impoverishment ProtectionsExtends the protections through November 30, 2020.Allows the State to disregard the income of a spouse and conduct an analysis solely on an individual’s eligibility for medical assistance on the basis of reduction of income.Delay of DSH ReductionsThis section removes the $4 billion DSH reductions for federal fiscal year 2020 and delays the cuts from taking effect December 1, 2020. Extension and Expansion of Community Mental Health Services Demonstration ProgramExpands the Protecting Access to Medicare Act of 2014.According to this section not later than 6 months after the date of enactment, the Secretary shall select two states, in addition to the eight States already listed, to participate in two-year demonstration programs that meet the requirements of this subsection.The requirements are states that:Were awarded planning grants, Applied to participate in the demonstration programs under this subsection but were not selectedThe Secretary shall use the results of its evaluation of the state’s original application and shall not require the submission of any additional application.If a state is selected it is required to: Submit a plan to monitor certified community behavioral health clinics under the demonstration program to ensure compliance with certified community behavioral health criteria during the demonstration period; and Commit to collecting data, notifying the Secretary of any planned changes that would deviate from the prospective payment system methodology outlined in the state’s demonstration application, and obtaining approval from the Secretary of any such change before implementing change.The Federal matching percentage applicable to amounts expended by states participating in the demonstration program under this subsection shall apply to amounts expended by the state during the fiscal period that begins on January 1, 2020 if the state was participating in the demonstration program as of January 1, 2020 and shall apply to amount expensed by the state during the first fiscal period the state participates if the state was selected pursuant to the expansion. Subtitle E, Part III: Human Services and Other Health ProgramsExtension of Sexual Risk Avoidance Education ProgramSection 510 of the Social Security Act is amended to extend the time through 2020 instead of ending in May 22, 2020 and to change the fiscal year to 2021. Extension of Demonstration Projects to Address Health Professions Work-Force NeedsActivities authorized by section 2008 of the Social Security Act shall continue through November 30, 2020. Extension of the Temporary Assistance for Needy Families Program and Related ProgramsActivities authorized by part 1 of title IV and section 1108(b) of the Social Security Act shall continue through November 30, 2020. Subtitle E, Part IV: Public Health ProvisionsExtension for Community Health Centers, the National Health Service Corps, and Teaching Health Centers that Operate GME ProgramsThe amount allocated for community health centers under the Patient Protection and Affordable Care Act is increased to $4,000,000,000 for fiscal year 2020 and $668,493,151 for the period beginning on October 1, 2020 and ending on November 30, 2020.The amount allocated for the National Health Service Corps is now $310,000,000 for fiscal year 2020 and $51,808,219 for the period beginning on October 1, 2020 and ending in November 30, 2020.The amount allocated for teaching health centers that operate graduate medical education programs now extends through fiscal year 2020 and $21,141,096 is allocated for the period beginning on October 1, 2020 and ending on November 30, 2020.Diabetes ProgramsThe amount allocated under the Public Health Service Act for Type I will extend through the fiscal year of 2020 and $25,068,493 will be allocated for the period beginning on October 1, 2020 and ending on November 30, 2020.The amount allocated under the Public Health Services Act for Indians will extend through the 2020 fiscal year and $25,068,493 will be allocated for the period beginning on October 1, 2020 and ending on November 30, 2020.xii. Subtitle F, Part I: Over-the-Counter DrugsAmends Chapter V of the Federal Food, Drug, and Cosmetic Act (FD&C Act) to insert a new section regulating certain nonprescription drugs that are marketed without an approved drug application under section 505 of the FD&C Act. This new section primarily achieves two goals: (1) reforms the regulatory process for over-the-counter (OTC) drug approvals permitting the FDA more flexibility to make changes administratively, rather than through the time-consuming full notice and comment rulemaking process; and (2) incentivizes pharmaceutical companies to research and manufacture innovative drug products by providing an 18-month market-exclusivity period to reward investments for new OTC drugs.Amends Section 502 of the FD&C Act, to clarify that an OTC drug which does not comply with the requirements of its OTC monograph, which is essentially an approved recipe for a drug product, is considered misbranded. The FD&C Act prohibits the introduction of misbranded drugs into interstate commerce.Clarifies that nothing in the CARES Act will apply to drugs previously excluded by the FDA from the Over-the-Counter Drug Review under the original 1972 Federal Register document.Clarifies that sponsors of sunscreen ingredients with pending orders have the option to see review in accordance with the Sunscreen Innovation Act (SIA) or to see review under the new monograph review process. The election must be made within 180 calendar days of the date of enactment of the CARES Act. Provides an annual procedure to update Congress on the appropriate pediatric indication for certain OTC cough and cold drugs for children under the age of six. The evaluation consists of conditions under which nonprescription drugs are generally recognized as safe and effective.Makes technical corrections to the FDA Reauthorization Act of 2017 (Public Law 115-52).xiii. Subtitle F, Part II: User FeesDeclares that the fees paid pursuant to this section will be dedicated to FDA review of over-the-counter monograph drugs as set forth in the goals section and in letters from the Secretary of HHS to certain congressional committees.Establishes a new FDA user fee to allow the agency to hire additional staff members to ensure there is adequate agency oversight to approve changes to OTC drugs.Title IV – Economic Stabilization and Assistance to Severely Distressed Sectors of the United