Health Policy News

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Health Policy News

Category: Coursework

Subcategory: Health

Level: Masters

Pages: 1

Words: 550

Health Policy News
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“Don’t Get Tripped Up By the IRS’ Tweak to Health Savings Accounts” By Michelle Andrews
The key players in this policy are people who finance their healthcare through health savings accounts rather than taking health insurance covers. It also involves the internal revenue services (IRS) and policymakers. The main issue revolves around the maximum amount of money that can be saved in a health savings account. A health savings account is an account set up by an individual to help manage their health-related expenditure when they do not have an insurance cover. This amount is allowed to grow without tax. It can also be used without attracting taxes as long as it is used for health-related expenses. Of course, these accounts can then become an avenue for evading taxation. To prevent this, there are upper cap limits for the amount that one can contribute to the account. This cap is adjusted annually to cater for inflation and increases in health-related costs. For the year 2018, the IRS had already announced that for those who have individual plans, they can pay up to $3,450. For those who have families to cater for with health savings accounts were initially allowed to pay up to $6,900 for the year 2018. However, due to changes in the federal government’s calculations used to adjust for inflation, the amount has been reduced by $50. The maximum allowable amount for family savings is, therefore, $6850. This …

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