The first thing that might come to mind when using your health savings account for qualified medical expenses could be paying for your monthly prescriptions or a new pair of glasses. However, what if you have a more integrative approach to your healthcare? Maybe you...
When going through the open enrollment season for health insurance plans, you will likely see many options presented to you–HDHP, HMO, or PPO. It can be confusing or overwhelming. We’re going to demystify the High Deductible Health Plan (HDHP) and help you understand...
Ask any woman–tampons, pads, or any item that falls under the category of feminine hygiene products–are considered a necessity. So, it stands to reason that these products have always been considered a qualified medical expense and HSA eligible, right? Not...
Once you sign up for your health savings account (HSA) and start making contributions, you might be wondering “What can I do to make the most of this powerful little tax-advantaged account that I just opened?” Read on for some helpful tips on how to make the most of...
The Health Savings Account (HSA), which goes hand in hand with a High Deductible Health Plan (HDHP) has many wonderful benefits—but one especially amazing one is the Triple-Tax Advantage. It is a heavily touted feature that is worth taking a closer look at. Let’s...
What is a Qualified Medical Expense? Once you open a Health Savings Account (HSA) and begin making contributions, you can use the money to pay for medical expenses tax-free. This money can be used for you, your spouse, or your dependents. The IRS considers medical...
Must-Knows About HSAs, The CARES ACT, and COVID-19 In March 2020, Congress and the President passed the CARES (Coronavirus Aid, Relief, and Economic Security) Act to help Americans better cope with the pandemic’s effects. The CARES Act includes essential updates...
Health Savings Account Limits in 2021 Earlier in June this year, the IRS released the calendar year 2021 inflation-adjusted dollar limits for the Health Savings Accounts (HSAs). The Revenue Procedure notification contains the maximum annual HSA contribution amounts,...
A Health Savings Account (HSA) or a Flexible Spending Account (FSA) allows people to contribute pretax dollars for qualified medical expenses such as copayments and deductibles.