States Economy Foley Title IV Contact: Christopher SwiftTitle IV of the Coronavirus Aid, Relief, and Economic Securities Act provides the Secretary of the Treasury with the authority to make loans or loan guarantees to states, municipalities, and eligible businesses and loosens a variety of regulations created in the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Economic Stabilization Act of 2008, and others.ii.Subtitle A – Coronavirus Stabilization Act of 2020Emergency Relief and Taxpayer ProtectionsThe Act authorizes the Treasury Secretary to make up to $500 billion worth of loans and loan guarantees to eligible businesses, states, and municipalities. The term “eligible business” includes passenger air carriers or any other business that has not already received adequate economic relief in the form of loans or loan guarantees under other provisions of the Act. The Act reserves $46 billion to support passenger air carriers, air cargo carriers, and businesses important to maintaining national security. The Act establishes a $454 billion credit facility for Federal Reserve programs designed to support lending to eligible businesses, states, and municipalities. This program contemplates various loans and loan guarantees for distressed businesses.Businesses that receive loans through these Federal Reserve programs are prohibited from paying dividends or repurchasing stock (or other outstanding equity interests) while the loan or loan guarantee is outstanding, as well as for the 12 months following repayment. These businesses are subject to the same employee compensation restrictions as listed for air carriers, air cargo carriers, and businesses deemed important to maintaining national security. Although the Treasury Secretary can waive these restrictions, he must identify and explain the rationale for such waivers in testimony before Congress.Businesses that receive loans or loan guarantees through these Federal Reserve programs can only make loans (or other advances) to business that are incorporated in the United States. Transfers to subsidiaries and affiliates incorporated outside the United States are prohibited.The Act directs the Treasury Secretary to establish a program to provide low-interest loans for eligible businesses (including nonprofit organizations) with between 500 and 10,000 employees. Although these loans will require no repayment for at least six months, businesses and non-profit organizations seeking this support must provide a good-faith certification that they meet the following criteria:The company intends to maintain at least 90 percent of their current workforce;The company will not pay dividends or repurchase stock (or other equity securities);The company will not outsource or offshore jobs during the loan period or two years thereafter;The company will not abrogate existing collective bargaining agreements with labor unions; and The company will remain neutral regarding current or future union organizing activity.Limitation on Certain Employee CompensationThe Act also imposes certain compensation caps for officers and employees at companies receiving loans or loan guarantees. Under these caps, officers or employees that received $425,000 or more in total compensation in 2019 will have their future compensation capped at the amount they received that year. This cap applies while the loan or loan guarantee is in effect, as well as to the 12 consecutive months after the loan or loan guarantee is no longer outstanding. The same restriction also applies to severance payments or other compensation received upon termination from businesses participating on the loan and loan guarantee programs.Additional caps apply for officers and employees whose total compensation exceeded $3,000,000 in 2019. Under the Act, these individuals may receive compensation up to $3,000,000 plus 50 percent of the excess over $3,000,000 of the total compensation received by the officer or employee in 2019. For example, an officer or employee whose total 2019 compensation was $3,000,010 would be restricted to total compensation of $3,000,005 in subsequent years. Like the lower cap discussed above, this restriction applies while the loan or loan guarantee is in effect, as well as to the 12 consecutive months after the loan or loan guarantee is no longer outstanding.Continuation of Certain Air ServicesThe Secretary of Transportation may require any air carrier receiving loans or loan guarantees under Section 4003 to maintain scheduled air transportation services as the Secretary deems necessary to maintain service to any destination the carrier served before March 1, 2020. The Secretary of Transportation is to consider the needs of “small and remote communities” and “health care and pharmaceutical supply chains” when enforcing this portion of the Act.Suspension of Certain Aviation Excise TaxesThe Act suspends the imposition of aviation excise taxes as otherwise required under the Internal Revenue Code through December 31, 2020.Debt Guarantee AuthorityIn order to backstop solvent depository institutions, it appears that the CARES ACT allows the FDIC to establish a program to insure these institutions without regard to a maximum amount. All such guarantees are to last at least until December 31, 2020.Temporary Government in the Sunshine Act ReliefIn the event that unusual and exigent circumstances continue to exist, the Board of Governors of the Federal Reserve System may conduct meetings with less restrictive and formal meeting notification and record-keeping requirements until December 31, 2020. Temporary Hiring FlexibilityWithout regard to certain statutory hiring requirements, the Secretary of Housing and Urban Development and the Securities Exchange Commission are given flexibility to recruit and appoint candidates for temporary and term appointments as necessary to prevent, prepare for, or respond to COVID-19 during the “covered period” of the CARES Act.Temporary Lending Limit WaiverEnlarges exception to requirement on the maximum amount of loans and extensions of credit by a national banking association to include a nonbank financial company (as defined in Section 102 of the Financial Stability Act of 2010) and allows the Comptroller o
In our second episode of a two-part series on the value of Health Savings Accounts, we examine how HSAs compare with Flexible Spending Accounts and share some traits about HSAs and High-Deductible Health Plans that are often misunderstood. For more on HSAs, check out our product page.
