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...
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...
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.
A Health Savings Account, or HSA, is a tax-advantaged savings account. An HSA account holder can use it to pay for out-of-pocket qualified medical expenses for themselves and their dependents.