Making sense of health savings accounts in 2023 insurance coverage

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As open enrollment season gets underway, you may find yourself having to decide whether a health savings account should be part of your 2023 medical coverage. These tax-advantaged accounts let users save for medical expenses.

Many companies will soon — or already have started to — hold their annual open enrollment period for workers to pick their health plan for next year, among other employer-sponsored benefits. Some of those firms will offer so-called high-deductible health plans, which are what HSAs are tied to, as an option for coverage.

“For the most part…an [HSA eligible] plan is the most cost-effective way to get health insurance,” said certified financial planner Carolyn McClanahan, founder of Life Planning Partners in Jacksonville, Florida.

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Here’s what Murphy said about latest deal on NJ public worker health benefits

Gov. Phil Murphy on Thursday said he doesn’t want big health insurance premium increases for public workers to “become an annual event” and called a last-minute move to ease a bit of the pain for some of those workers “a fair deal.”

A New Jersey health board on Wednesday approved rate hikes for health plans that cover more than 800,000 public workers. The vote calls for boosts in premiums on state health plans by about 21%, and local government plans by nearly 24%.

After Wednesday’s vote by the State Health Benefits Commission, five labor unions issued a joint-statement saying they had reached an agreement with the Murphy administration that will limit the increase on state employee contributions to 3%, shifting the rest of the financial burden to the state.

As part of the compromise, state employee co-pays for specialists will double from $15 to $30 and co-pays for urgent care

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Long Beach dockworkers billed union health insurance for sexual services, prosecutors say

LONG BEACH, CALIF.  - MAR.  6, 20222. A fisherman casts a line into the mouth of the Los Angeles River where it empties into the Port of Long Beach.  (Luis Sinco/Los Angeles Times)

The Los Angeles River empties into the Port of Long Beach, where eight dockworkers were charged in a scheme to fraudulently bill their union health plan for sexual services and falsified physical therapy claims. (Luis Sinco / Los Angeles Times)

Eight workers at the Port of Long Beach, a business owner and one of her employees were charged this week in federal court in connection with a scheme to fraudulently bill the dockworkers union’s health plan for sexual services and falsified physical therapy claims, prosecutors said.

All of the defendants except for one dockworker submitted plea agreements. The alleged ringleader, 46-year-old Sara Victoria of San Pedro, admitted in her plea agreement to owning three businesses between 2017 and 2021 that provided sexual services as well as chiropractic and acupuncture treatments.

Knowing that the health insurance is provided by the International Longshore and Warehouse Union – Pacific Maritime Assn. generally covered

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NJ public workers bring fight over big health plan rate hikes to Murphy at Statehouse rally

New Jersey’s labor unions were undeterred by rain clouds over Trenton Tuesday as hundreds of government workers descended on the Statehouse in labor’s latest push to fend off massive rate hikes on health insurance premiums.

A coalition of at least 14 unions organized the rally after Democratic Gov. Phil Murphy’s administration signaled it would move forward with a vote Wednesday on proposed rate increases of more than 20% for state health plans.

A deep of union members filled the outside corridor of the Statehouse annex and spilled into West State Street, where crowds of off-duty police officers and firefighters gathered, listening to the handful of speakers lined up for the event.

“Governor Murphy, hear our call,” the crowd shouted, as chants echoed off the annex walls.

New Jersey state troopers blocked off a section of the roadway between Calhoun and Barrack streets, where a line of buses sat empty after

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Big rate hike for NJ public worker health benefits approved, but late deal eases pain for some

The State Health Benefits Commission on Wednesday approved rate increases of about 21% on state worker health plans and nearly 23% on local government benefits.

But a last-minute deal reached after the meeting could ease a bit of the pain for some public workers.

The new rates will affect the health plans that cover more than 800,000 state and local government workers, and it could have financial implications for millions of New Jersey taxpayers.

After Wednesday’s vote, five labor unions issued a joint-statement saying they had reached an agreement with Gov. Phil Murphy’s administration that will limit the increase on state employee contributions to 3%, shifting the rest of the financial burden to the state.

As part of the compromise, union leaders said they agreed to double co-pays for specialists from $15 to $30 and increase co-pays for urgent care from $15 to $45.

The agreement only applies to plans

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