Morning Business Report: Couples will soon be able to put over $10,000 into a Health Savings Account
The IRS announced the largest ever increase to the amount Americans can set aside in Health Savings Accounts each year.
For 2024, the maximum HSA contribution will be $8,300 for a family and $4,150 for an individual. That’s up from $7,750 for a family and $3,850 for an individual in 2023. Participants age 55 and older can contribute an extra $1,000. After the increase, an older married couple could put $10,300 into their Health Savings Account per year.
Drug shortages are near an all-time high, and that’s leading to rationing. Particularly worrying is the scarcity of cancer drugs, heightening concerns about the troubled generic drug industry. Congress and the White House are both looking for ways to address the widespread supply problems.
The DOW jumped over 400 points on hopes of a debt deal. Meanwhile, bank shares take off. The catalyst was an announcement by both President Biden and Speaker Kevin McCarthy, who said that progress is being made on a deal.
Education Secretary Miguel Cardona confirmed this week the pause on federal student loan payments is still set to end later this year. The pandemic-related pause has been in place for more than three years and has been extended eight times.
Elon Musk says Twitter will try to rehire some of its laid-off staff. He adds that some of the people he fired “shouldn’t have been” cut. Twitter’s workforce is about 90 percent smaller than when Elon Musk first took over in October.
