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A new federal calculation reduces by $50 the amount a family can put aside in 2018 in these accounts to pay medical bills. Anyone who has already funded the account at a higher level will need to adjust or deal with the tax consequences next year.
But state officials are trying to get assurances from the Internal Revenue Service that the new law does not conflict with federal rules for health savings accounts.
These accounts are exempt from taxes and linked to high-deductible health plans. Republicans tried last summer in their unsuccessful efforts to replace the health law to make the accounts more enticing for consumers, but they didn’t make those changes in the current tax bill.
As lawmakers look for ways to stabilize the health law marketplaces, a number of ideas — such as expanding who can “buy in” to Medicare and Medicaid or pushing young adults off their parents’ plans into the marketplaces — might come into play.
High-deductible health insurance plans linked to a health savings account cannot cover some care and drug expenses for chronic health conditions until the patient has met a deductible.
With Republicans in control of Congress and the White House, HSAs — a longtime favorite of conservatives — are likely to get a boost.
Republicans hope to expand the use of health savings accounts to encourage consumers to be more judicious in using their coverage. Here’s an explainer of how they work.
Expanding health savings accounts is a step favored by President-elect Donald Trump and many GOP lawmakers as they contemplate ways to replace the health law.
IRS rules limit plans set up to link to health savings accounts from covering most care until the deductible is paid off, but proposed legislation would expand what’s allowed.
Many people who have high-deductible insurance plans and own health savings accounts to help pay for their medical expenses opt to keep the money in low-return savings accounts instead of investing in the financial markets, according to new research.