Archive for Health Savings Accounts
Great news–perhaps the IRS really does care!!
While the Maryland legislature still has work to do to fix the “free vasectomies” insurance mandate for future years so as to not disqualify Health Savings Accounts-qualified High Deductible Health Plans, the IRS has granted retroactive relief for 2018 and for 2019 as well if needed. So employees and individuals can once again make pre-tax contributions to their HSAs for 2018 and contributions made earlier this year will not be subjected to penalties. Note—You must still have an otherwise HSA-qualified HDHP and the vasectomy clause must be the only reason for HSA disqualification. Following is an excerpt from the IRS. Read more
There has been a lot of discussion lately about how to solve the crisis of rising health insurance and the growing number of uninsured. I don’t know about you, but none of the solutions sound very good to me. At best, universal healthcare seems to be marginally effective at best where it’s been implemented. Having people without health care in a society as affluent as ours is distasteful. The taxpayers footing the bill for those who can’t or won’t have health insurance is aggravating. Are there any good solutions? I think there is – but nobody is talking about it. Read more
A significant legislative issue related to health savings accounts (or HSAs) and high-deductible health insurance plans (or HDHPs) could impact you in the near future. The Contraceptive Equity Act was enacted in Maryland in 2016. Effective on Jan. 1, 2018, the Act mandates that male contraceptive services (vasectomies) must be covered as a preventive service — i.e., without any deductible or cost-sharing required. Read more