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Health Line
4 days ago
- Business
- Health Line
Does Medicare Cover Mycotoxin Testing?
Although Medicare does not specifically mention mycotoxin testing, Medicare Part B may cover mycotoxin tests if a doctor deems it medically necessary. Mycotoxins are toxic compounds that certain types of molds and fungi produce. They occur naturally but can contaminate food and some indoor environments. Common mycotoxins include: Aflatoxins: Different types of aflatoxins grow in soil, rotting vegetation, hay, grains, cereals, corn, sorghum, wheat, rice, soybeans, peanuts, sunflower seeds, cotton seeds, chili and black pepper, coriander, turmeric, ginger, pistachio nuts, almonds, walnuts, coconuts, and Brazil nuts. Ochratoxins: These types can contaminate foods, including cereals and cereal products, coffee beans, dry vine fruits, wine, grape juice, spices, and licorice. Patulin: These can be found in rotting fruit, with the main dietary sources found in apples and apple juice made from affected fruit. Fusarium fungi: These are often found in cereal crops, wheat, oats, and maize. Tests for mycotoxins and Medicare coverage A doctor or healthcare professional may order tests to look for signs of myotoxicity, such as a blood serum test, skin prick testing for particular mold allergens, a bronchial challenge test, or urinalysis. Medicare Part B will typically cover these tests as long as they are medically essential. There are no out-of-pocket costs for these clinical diagnostic lab tests. Symptoms of mycotoxicity Mycotoxins can cause mild to more serious health conditions and some of the symptoms you may experience can include: coughing wheezing nasal congestion skin rashes watery eyes itching muscle aches fatigue liver damage Additionally, people with weakened immune systems may experience heightened sensitivity to mycotoxins. Reducing the risk of mycotoxins You can minimize health risks related to mycotoxins by: Inspecting your food items: Inspect whole grains like corn, wheat, rice, dried figs, and nuts, including peanuts, Brazil nuts, pistachios, walnuts, almonds, coconuts, and hazelnuts. Throw out foods that look moldy, have discoloration, or are shriveled. Ensuring freshness of food: Buy grains and nuts that are as fresh as possible. Taking care of food storage: Ensure your foods are stored correctly by keeping them dry, not too warm, and free from insects. Try not to keep foods for long periods before you use them and adhere to packing 'use by' dates. Diversifying your diet: Eating a variety of foods can help reduce your exposure to mycotoxins.
Yahoo
18-05-2025
- Business
- Yahoo
An increasingly popular healthcare savings strategy could get more lucrative under GOP tax bill
While Republicans decide how far to go with funding cuts and tighter restrictions for low-income healthcare coverage, they want to broaden rules for accounts designed to pay medical bills — which double as a retirement-planning tool that can give wealthier households a leg up. The tax bill that advanced from the House Ways and Means Committee this week is hundreds of pages long, but it devotes a portion of provisions to health-savings accounts. I'm 57 and ready to retire next year on $7,500 a month, but my wife says no. Who's right? The U.S. just lost its last pristine credit rating. What that means for markets. My husband will inherit $180K. I think we should invest the money. He wants to pay off his $168K mortgage. Who's right? My second wife says her 2 kids should inherit our estate, but I also have 2 kids. Is that fair? My husband and I spend more money on our daughter and her family than on my single son. Do we compensate him? See: Trump's big tax bill is in jeopardy. Here's why some in GOP are getting cold feet. Don't miss: More SALT should be on America's tax-deduction menu, argues Brett Arends. Way more. People could put more money in these tax-advantaged accounts and working seniors would have more time to contribute, according to the bill. It would also widen the types of healthcare plans able to use these accounts and let users pay for their gym memberships with account money, among other things. 'If passed, it could help higher-income clients shelter more income and give younger families and small-business owners more room to save aggressively for (inevitable) future healthcare costs,' wrote Craig Toberman, partner at Toberman Becker Wealth in St. Louis. The GOP's tax bill is 'taking one of the most tax-efficient retirement-planning vehicles and just jump-starting it even further,' Toberman added in a phone interview with MarketWatch. Over 39 million HSA accounts had almost $147 billion in assets by the end of last year, according to Devenir, an investment-solutions provider for HSA accounts. The 2024 collective asset balance was up almost 19% from the prior year, Devenir data showed. Yet the potential changes to HSAs are among the latest developments in the recurring story of rising healthcare costs in the U.S. The GOP tax and spending bill is not a done deal — not by a long shot. One reason is the debate raging on Medicaid funding and eligibility requirements. Democrats and other critics say millions of Americans could unfairly lose their health coverage, while GOP advocates say the program's costs have to come under control. Republicans also don't seem inclined to extend enhanced tax subsidies for health-insurance plans people buy on the Affordable Care Act's exchange. Meanwhile, insurance premiums keep rising; the average annual premium for family coverage through a job increased by 7% to $25,572 last year, according to KFF. So there aren't easy answers on whether possible changes for HSAs would be a win for America's healthcare system or its affordability woes. But the bill's proposals could still be a win for HSA account holders, said Jake Spiegel, senior research associate at Employee Benefit Research Institute, a think tank studying the retirement, health and financial benefits that Americans get through their jobs. The bevy of changes proposed for HSAs aren't 'radical departures,' Spiegel noted. 