Knight Kiplinger shares some interesting information in the May 19 Kiplinger Letter and Kiplinger Tax Letter:
Kiplinger does not believe we should expect quick resolution on replacing Obamacare in the Senate. GOPers are setting aside the controversial House bill and starting over. He believes there are great problems in this effort: Senators will have to deal with arcane procedural rules to get a bill passed by a simple majority. This will involve scaling down the bill, with a result unlikely to satisfy House conservatives. Congress will be bogged down with the controversy over Trump’s firing of the FBI director, therefore passing a major bill in such an inflamed environment will be tough. Overall, a signed bill is a long way off and any final legislation will look significantly different from the House version.
Next, Kiplinger predicts the annual ceiling on deductible payins to Health Savings Accounts (HSAs) will increase in 2018 to $3,450 for account owners with individual coverage and to $6,900 for those with family coverage. Those born prior to 1964 can put in an additional $1,000.
Limits on out-of-pocket costs, such as deductibles and copayments, will increase to $13,300 for those with family coverage and to $6,650 for self-only coverage.
Minimum policy deductibles will increase to $2,700 for families and $1,350 for singles. Proposed changes include the ceiling on deductible contributions nearly doubling, HSA funds being able to be used for the purchase of over-the-counter medicines and the fine for payouts made for nonmedical costs being cut in half.
If you, or someone you know needs it, Resonate can provide excellent independent references for navigating the multitude of health insurance choices.
Barbara A. Culver
CFP®, ChFC®, CLU, AEP®