HSA Contributions

Posted June 9th, 2020 in Employers, Producers

Health Savings Account News

You may have previously heard that the 2019 federal tax filing deadline was extended until July 15, 2020. In the event you were unaware, contributions to Health Savings Accounts (HSAs) for the prior year can be made up until the tax filing deadline. The tax filing extension is impactful to HSAs for two reasons:

Posted May 27th, 2020 in Employers, Producers

The regulatory agencies have been busy issuing guidance these last several weeks. Here are some important updates in case you missed them:

Posted December 31st, 2019 in Individuals

Health Savings Accounts (HSAs) allow eligible individuals to put money aside tax-free to pay for out-of-pocket medical expenses, but HSAs work differently than other tax-advantaged accounts. Here are 10 helpful tips and reminders as the year comes to an end.
 

  1. HSA contributions for 2019 can be made up until the tax filing deadline, which is April 15, 2020.
     
  2. The maximum annual contribution to an HSA for 2019 is $3,500 for those covered by a single-only qualified high deductible health plan (HDHP) and $7,000 for those covered by a family HDHP
Posted June 27th, 2019 in Employers, Producers, Individuals

The Internal Revenue Service (IRS) issued Revenue Procedure 2019-25 last month with information on the Health Savings Account (HSA) and qualified high-deductible health plan (HDHP) limits for 2020.

These limits are updated annually and reflect cost-of-living adjustments.

Posted May 28th, 2019 in Employers, Producers, Individuals

Each year, the Internal Revenue Service (IRS) makes inflation adjustments to Health Savings Accounts (HSAs) and qualified high deductible health plans (HDHPs). On May 24, 2019, the IRS released Rev. Proc. 2019-25 which included details on the inflation adjustments for 2020.

The table below sumarizes the the HDHP requirements for 2020.

Posted October 2nd, 2018 in Employers, Producers

While we continue to hear about the rapid growth of Health Savings Accounts (HSAs), there is one feature about Health Flexible Spending Accounts (Health FSAs) that keeps some employees enrolled in this type of consumer-driven account (CDA). That’ s the uniform coverage requirement of Health FSAs.

Posted May 24th, 2018 in Employers, Producers, Individuals

Why employees should max out their HSA contributions

Most people don’t think about an HSA as a savings account. Instead, they think of it as an account used to set aside money, tax-free, to pay for healthcare expenses. While this is true, the reality is an HSA is much more than a bank account. It’s a long-term savings vehicle.
 

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