Dr. A. Mark Fendrick, Director of the Center for Value-Based Insurance Design and a Professor of Internal Medicine in the School of Medicine and a Professor of Health Management and Policy in the School of Public Health at the University of Michigan shares details of the Center’s revolutionary insurance design, how you can implement for yourself and your clients, and easy steps you can take to lower healthcare costs and improve value.References from the conversation: V-BID X free sample plan templateNotice 2019-45 - list of pre-deductible HDHP eligible services“D” rated medical services - eliminating low-value careTo read the full show notes and join in the conversation visit illuminatehrpodcast.comSupport the show (https://www.patreon.com/illuminatehr)
Unchecked out-of-network (OON) charges can result in high surprise bills for patients and high costs for payers. One reason: The cost for out-of-network care is often well above national averages and norms. It's crucial for payers to protect their members from larger deductibles and out-of-pocket limits by minimizing the risk associated with OON care. And in doing so, payers can also improve employer savings, administrative and medical cost savings, and appeals processes. On today’s show, Mary Canobbio interviews Anna Bash, claims manager at third-party administrator Employee Plans, and discusses how a claims repricing network can help reduce excessive expenses and protect members by discounting OON claims in collaboration with providers. Here's what they dug into: The impact of political instability on the healthcare market How a small percentage of OON claims can lead to increased premiums Generating savings through OON risk mitigation The impact of OON claims on members and their employers How direct negotiation with non-contracted providers offers payers a safety net Removing the threat of balance billing for members Why member savings are greater than the distributed cost of repricing How contractual compliance with coding standards can drive payer savings Exploring fair market pricing as a network alternative Episode Resources Anna Bash's bio Nanci Ziegler's bio Change Healthcare Integrated Repricing Network Show Resources SUBSCRIBE to the podcast using any podcatcher or RSS reader Download the audio and listen offline Get the iOS app Get the Android app Suggest or become a guest Contact Change Healthcare
Experiencing Financial Contentment with Dominique Henderson, CFP® | Get Better Results in Your Life
Show Notes: Many people I talk to are utterly overwhelmed during their open enrollment period. Should I change this benefit? Should I opt-in for this or that? In my opinion, this is a great time to maximize your paycheck! There is so much money left on the table that can be placed back into your budget to reach your financial goals, but there are some steps to take. I want to give you 5 tips for open enrollment period that you can use in order to fully maximize all that is available to you. 1. Know when it starts and ends. How can you be empowered if you don't know when the annual enrollment period begins or ends? Usually, you will get some type of internal notification from your company. I highly recommended marking your calendar and not waiting until the last minute. 2. Review your benefits from previous period or employer. You'll want to review what benefits you had last--either last year or if you're changing jobs from your previous employer. I suggest printing these out before you get started on the upcoming year to give you a side-by-side comparison. It's very possible to use your last paystub to look at this also. Most employer websites have a separate portal that may allow for this comparison so you won't have to print it out. 3. Elect the free stuff. This may be a no-brainer but elect the free stuff. Typically this may be life insurance for you as an employee, short-term, long-term disability and maybe some other things. If it's free and you don't use it, you're leaving money on the table more than likely. 4. Consider the HDHP vs. PPO. One of the most expensive benefits you are provided is health insurance. Just look at your W2 from last year in box 12DD. I've seen a lot of plans that have employer-sponsored and/or subsidized medical coverage depending on plan type. That's to say you may get free health care if you choose a high deductible health plan (or HDHP). This is beneficial in a lot of ways and I'd cover how these plans work in this video. This could potentially save you a lot of money in current and future taxes, as well as, allow you to get some extra cash from your employer. 3. Max out your 401(k). If possible try to contribute the IRS limit into your 401(k) plan thereby maximizing any type of employer match that you are eligible for. I see many people only contribute the default as most plans will elect 1-2% if you don't specify a %. Thanks for listening, reading and watching. Are you a current or aspiring financial professional? Click here to learn more about how I'm helping you jumpstart your career! Want to connect with me? Send me a DM on Linkedin (@dhendersonsr) or Instagram (@dominiquehendersonsr). --- Send in a voice message: https://anchor.fm/dom-the-maven/message
Laura Coleman from Family Money Coaching and Mark Parrett from Outpost Advisors and Abraham's Wallet talk about the triple tax-advantages of the Health Savings Account (HSA) on the Adoption and Fertility Finance Show today. Mark is a fee-only financial advisor registered in Utah and Ohio, and he writes about how to run your home and dough like a Biblical boss. What is a Health Savings Account and How Can I Get One? Only high deductible health care plans (HDHP) have a health savings account and the criteria is determined by the IRS. From the IRS website: For 2020, the IRS defines a high deductible health plan as any plan with a deductible of at least $1,400 for an individual or $2,800 for a family. An HDHP's total yearly out-of-pocket expenses (including deductibles, copayments, and coinsurance) can't be more than $6,900 for an individual or $13,800 for a family. (This limit doesn't apply to out-of-network services.) HSAs help ease the pain of expensive deductibles by letting you pay for medical expenses with untaxed money. Mark explains a few different ways to use the reimbursement structure so that your money can continue to grow until