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 abreast of the latest trends and developments in the HSA marketplace.
A summary of the articles included in the January 2022 edition:
- New Age of Health Consumerism Highlights Opportunity For Future Benefit Tools
- Credit Union HSA Update: 9/30/2021
- New Oklahoma Law Could Knock Out HSAs
- The One Account That Every Millennial Should Consider
- 6 Employee Benefits Predictions To Help You Stay Ahead in 2022
New Age of Health Consumerism Highlights Opportunity For Future Benefit Tools
Much has been written about the rise of health care consumerism, which has been driven in large part by e-commerce, telehealth, and digital payments. This trend further accelerated in the last two years as COVID-19 (Coronavirus) led financially challenged Americans to aggressively comparison shop for health care.
Less discussed is the reality that many patients didn’t become discerning health care consumers willingly. Instead, they realized they needed to be more active in their own care as out-of-pocket health expenses for Americans continued to climb, now surpassing $400 billion annually.
Despite taking greater control of their health expenses, many are still struggling to figure out how to make the most of their benefits and health care dollars to not only meet their basic health needs, but also their overall health care goals.
Credit Union HSA Update: 9/30/2021
Devenir tracks health savings accounts in the credit union industry closely through NCUA filings and a variety of other sources. Below are some key points from our Q3-2021 analysis.
Key Credit Union Numbers:
- $2.09 billion – Total HSA assets held at credit unions totaled $2.09 billion as of 9/30/21, up 7.5% year-over-year.
- 859 – There were 859 credit unions holding HSA assets as of 9/30/21 (17% of credit unions), up from 843 credit unions three years ago. There were 49 credit unions that each held at least $10 million in HSA assets as of 9/30/21.
- 45% – The 25 credit unions with the most HSA assets hold 45% of all HSA assets held at credit unions.
New Oklahoma Law Could Knock Out HSAs
Oklahoma has a new prescription drug cost-sharing law that could break some consumers’ health savings accounts.
The Oklahoma Insurance Department has put out an alert to warn HSA holders about the new law.
The problem is that the federal HSA law requires an HSA holder to have “skin in the game” — a large enough deductible to push the HSA holder to be a careful health care shopper.
For an HSA holder who uses manufacturers’ coupons, grants or other outside money to pay for expensive prescription drugs, the new Oklahoma law could remove too much patient skin from the game.
The One Account That Every Millennial Should Consider
One of the best investments you can make, with incredible tax-fighting potential, is something many people overlook or don’t even know about.
If you’re suspecting that I’ve got an obscure cryptocurrency or robo account to flaunt … fear not. Every millennial need look no further than an ordinary HSA.
The HSA may very well be the most powerful tax shelter, pound-for-pound, in the United States. Unfortunately, not everyone is eligible to contribute to an HSA. Let’s cover the basics and review how you could supercharge your savings with an HSA strategy.
6 Employee Benefits Predictions To Help You Stay Ahead in 2022
As health and hiring challenges continue to influence the workplace, employers and benefits professionals must stay ahead of changing dynamics to deliver benefits that meet the moment.
This year was certainly one for the books. The employee benefits space is always dynamic, but 2021 reshaped the landscape in compelling ways. The ongoing COVID-19 pandemic, coupled with Americans’ changing attitudes about their life at work, meant employers and benefits professionals had to continually adjust their strategies.
Looking toward the new year, these forces seem set to strengthen. But the effort required to meet them isn’t an unpleasant necessity – it’s a tremendous opportunity for growth.