How Does Medicare Affect HSA Usage?

Qualified High Deductible Health Plan (HDHP) participants can use Health Savings Accounts (HSAs) to help cover their deductible responsibility. But what happens when they become eligible for Medicare?  Medicare Basics Medicare is a federal health insurance program for those aged 65 and older as well as younger Americans with certain disabilities or End-Stage Renal Disease. Each of Medicare’s four parts offers a different type of coverage: HSA Basics An HSA is a tax-advantaged benefit that

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How do Medicare Set Aside Accounts Work?

A Medicare Set Aside account, also known as an MSA, is an important component of the workers’ compensation payment landscape. Here’s the essential information you need to know about who qualifies for them, how they work, approved expenses, etc. What is a Medicare Set Aside Account? A Medicare Set Aside Account (MSA) is a settlement resulting from a workers’ compensation or personal injury claim. Settlement funds are ‘set aside’ in a special account to pay

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Is Your HSA Boosting Your Retirement Fund?

As pandemic-related losses have driven business owners to cut costs, High Deductible Health Plans (HDHPs) have enabled them to provide healthcare options to employees while minimizing premium expenses. Due to higher deductibles, HDHPs require some adjustment on the part of employees. To help with out-of-pocket costs, HDHPs are often coupled with Health Savings Accounts (HSAs). HSAs were designed to help make healthcare more affordable and give people more freedom in making healthcare choices. You can

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How Does Medicare Enrollment Impact My HSA Eligibility?

For people enrolled in a high-deductible health plan (HDHP) and have (or are considering) an HSA, some commonly asked questions include “Does Medicare Enrollment Impact My HSA Eligibility?” Here are the answers to this question and others.

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IRS Guidance Provides Limited Transition Relief

As part of Notice 2015-7, the IRS issued guidance on Feb. 18 providing limited transition relief for certain premium reimbursement plans, including: The relief does not extend to stand-alone HRAs or other arrangements to reimburse employees for medical expenses other than insurance premiums, which remain prohibited as outlined in IRS Notice 2013-54. In summary, the guidance provides the following limited relief: 1. Employers who did not qualify as “applicable large employers” (ALE) for all of 2014, and

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