retirement. You can pay for your expenses out of pocket, invest a portion of your HSA, and then later reimburse yourself with your saved receipts. The triple-tax advantaged part comes when you put money in tax-free, let it grow tax-free, and take it out without paying taxes on it. After you turn 65, you can withdraw it like a 401k for nonmedical expenses, but you will pay taxes then if you use it for that reason. Maximizing the HSA for Fertility Treatments and Adoption Laura and Mark discuss how to use the HSA when going through fertility treatments. Mark cautions that state laws can vary on this issue and to pay close attention to what is allowed by law. The maximum amount that can be saved in an HSA is $7,000 [edit: The 2020 IRS guidelines increased this to $7,100 a year. You can use also use a limited use FSA at the same time, but follow the IRS guidelines on this. Potential Pitfalls in the HSA Mark talks about the hidden fees that can eat up your HSA's growth. He explains that often an employer will pay for the fees, and once an employee leaves their old employer, the fees may be transferred over to you. Mark recommends keeping an eye on debit card fees as well. If you are changing employers and would like to change HSA banks, he recommends Fidelity, Ameritrade or any good brokerage company with low or no fees. Should I Invest My HSA? Laura and Mark talk about weighing the family's medical needs with the benefits of the HSA. What's the goal with your money? Will you need it soon? Can you be comfortable paying out-of-pocket medical costs without being reimbursed? Will you delay going to the doctor because of the high deductible? Consider these questions when you're deciding if an HDHP will work for you and when you are deciding to invest your HSA. Some plans have an investment threshold for how much you need to keep in the HSA. Find out what your plan allows. Where Should I Invest My HSA? If you don't understand investing, how do you choose where to put your money? The answer: It depends on your situation. Hourly and fee-based financial planners can help you sit down and make a plan for your future. Fee-based planners help you make decisions that are best for YOU and not what's best for their bank accounts. If you loved this podcast, please subscribe and follow us for more conversations about the intersection of adoption, fertility, and finances. Are you ready to become a forever family? Schedule your 15 minute free no judgement appointment today to talk with Laura about where you're at in your financial journey, where you'd like to be, and how you'd like to get there. Links Mentioned in this Podcast XY Planning Network- Fee-only financial planners Abraham's Wallet- Run your home and dough like a Biblical boss Outpost Advisors- Mark Parrett's financial planning website HDHP guidelines from Healthcare.gov Join our Community on Facebook and share ideas on how to prepare financially for adoption: Paying for Adoption This episode was sponsored by The Adoption and Fertility Grant Success Course. So many couples that have started the adoption journey become overwhelmed with the amount of money that they need to save for the process. It can be so discouraging. With knowledge comes power. At Family Money Coaching, we believe in Debt-Free Adoption. That's why we created the Grant Success Course, to help you find, apply, and obtain FREE money. It'll take some work, but you can do it. The worksheets, excel downloads, checklists, and videos in the Grant Success Course will help guide you on what to put in your grant applications. Ideas will be sparked by the questions in the downloadable PDF, success tips with what to look for to find the ideal grant for you, a list of 80 grants for adoption and 20 grants for fertility, a checklist to help you stay on task, and a list of documents needed for application. There's a bonus Adoption Financial Planner that will provide tracking for your Adoption Budget, the ICPC travel budget, Spending Plan which is needed for the home study and grant, tracking income sources, calendar to help with due dates, budget estimator, and a place for all contacts during the adoption process.
This week is a walkthrough of my healthcare open enrollment. The reason we're doing this is to give you an idea of a framework for how to make the right decisions for your own healthcare choices and other employee benefits. DON'T JUST SELECT THE SAME PLAN AS LAST YEAR WITHOUT UNDERSTANDING WHAT DIFFERENCES THEY MAKE! Questions? Email me: Mpolicar@hightoweradvisors.com
Sandy and Ryan interview Amanda Lannert on all the things you should consider when choosing insurance plans during open enrollment. The co-hosts give you money moves to make right now, and a new edition of Deal or No Deal touches on student loan relief programs and Black Friday sales. --LINKS-- Money moves to make now: https://www.kiplinger.com/slideshow/saving/T023-S002-money-moves-to-make-now-to-prepare-for-2020/index.html; What you should know about open enrollment: https://www.kiplinger.com/article/insurance/T027-C000-S002-what-you-should-know-about-open-enrollment.html; Dealnews on Thanksgiving “creep”: https://www.dealnews.com/features/black-friday/How-Deals-Will-Differ-on-Thanksgiving-Black-Friday-Cyber-Monday/; FTC on student loan debt relief schemes: https://www.ftc.gov/news-events/press-releases/2019/07/ftc-stops-student-loan-debt-relief-scheme-charges-operators; Dept. of Ed on how to repay your loans: https://studentaid.ed.gov/sa/repay-loans
In our first episode of Sheepdog financial podcast we have Danielle Roberts a nationally known expert on Medicare and Health insurance. Danielle is the co-owner and vice president of Boomer Benefits a Texas based insurance agency specializing in Medicare-insurance related products. Her agency ranks among the top national medicare supplement producers for Blue Cross/Blue Shield, Aetna, Cigna and others. Danielle gives us an update on the health insurance landscape as it stands today. She speaks about Tricare and specifically about the Tricare for life integration with medicare. She also addresses health insurance alternatives for military members who don’t retire and gives some tips and tricks of HDHP’s (Hight Deductible, Health Plans) and HSA’s (Healthcare Savings accounts) and lastly she explains the often misunderstood coverage that Medicare provides for long term care.