'That being said, even at the margins, this could be pretty useful for some folks.' HSAs are used with health-insurance plans that have deductibles above a certain price tag, known as high-deductible health plans. This year, the threshold is $1,650 for individual plans and $3,300 for family coverage. Health-savings accounts are supposed to give users a tax-efficient way to pay for medical care, some healthcare experts say. The accounts are also lauded by financial planners like Toberman as 'triple play' to minimize a person's tax bill over the long term. Paycheck money deposited into an HSA is pretax, and there's a deduction for people who put money into an account outside an employer. HSA funds can stay as cash or they can be invested in the stock market, like a 401(k) account for retirement. The money grows tax-free, and distributions are tax-free when used for qualified medical expenses. (There's a 20% penalty when the expense isn't related to medical care.) After age 65, the penalty goes away, but distributions for nonmedical expenses still count as ordinary income. The biggest change in the tax bill would be increased contribution limits. This year, the limit is $4,300 for individuals and $8,550 for family coverage, while account holders age 55 and over can add an extra $1,000. The bill would double the contribution amounts. While there are no income restrictions on who can contribute to an HSA now, the bill would impose an income threshold for who could add the extra $4,300/$8,550 portion that's indexed for inflation. The phase out begins at $75,000 adjusted gross income for people with self-only coverage and $150,000 for those with family coverage. Income-based phaseouts are one hallmark of the GOP bill as it stands. In other notable changes, senior citizens above age 65 could enroll in Medicare Part A and still contribute to their HSA; under current law, they cannot, Spiegel noted. The extra time to contribute and the extra allowed sums could help older workers who are facing large medical expenses or anticipating them later on, he said. See also: This is Generation X's biggest retirement worry — and it's not money Planning how much money to set aside for medical needs later in life is a major financial variable, said Toberman. He models clients' future money needs — and usually, 'healthcare costs become the biggest expense category.' Toberman tells clients to contribute to their employer's 401(k) match and put the excess for long-term investments in the HSA while attempting to pay for medical costs out of pocket. There's a slim chance people are stuffing too much money in an HSA 'given the staggering growth rate of healthcare costs,' he said. The save-and-hold approach on HSAs is what Spiegel calls 'the wealth-maximizing strategy' for HSAs. But most HSA users don't handle them that way, he added. Fewer than 15% of account holders contribute to the statutory maximum, he said. Even when HSA funds are rolled up in investments rather than cash, most users are still taking distributions on their accounts, 'which does not conform to that wealth-maximizing strategy.' Some potential changes to HSAs in the GOP tax bill, like higher contribution limits, are 'well intentioned,' said Michael Cannon, director of health-policy studies at the Cato Institute, a libertarian-leaning think tank. Then there are the bill's proposals to let HSA money go towards 'qualified sports and fitness expenses.' The bill caps allowed expenses at $500 for a single filer and $1,000 for a joint return, but it's an example of how taxes distort and complicate healthcare, according to Cannon. 'How much more is Congress going to expand the definition over time to include sneakers and so forth?' Cannon said. 'It's just silly because this is about medical care.' While there are some HSA-related ideas Cannon supports, the GOP's bill is not addressing healthcare's glaring flaws, he said. 'Overall, this bill is wildly irresponsible,' Cannon added, because it's not doing enough to curb the costs and national debts incurred from programs like Medicare and Medicaid. Katherine Hempstead, a senior policy officer at the Robert Wood Johnson Foundation, a philanthropic organization focused on public health, is concerned the country is 'going to take a great leap back on coverage.' HSAs are 'a symptom of excessive complexity of our systems,' she said. If financial planning with these accounts can help people avoid selling their home and assets or winding up in 'a Medicaid-financed nursing home, there's a value to that.' Yet broader rules for HSAs are 'second-level help,' Hempstead said, 'where the problem is we are still living in a world where not everyone has affordable health coverage.' 'I am scared to death that I'll run out of money': My wife and I are in our 50s and have $4.4 million. Can we retire early? My wife and I paid off my stepdaughter's $415K mortgage in exchange for her house, but it's now worth $310K. Should we sue? 'I'm flabbergasted': My friend wants to borrow $5,800 to save his home from foreclosure. What should I do? 'We live modestly': My wife and I have $900K in stocks and $380K in savings and CDs. Are we holding too much cash? 'We're not wealthy': My niece is marrying out of state and she has a honeymoon fund. Is that cheeky? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
