The health savings account (HSA) turns 18 years old this December! HSAs were established into federal law by the Medicare Prescription Drug Improvement and Modernization Act of 2003 and were designed to help people save for future health care expenses. While the HSA...
A shoebox and a health savings account aren’t two things that instantly go together in your mind. However, if you’re ready to start maximizing the potential of your HSA account, the shoeboxing strategy may be perfect for you! Many people treat their HSA accounts like...
Once you get your employees enrolled and contributing to their health saving accounts, you’ve only won half the battle. A simple fact remains: the majority of employees don’t know that they can invest their HSA dollars. Your employees get stuck accumulating a cash...
Switching to a High Deductible Health Plan (HDHP) can be scary. But you could be better off with your employer's High Deductible Plan, or as we like to call them, "lower-premium plans," paired with an HSA versus the traditional health plan. Determining the difference...
In May, the IRS released Health Savings Accounts contribution limits for 2022. These amounts are adjusted yearly based on inflation and announced in April or May, giving employers time to plan for open enrollment in the Fall. What are the HSA Contribution...
When you start to think about saving for retirement, figuring out the right strategy for you can be a daunting task. How much should I be saving? How long do I expect the money to last? What do I plan to do in retirement? How will I plan for healthcare? If some of...
What is the connection between health and financial wellness? It seems there is a strong one. Money ranks as the number one source of stress for people. Moreover, there is a link between financial wellness and health. According to EBN, seventy two percent of people...
Healthcare costs in retirement are growing every day. The latest statistics show that medical expenses for an individual to retire today are upwards of $150,000 and for a couple are over $250,000. While this is undoubtedly a high number, you might be thinking,...
HSAs are a great way to save for medical expenses tax-free and even save for retirement, but learning the ins and outs will naturally bring up some questions. We here at SavingsOak thought it would be a good time to take a look at some commonly asked questions...