Today we’re going to discuss whether or not a high deductible plan with a health savings account is really an affordable option for your family! When we talk about optimizing expenses here on Simplify and Enjoy there are a few ground rules. Personal finance is personal so your budget will reflect your family’s priority and goals. Find ways to automate the tedious stuff because you have better ways to spend your time. Talk about money regularly and see it as a tool, not the goal. We focus on the big wins. So while I do recommend shifting small habits, I’m not going to spend a ton of time telling you to skip the lattes, avocado toast, or whatever the personal finance police are harping on. If you’re limited on time and mental bandwidth – which is the default for many parents and families – I highly recommend you focus in on big wins. Look at those big monthly bills that eat up a good chunk of your paycheck. Of course, it varies by family, but there are some expenses that typically top many families’ list including: Housing Transportation Food Childcare Health Insurance And they each deserve their own episode. Today we’re discussing health insurance. Finding Affordable Options for Heath Insurance How much are you paying for health insurance? According to Milliman Medical Index report, a typical family of four’s estimated health insurance costs (including employer contributions) were over $28,000 for 2018. The average monthly premiums for a family of four is around $1,200. Now listen, I’m not telling you to skimp or skip on health insurance, because it’s essential. One trip to the ER can set you back if you’re not covered. But is there a way to keep it affordable? One option you may have heard about or seen offered at work is a high deductible plan along with a health savings account. You see the lower premiums and you might immediately think, ‘this is awesome’, but is that really the case? When we were looking at our own plans during open enrollment last year I did some digging and chatted the pros and cons with financial planner Michael Dinich. Joe Meccas from Coastal also was kind enough to share his process for deciding to sign up for the HDHP and HSA. In this episode we’re looking at: How high deductible plans and HSAs work Some scenarios to consider before you make the switch How to run the numbers and find out if’s right for you Let’s get started! Thank You to Our Sponsor Coastal! Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today. If you have a high deductible health plan, you may be able to open a health savings account with them! Resources to Save Money on Healthcare Are you looking for more help with keeping health care within your budget? Here are some resources: Best Budget and Money Apps: Personal Capital, Tiller, Mint Grow Your Stash Faster: High Yield Savings with CiT Bank Automatic Saving: Qapital Free 401(k) Analysis: blooom Work with Michael: He’s a certified financial planner who specializes in assisting families to navigate their health care options. How to Save Money on Your Health Insurance and Expenses Hack the Affordable Care Act Guide Why We’re Switching to a High Deductible Health Plan How to Spend Less on Insurance Save Money on Health Insurance Support the Podcast! Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it. Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share. Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher. Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together! Music Credit Like the music in this episode? Our theme song is by Gentle Regime. Additional music by Lee Rosevere.
Guest Jason Cabrera, Benefits Guru at Flatiron Health, discusses what’s in a name, why consumer driven beats high deductible, and the importance of Health Savings Accounts to Financial Wellbeing.To read the full show notes and transcript visit us at illuminatehrpodcast.comThis episode brought to you by Lumity, visit lumity.com to learn moreSupport the show (https://www.patreon.com/illuminatehr)
In the first episode, Ed and Scott tackle HSAs, but the fun can't be contained in 20 minutes - this a two-parter. Part one gets into the details about: What is an HSA? Who can have one? What’s this high-deductible health plan business? What determines eligibility? What exactly is disqualifying coverage? And more.
Teeth can be expensive! Lillian breaks down some unexpected ways you can save on dental – from taking a trip to Hungary to opening a FSA account, and helps explain why dental isn’t quite like regular health insurance. In this episode I say “out of pocket maximum” a few times when I meant maximum. Ways to Save on Dental Costs Step 1, actually get preventative work done if you can – it will save you money in the long run If you have access to dental insurance, make sure you go in-networkDo the math on self-bought insurance vs how much you will useBe aware of the maximum on your insurance and any waiting periods – there’s no regulations on what is required like there is for regular insuranceShop around for different procedures & compare pricesLook into a local dental school for reduced cost workConsider dental tourism to a country with high-quality and low cost plansOpen an HSA (if you have an eligible HDHP plan) or an FSA either on your own or through your insurance Helpful resources for strategies mentioned in this episode fairhealthconsumer.com – a place to look up comparable rates for health care costsDental Discount Plan – A discount discount planAnother discount plan – universaldiscountplanAn Everyday Health article on someone’s experience with dental tourismList of things to consider for dental tourismA Billfold article on paying for a wisdom tooth extraction with an HSA Other Episodes you might find helpful How to choose a health insurance plan during open enrollment – information on HSA and FSAs from last week’s episodeMistakes not to make with health insurance – last year’s episode with Jake Hopper is still a relevant guide to different questionsYour trump health insurance questions answeredReminder we’re on a mission to get those iTunes reviews and ratings up. It only takes 10 seconds to star a review. Here’s a link to our iTunes profile! Transcript We have transcripts for every single episode now provided thanks to the support of our Patrons in the Purrsonal Finance Society – you can become one, too! Learn more here. How to Save on Dental – 10.17.2018 Learn more about your ad choices. Visit megaphone.fm/adchoices
