HSA vs COVID-19

This is big:

"The Internal Revenue Service today advised that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status."https://t.co/ItIWGHrpEu

— Joe Kristan (@joebwan) March 11, 2020

Here's why:

HSA-compliant health insurance plans must include certain features (and are proscribed from including others). In general, so-called first-dollar benefits are strictly prohibited. Waiving co-pays and deductibles for CV-19 testing would seem to fall into this category, so the IRS has pro-actively gone on record waiving the potential fines:

"To facilitate the nation’s response to the 2019 Novel Coronavirus (COVID-19) ... a health plan that otherwise satisfies the requirements to be a high deductible health plan (HDHP) ... will not fail to be an HDHP ... merely because the health plan provides health benefits associated with testing for and treatment of COVID-19 without a deductible, or with a deductible below the minimum deductible (self only or family) for an HDHP."

Sweet.

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Promises Broken: TomTom edition

On the one hand, we had a pretty good experience with the TomTom folks a few years back:

"Over the next few days, I called tech support a number of times, and they could not have been more helpful, professional or courteous."

But that was then, and this is now. Via email from "Dave @ Tom" (likely not his real name):

"Hi there,

We have been trying to contact you [ED: NO, THEY HAVEN'T] about the end of product support for your TomTom XL IQR.

The last compatible map update for your TomTom XL IQR was released around 09/01/2018, which means your current map might be 26 months old, missing 9 map updates. Therefore, me and my colleagues here highly recommend to no longer use your beloved TomTom XL IQRand consider replacing your device."

[ed: 'me and my colleagues.' Ever heard of Grammarly®, Dave?]

I replied:

"So the contractual obligation that comes with Lifetime Map Updates (see attached) is meaningless?"

Why the heck would I ever consider buying another product from you?

Wow."

Naturally, that email bounced:

"Thank you for contacting TomTom Customer Care. Unfortunately we are unable to respond to any messages sent to this email address."

Because of *course* it did.

So, I've taken this public, in the hopes of helping others avoid my fate by purchasing a product with explicit features and promises that the company can arbitrarily decide to cease providing.

#CaveatEmptor

#CheatinTomTom

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Truth in Advertising

Got a LinkedIn invite recently from a gentleman (whose identity I've redacted) asking to be added to my network:

"Hi Henry,

I’m looking to grow my community with leaders that are interested in giving their members a better healthcare experience. If you think your members deserve more while paying less, then we should connect and chat. (Don’t worry, I’m not selling health insurance!)

Thanks,
[Redacted]"

It's that last bit that caught my eye:

"Don’t worry, I’m not selling health insurance!"

Why?

Well, because he's a regional poobah for Sedera Health.

And what is Sedera health, you ask?

Well, it's a "cost sharing community" ('community' now being the more politically correct version of 'ministry,' one supposes) to which one may subscribe. As we've noted in the past, these sharing ministries/communities/whatever are ACA-compliant, and generally much less expensive than ObamaPlans (particularly for folks who don't qualify for a subsidy or cost-sharing).

What they are not, however, and as my would-be associate notes, is insurance. That's because "Members agree to share one-another’s medical expenses through an act of voluntary giving." That's very different from a government-regulated (and enforced) insurance contract.

Which is not to absolve the carriers of their various and sundry shenanigans, oft-reported here at IB. But in those cases, thee are avenues of redress: arbitration, litigation, and even criminal prosecution.

Not so with these plans.

Does that make them evil (or carcinogenic, or fattening)?

Of course not!

But certainly food for thought if one is considering signing up.

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About your LTCi plan and the Stock Market

As the stock market continues its roller coaster ride, this seems like a good time to remind folks about the folly of self-insuring Long Term Care expenses:

Even though her #investments are down about 20%, my mother-in-law's #longtermcare insurance policy will pay the full cost of her assisted-living facility this month just like it did last month. #bearmarket #personalfinance #RetirementPlanning

Thank you, @johnhancockusa! https://t.co/aVzSy4Nit2

— Scott A. Olson, CLTC (@LTCShop) March 10, 2020

That is, regardless of how the market does (or doesn't do), once you're on-claim, you're on-claim for the duration of your policy's benefit period.

 

On the other hand, if you've chosen to self-insure, that certainty becomes a lot less ... certain.

Just sayin'.

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Laundry time (Again)

So, another two years has rolled by, and it's time to re-certify for Anti-Money Laundering. This entails a brief, but silly, online course about the perils and pitfalls, Red Flags and Due Diligence as a result of the USA Patriot Act and our government's concern about money laundering and identity theft.

Or, as a good friend puts it, a very helpful "How To" guide on the subject.

Last time out, I remarked on the apparent xenophobia suffered by the good folks who wrote the course.

This time, it's a different (but oh so timely!) political cynicism:"

"Enhanced Due Diligence

A client’s location, affiliation, or type of business may raise red flags that indicate a need for increased scrutiny. For example, regulators have identified senior political figures as individuals that require greater due diligence. This enhanced due diligence will be conducted by the carrier."

Heh.

[Emphasis added]

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CMMS vs COVID-19

Via email from CMMS:

"[This past Friday], the Centers for Medicare & Medicaid Services (CMS) took additional actions to ensure America’s patients, healthcare facilities and clinical laboratories are prepared to respond to the 2019-Novel Coronavirus (COVID-19).

CMS has developed a second Healthcare Common Procedure Coding System (HCPCS) code that can be used by laboratories to bill for certain COVID-19 diagnostic tests to help increase testing and track new cases. In addition, CMS released new fact sheets that explain Medicare, Medicaid, Children’s Health Insurance Program, and Individual and Small Group Market Private Insurance coverage for services to help patients prepare as well."

This seems especially crucial given the increased risk favors faced by those on Medicare (seasoned citizens).

The agency also released 3 helpful publications:

■ Medicare Fact Sheet Highlights

■ Medicaid and Children’s Health Insurance Program (CHIP) Fact Sheet Highlights

■ Individual and Small Group Market Insurance Coverage

#Kudos!

[The entire press release is also available here]

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Chilling, but #TruthWillOut

We generally don't do partisan politics here at IB, but this particular example of (inadvertent?) truth-telling is important:

Biden tells crowd he wants to increase premiums and make sure that healthcare is 'not quality, but only affordable'... pic.twitter.com/fNhtcW7kxx

— Sean Hannity (@seanhannity) March 6, 2020

"[W]e’ll make sure it’s not quality, but only affordable”

And that, in a nutshell, is the whole premise of a "Public Option" (or any "universal care" scheme, really).

But what, exactly, is the problem with a Public Option?

"The "Public Option" is a euphemism for Single Payer, the obvious end-game for the ObamaTax from the get-go. And how do we know this?"The [Obama] administration still intends to control medical costs by ... a single payer mechanism"

And there you have it: full circle.

#Medicaid4All

[Hat Tip: Mr Jones]

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