Subscribe to Devenir’s monthly newsletter and stay up to date with the latest HSA news! Each month Devenir highlights a selection of articles to keep you in the know of the latest trends and developments in the HSA marketplace.
A summary of the articles included in the January 2023 edition:
- Two-Year Renewal of Predeductible Telehealth Coverage to Become Law
- Here Are Key Things You Need to Know About Health Savings Accounts as You Near Retirement
- HSA Consulting Services Acquires Access Point HSA, Boosts Training and Consulting Capabilities
- Demand for Employer Financial Wellness Benefits Remains Strong
- Voya Merges Health, Wealth Under One Leader
Two-Year Renewal of Predeductible Telehealth Coverage to Become Law
A two-year extension of COVID-19 telehealth relief is set to become law within days as part of a government spending package. The legislation extends through plan years beginning in 2024 the telehealth relief originally provided in the 2020 Coronavirus Aid, Relief and Economic Security (CARES) Act for plan years starting on or before Dec. 31, 2021, and renewed in the 2022 Consolidated Appropriations Act for April 1 through Dec. 31, 2022. Without a further extension, this telehealth relief will expire on Dec. 31, 2024, for calendar-year plans (later for noncalendar-year plans).
The relief allows health savings account (HSA)-qualifying high-deductible health plans (HDHPs) to cover telehealth and other remote care services on a predeductible basis. In addition, an otherwise HSA-eligible individual can receive predeductible coverage for telehealth and other remote care services from a stand-alone vendor outside of the HDHP. In both cases, the predeductible telehealth coverage won’t jeopardize an individual’s eligibility to make or receive HSA contributions.
Here Are Key Things You Need to Know About Health Savings Accounts as You Near Retirement
If you have a health savings account and are nearing retirement age, be aware that some of the rules are different for the older crowd.
While HSAs are similar to flexible spending accounts — which also let you set aside pre-tax money for health-care expenses — they come with particular rules that can be confusing, but are important for older Americans to know as they plan for retirement or partial retirement.
HSA Consulting Services Acquires Access Point HSA, Boosts Training and Consulting Capabilities
HSA Consulting Services has acquired Access Point HSA, which develops and markets the training and designation program Certified Health Savings Adviser (CHSA®). The CHSA training program is designed to help support professionals in the investment, insurance brokerage and human resources fields manage and master the HSA. It serves a different market segment and expands upon HSA Consulting Services long-standing “HSA Expert” training program serving banks and HSA administrators through an exclusive partnership with the American Bankers Association (ABA).
The acquisition will enable HSA Consulting Services to expand its consulting and training programs to provide financial advisors and employee benefit professionals with the knowledge and support required to take full advantage of the rapidly growing consumer-directed healthcare and HSA marketplaces — for the benefit of their clients as well as their own practices.
Demand for Employer Financial Wellness Benefits Remains Strong
Though the past 10 months have been an incredibly difficult period in the financial markets, health saving accounts are alive and well. In fact, HSA contributions and withdrawals picked up significantly in the first half despite a down market, according to a midyear study by Devenir Research.The 401(k) and matching programs are still the most highly sought-after benefits — yet with financial pressures on the rise, employees are craving financial stability above all and are looking towards their employers for more support than ever, a new survey finds.
Betterment at Work’s 2022 Financial Wellness Barometer polled 1,000 full-time U.S. employees to measure how employees are faring financially, the benefits they desire most in the current climate, the type of support they want their employers to offer, and how these trends have shifted year-over-year.
Voya Merges Health, Wealth Under One Leader
Voya Financial has promoted its former head of health, Rob Grubka, to a newly created role as CEO of workplace solutions as the firm pushes for a more holistic approach to employee benefits, savings and wealth management.
As head of Voya’s Health Solutions division through the height of the COVID pandemic, Grubka saw firsthand the demand for a wider range of support for employers, spanning everything from mental health to financial planning in an uncertain world.