Today we look at how to choose a health insurance plan – should you get a PPO, an HMO, or a HDHP? What is an HSA? And what do those acronyms mean anyway? What if you get free money from work? Open Enrollment is starting for many people! This is the time of year when you can enroll, so we are devoting multiple episodes this month to untangling the mess of American health care bureaucracy as part of our Health Care Month 2018. If you’re a non-US listener, here are some cute cat videos to watch instead. We are taking your health care questions all month on Oh My Dollar! The more questions you ask, the more Will learns. Send in to questions@ohmydollar.com or via twitter to @ohmydollar Acronyms in this episode: A PPO – A preferred provider organization – a typical American health insurance plan, where you have in-network and out-of-network providers as part of a “network” of doctors Usually easier to find doctors you jive with or who understand your particular needsMay be your only optionHMO – Health management organization – a bundled type of health insurance where the network and health insurance organization are integrated Can be good for someone who is “lazy” (AKA overwhelmed trying to figure out how to get care) – you’ll be assigned a doctor and treatment protocol-Often have integrated systems – all doctors can see the same records, pharmacy is linked to the doctors, making things easierHarder to get care that deviates for a “norm” – can be challenging if you have trans* health needs or want experimental/newer treatment for somethingYou often can’t get anything covered to see a specific doctor unless they are part of the HMO plan or if you get a specific recommendation letter from your primary care doctor.HDHP – High Deductible Health Plan – a type of health insurance where you have lower premiums and higher deductibles HSA – Health Savings Account – a type of health savings plan that is tax free (only for HDHP users) You can save with a Payroll deduction Your company can contribute tax-free dollars for you (extra tax free income for you)It’s like a regular savings account, and you can keep it when you leaveYou can invest a portion of the accountFSA – Flexible Spending Account – a type of health savings plan thatdoes not roll over year to year but can be used by most anyone regardless of type of plan Things to Know When Shopping for Health Care Generally higher the premium, lower the deductible. Related Episodes: Your Trump Health Insurance Questions AnsweredUntangling COBRA and Healthcare.gov premiumsAre Health Savings Accounts an evil Republican tax loophole or actual magic?Mistakes not to make with health insurance ft Jack Hopper (long cut)Thanks to our Purrsonal Finance Society Members on patreon, we now have transcripts! This Week’s Transcript Learn more about your ad choices. Visit megaphone.fm/adchoices
The IRS recently released the HSA contribution limits, HDHP deductible and out of pocket limits, and the ACA out of pocket limits for 2019. The interaction of these limits can be confusing due to embedded OOP requirements and other considerations. Tune in for a brief explanation from our ERISA attorney on how to design a compliant plan with these new limits in 2019. Learn more: www.lpinsurance.com
May 7 Compliance Update Health savings accounts. The limit on deductible health savings account (HSA) contributions for 2018 is now back to $6,900 for individuals with family coverage under a high deductible health plan (HDHP). In March, this amount was reduced by $50 (to $6,850) due to a change in the inflation adjustment calculations enacted under the Tax Cuts and Jobs Act of 2017. However, after receiving complaints that the reduction would impose administrative and financial burdens on stakeholders, the IRS determined that it is in the best interest of sound and efficient tax administration to revert back to the original amount of $6,900. According to the latest guidance, an individual who receives a distribution from an HSA of an excess contribution (with earnings) based on the $6,850 deduction limit may repay the distribution to the HSA and treat the distribution as the result of a mistake of fact due to reasonable cause. Alternatively, an individual who does not repay the distribution to the HSA may treat it as an excess contribution returned before the due date of the return. Health care reform. The IRS is providing relief that helps employers that first claim the Small Business Health Care Tax Credit for all or part of 2016 (or a later taxable year) for coverage offered through a Small Business Health Options Program (SHOP) marketplace, but don’t have SHOP plans to offer employees for all or part of the remainder of the credit period because the counties where the employers are located have no SHOP marketplace plans. The relief, allows these employers to claim the credit for health insurance coverage provided outside of a SHOP marketplace for the remainder of the credit period if that coverage would have qualified under the rules that applied before January 1, 2014. Mental health benefits. The U.S. Departments of Labor (DOL), Health and Human Services (HHS), and the Treasury have issued proposed frequently asked questions (FAQs) regarding nonquantitative treatment limitations (NQTLs) and disclosure requirements in connection with the Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008 (MHPAEA). The guidance was developed pursuant to Sec. 13001(b) of the 21st Century Cures Act. Also released was a revised draft model form that participants, enrollees, or their authorized representatives could — but would not be required to — use to request information from their health plan or issuer regarding NQTLs that may affect their mental health/substance use disorder benefits, or to obtain documentation after an adverse benefit determination to support an appeal. The revision incorporates feedback received on the original draft form, which was issued last June. Additionally, a self-compliance tool was released that can help group health plans, plan sponsors, plan administrators, group and individual market health insurance issuers, state regulators, and other parties determine whether a group health plan or health insurance issuer complies with the MHPAEA and related requirements applicable to ERISA group health plans. Paid sick leave. New Jersey Governor Phil Murphy has signed expansive legislation that will allow employees to accrue one hour of earned sick leave for every 30 hours worked, up to 40 hours each year. The law, which takes effect on October 29, 2018, allows paid sick leave to be used for the following reasons: Diagnosis, treatment, or recovery from a mental or physical illness or injury, or preventive care, for the employee or a family member; Obtaining services if the employee or a family member is a victim of domestic or sexual violence; Circumstances arising from a public health emergency; and A school-related meeting or event with regard to the employee’s child. New Jersey was added to the list of states that mandate paid sick leave. Employment costs. The U.S. Bureau of Labor Statistics (BLS) released the Employment Cost Index...
We discuss in depth what is an HSA and who qualifies for an HSA. If you have a high deductible health plan (HDHP), you could qualify to open an HSA, which could be used as a great financial planning tool for healthcare related costs in retirement. Shobin Uralil and I tackle the terminology that you need to know to understand what are HSA qualified medial expenses and what is covered under a health savings account. If you are looking to make the most out of your health savings account, this episode is for you. Take control of your finances with our free financial audit checklist.
Health Savings Accounts continue to increase in popularity, but compliance can be tricky. This Compliant with Alliant Podcast reviews best practices.
