An HSA is a type of tax-deferred account designed to help you save for your health care costs for current and future years. An HSA essentially works like an IRA for medical expenses. However, it differs from a Flexible Spending Account (FSA) in that money not spent in a calendar year can remain in the […]
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Considering that most employers are offering a high-deductible HSA-eligible health insurance plan these days, chances are that you’ve at least heard of health saving accounts (“HSAs”) even if you’re not already enrolled in one. People who are used to more robust coverage under HMO or PPO plans may be hesitant to sign up for insurance […]
Would you raid your Roth IRA or 401(k) to pay for car repair bills? I suppose if you have no other choice, you might. But ordinarily, we want to use our tax-advantaged retirement accounts only as a last resort because we want that money to grow tax-free or tax-deferred for as long as possible. The […]
Did you know that if you have money in an IRA that you want to use for healthcare expenses tax-free, you may be able to roll it over to your HSA? As more people realize the power of the health savings account, we are getting more questions about this strategy. Here are the ins and […]
How much should you contribute to your Health Savings Account in 2019? If you’re enrolled in a high deductible health plan for this year, take a look right now so that you can make any adjustments you decide to make ASAP (yes, unlike the FSA, most plans allow you to change your payroll contributions throughout […]
One advantage of an HSA (health savings account) is that the money you contribute is yours to keep. Unlike an FSA, it’s not use it or lose it. Even if you’re no longer enrolled in an HSA-eligible high deductible health insurance plan, you can continue to use your HSA tax-free to pay out-of-pocket qualified medical […]
Health Savings Accounts (HSAs) are often bundled with high deductible health insurance plans and can be a great tax-advantaged way to manage out-of-pocket medical expenses, as well as supplement your retirement. They can also be confusing. If they baffle you too, you are in good company. According to a recent survey by LIMRA’s Secure Retirement […]
Are you trying to pay off medical bills? Did you have an HSA-qualified health insurance plan when you incurred the medical expenses? If you answered yes to both of those questions, there are a few ways that an HSA can help save you money: When you have a balance in your account: just pay the […]
Updated for 2021 limits Considering that most employers are offering a high-deductible HSA-eligible health insurance plan these days, chances are that you’ve at least heard of health saving accounts (“HSAs”) even if you’re not already enrolled in one. People who are used to more robust coverage under HMO or PPO plans may be hesitant to […]
In the past 7 months, my daughter has had two concussions, a bruised ankle, a broken elbow and a black eye from being accidentally hit by a friend. “Accident-prone” doesn’t quite seem to cut it anymore in describing her and our constant trips to urgent care. In fact, she is so well-known at our local […]
My colleagues and I have quite the debate going about the merits of using your Health Savings Account (or HSA) versus excess savings to pay for medical expenses. (yes, this is what CFP®’s call “fun”) After all, isn’t the whole purpose of your HSA to pay for medical expenses? What’s the point if you’re just […]
I’ve written about how to invest in a Roth IRA, your employer’s retirement plan, and a taxable account, but a new type of tax-sheltered account that’s growing in popularity is a health savings account or HSA. (If the new health care bill passes, HSAs could become even more important as the contribution limits would be […]
Do you have a health savings account (HSA)? If so, you probably got it through your employer and have it at an administrator chosen by them. What you may not realize is that you can choose to transfer your account to a different provider. This recently came to my attention when Financial Finesse changed HSA […]
A few years ago, my colleague Greg Ward wrote a blog post called Why I Max Out My Health Savings Account (And You Should Too). In the past, health savings account (HSA) eligible health plans were a lot less expensive than their traditional counterparts, but premiums for HSA-eligible plans have recently gone up, and as […]
In one of the chapters in her new book, What Your Financial Advisor Isn’t Telling You: 10 Essential Truths You Need to Know About Your Money, our founder and CEO, Liz Davidson wrote about how the best place to invest your money is often where you earned it in the first place: your employer. Last […]
The often overlooked ability to make HSA contributions up until the tax filing deadline is an effective way to reduce your tax bill or boost your tax refund.
The key is to figure out which one is going to work better for you.
Treat your HSA like any other retirement account.
Last week’s mail started the avalanche of end of year statements and one of the first to arrive was my HSA statement. I am lucky to be in pretty good health so I don’t mind having a high-deductible health plan. As a result, I also get to watch my HSA continue to build up year […]
I recently talked to a co-worker who wasn’t very happy about our health insurance plan. I was surprised because I love it. It turns out that she just didn’t understand how it worked. We have a high-deductible plan with a health savings account (HSA), a relatively new type of plan that’s likely to become more […]