Latest Insights, Trends, Polls and Thoughts ... "There is currently a lack of clarity in the tax code about how Direct Primary Care (DPC) agreements should be treated vis-à-vis Health Savings Accounts (HSAs). The Internal Revenue Code (IRC) clearly states that HSAs must be paired with a high deductible health plan (HDHP). Section 223(c) of the IRC also prohibits individuals with HSAs from having a second health plan to cover services not covered by the HDHP. Current Treasury Department interpretation of the IRC treats DPC monthly fee arrangements like a second health plan, rather than a payment for a medical service. As such, under current policy, individuals with HSAs are effectively barred from having a relationship with a DPC provider, because the DPC agreement makes the individual ineligible to fund the HSA. However, 23 states have passed laws defining DPC as a medical service outside of health plan or insurance regulation." ~DPC Coalition; www.dpcare.org By Michael Tetreault, Editor-in-Chief | The DPC Journal November 15, 2017 | Run Time: 31:35 Listen in as Jay Keese, Executive Director of The Direct Primary Care Coalition (DPCare.org) and Michael Tetreault, Editor of The DPC Journal ... Discuss a Variety of the The Federal and Statewide Efforts Happening Across The U.S. To Clarify Private, Direct Pay Healthcare Language. We talk about the following issues: + Who should pay for the private, direct pay subscription fees; + Defining DPC in Pennsylvania, Arizona, Oregon, Florida, South Carolina, Georgia, West Virginia and Virginia Updates; + Missouri Medicaid Pilot; + 2017 action items accomplished; + DPC, HSAs and 2016 Year-End Devenir HSA Research Report Key Findings + HSA accounts now exceed 20 million. The number of HSA accounts rose to 20 million, holding almost $37 billion in assets, a year over year increase of 22% for HSA assets and 20% for accounts for the period of December 31st, 2015 to December 31st, 2016. HSA investments see continued growth. HSA investment assets reached an estimated $5.5 billion in December, up 29% year over year. The average investment account holder has a $14,971 average total balance (deposit and investment account). Health plans remain the largest driver of account growth. Health plan partnerships continued as the leading driver of new account growth, accounting for 37% of new accounts opened in 2016. + Michigan Medicaid Pilot; + Employers and Tax Treatment of Direct Primary Care & Concierge Medicine with Health Savings Accounts (HSAs) ; + Lack of Definitions in Some States; + The Primary Care Enhancement Act (H.R. 365 and S. 1358) + 2017 & 2018 challenges; + 2018 solutions proposed in 2017; + 2018 policy questions still need to be answered and addressed in the space; + The ACA; + Medicare; + initiatives that may help moonlighting and financially challenged DPC Physicians across the U.S. to add more revenue to their practice; + what still needs to be done legislatively in certain states; + how flexible should the DPC model be to match existing state or federal laws; + who should and should not consider DPC; + What will practicing as a DPC Physician Look Like in the next 2-3 years? and more. (c) 2017 The Direct Primary Care Journal (The DPC Journal) The Direct Primary Care Coalition's mission is to support DPC, an innovative, non-partisan approach to better primary care. The central tenets of this movement are based on a culture of service, patient empowerment, trusting relationships supported by unrushed care, rejection of FFS insurance incentives, excellence of medical care and promotion of health. To learn more, participate or become part of the the DPC Coalition policy activities, visit https://www.dpcare.org/join Learn More ... www.DirectPrimaryCare.com | www.ConciergeMedicineToday.com
Learn the basics of High Deductible Health Plans (HDHPs), Health Savings Accounts (HSAs), and how to make a decision if they are right for you! Additional Resources: Examples for choosing your medical plan For more benefit tips and wellness info, follow essehealthbenefitsu on Facebook, Instagram, or LinkedIn Got a question or topic for a future podcast? Click here to let us know! ------ Music Credit: "Cheery Monday" - Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 http://creativecommons.org/licenses/by/3.0/ http://creativecommons.org/licenses/by/3.0/
We spend a lot of time and effort on enrollment, but how can we use the other 364 days to gain engagement and create health care consumers? That is the question Justin Holland, CEO and Founder of Healthjoy will help us explore on this episode of the podcast. HDHP designs have shifted more of the financial burden to employees, but that shifts a great deal of the knowledge burden to them as well. As always, the question is how to engage employees. You can find show notes and more information by clicking here: http://bit.ly/2vcq03m
What's up Diamonds, Welcome to another episode of #CoffeeTalk the episodes where I get to talk about stuff! This month is about spring, health and #homerenewal so I'll be talking about spring stuff how to add health and happiness in our homes. If you don't care about the type of stuff it's all good listen anyway just to support the show do you know I do appreciate it and appreciate you all for your support thank you. Spring renewal is on! I am talking about ways to keep the your home and yourself renewed while bringing overall happiness into the home whether you live in a house or apartment. With healthcare being on the rise I have some tips on how to make the best of an HDHP plan in case you don't know what that means that means I deductible health plan. I'm also going to talk about how to boost their health and happiness in our homes, ways to help you save time and add convenience to that "To Do List". Ways to keep the air inside our home cleaner ways to promote healthy eating in and keep our family's safe are and save money doing it. There's lots of tips from the experts so join me as we come together as one to bring peace renewal healthy and happiness in our homes starting the spring. You will also find additional tips on the LJDNshow.com show website. Find out who the winners of the 2016 #DiamondAwards trophy a T-shirt are just in case you don't know already along with small talk and good music to check it out live keep me company while I talk, well that's all I have for ya! see you then that networks.
Today on the show, I've got some last-minute tax planning ideas for you. These are all ideas and tactics that you can use in the last two weeks of 2014 to lower your income tax bill. I hope you don't defer your tax planning to the end of December. The end of the year is far too late to start talking about the really good stuff. Good tax planning should begin before January 1. But, these types of ideas can still be useful for you. It's possible that you've simply been too busy to do effective planning. It's also possible you had an unexpected windfall and you need to wipe out some tax liability. I'm here to help! :) Let's start with the easy ones and move to the harder ones: Last-minute retirement account contributions. 401(k)s and 403(b)s are tough becausec you have to have made your contributions as you go. Consider talking to HR about diverting a bonus check into the account if you can. IRAs are simple. You can contribute any time until you file your return. You can contribute up to $5,500 in 2014. Don't forget about the $1,000 catch up if you're older than 50. Almost everyone I've ever worked with is confused by the contribution limits. Read them for Roth IRAs and Traditional IRAs. Little tricks for IRAs: You can make a separate payment for custodian fees, brokerage commissions, etc. in excess of the contribution limit. That will allow you to get the maximum value from the account. Consider establishing a an HR10/Keogh Plan or a SEP IRA. Keogh plans were very popular for self-employed people prior to 2001. There was a tax law change in 2001 and now they're largely replaced by SEP IRAs. They have the same contribution limits but the SEP paperwork is much simpler. A Keogh plan has to be established by the end of the year but it can be funded prior to filing your return. A SEP IRA can be established after the end of the year and funded after the end of the year. The maximum contribution is the lesser of 20 percent of earned income, less your deduction for half your self-employed payroll tax, before the deduction, or $52,000. (This winds up being 25% of net earned income after the deduction.) Remember that you can have one of these plans in addition to a 401(k) and an IRA. Don't forget about the HSA. If you're covered by a HDHP, you can make your HSA contributions any time up till you file your return. Your contribution limits are $3,300 for an individual and $6,550 for a family. Remember also that there's a $1,000 catch-up contribution for 55+. This won't save you on your employment taxes but it will save you on your income taxes. One final little trick on IRAs. Look to see if you'll be eligible for a saver's credit. If you're at a low income level, this might help you...even if you can't afford to save for retirement. If you need to and you want to be aggressive, you can contribute to your Roth in December, take the savers credit on your return, and then take the distribution in January. (You'll owe tax on any gain but not on the contributions/basis.) Consider deferring your income in other ways. You can enter into a binding agreement until January to defer the grant of a bonus that you would otherwise receive in December. You need to enter into the agreement before the bonus is "constructively received." The easy way to defer your income is if you are in business for yourself is to simply delay billing your clients until late December. You won't receive payment until the following year. Thus, no taxes in this year. Remember that this only works if you are a cash basis tax payer. If you are an accrual basis taxpayer in your business, you have to report the income when it is earned, not when it is received. If you have income from the sale of property, consider using an installment sale to defer income to a different tax year. Consider accelerating your expenses to lower your net income. In business, you can think through any end-of-year transactions you need to pay: accounts payable, conference fees, insurance premiums, marketing and advertising expenses, etc. Remember that you have to follow the 12-month rule. Consider buying equipment. In general, equipment will primarily be depreciated rather than expensed. But remember that you can make a Section 179 elect to expense up to $500,000 and then take your depreciation after that. Consider bunching certain expenses such as medical expenses. If you've had a lot of medical expenses this year, consider going ahead and getting your dental expenses and eye expenses taken care of and pay forward the annual premium on your LTC insurance. That may result in enough deductions to take advantage of the medical expense deduction. Consider accelerating your tax payments: real estate taxes, personal property taxes, and state and local income taxes. Pay them now to take the deduction. (Be careful of AMT.) Consider making your charitable contributions and make sure to bunch them in years that you can fully use them. If you're making charitable contributions, be smart about how you do it, especially with regard to your taxes. Don't only think in terms of cash. If you have appreciated property that you've held over 12 months, contribute it to the charity and take a deduction for the FMV. (Avoids the tax on the gain.) If you have loss property, sell it, take the tax loss and give the cash. You can take deductions for items paid by check in the current year even if you mail the check on New Year's Eve, as long as there is no reason why the check can't be cashed in January. Credit card charges can be taken this year even if you don't pay the bill until next year. Think through the tax ramifications of your relationships. If you're planning an end of the year or New Year's day wedding, calculate your taxes and see when you should actually schedule the marriage. Doesn't have to be the same day necessarily as the wedding itself. In general, marriage will only cut your taxes if one spouse works or earns almost all the income. Marriage will actually boost your taxes if both spouses work and earn good income. Dependents: Most people think purely about kids. There might be a planning scenario involving them. For example, if you're having a planned C-section and the safe zone covers new years, have it on 12/31. Or, if you're adopting, try to get it finalized before the end of the year. But, the major benefit for some of you might be if you're caring for parents. There are a bunch of detailed rules. The one I want you to focus on is if you're providing more than half of a dependent's support. Doesn't mean income...it means support. Might be worth it to bunch some of your support here at the end of the year so that you can claim them as a dependent. Make sure you harvest your tax losses but also that you harvest some gains. Ratcheting up your basis in your investment portfolio over time can really save money in the long run.
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