HSA

Posted December 12th, 2023 in employer, employee

Health Savings Accounts (HSAs) celebrated their 20th birthday last week. HSAs were signed into law on December 8, 2003 by then President George W. Bush. Here are some fun facts about HSAs!

Posted November 13th, 2023 in Employers, Employees, Producers

The Internal Revenue Service (IRS) published Revenue Procedure 2023-34 on November 9, 2023. The Revenue Procedure includes the inflation-adjusted 2024 contribution limits for certain employee benefit programs. Below is a summary of some of those contribution limit adjustments.

Posted October 18th, 2023 in Employers, Producers, Individuals

The House Ways and Means Committee recently cleared legislation which would make substantial enhancements and improvements to Health Savings Accounts (HSAs). There are two bills which have now been cleared for a vote in the House of Representatives (House). If passed in the House, the bills would then need to be approved by the Senate before going to the president for signature.
 

Posted June 15th, 2023 in Employers, Producers, Individuals

Last month the Internal Revenue Service (IRS) published Rev. Proc. 2023-23 which includes the 2024 limits for qualified high deductible health plans (HDHPs) and Health Savings Accounts (HSAs). Read on for a summary of these limits.

Posted March 30th, 2023 in

On March 17, 2023, the Internal Revenue Service (IRS) published some Frequently Asked Questions (FAQs) as it pertains to the reimbursement of nutrition, wellness, and general health expenses from a Health Flexible Spending Account (FSA), Health Savings Account (HSA), Health Reimbursement Arrangement (HRA), or Archer Medical Savings

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Posted December 28th, 2022 in Family, Individuals

Health Savings Accounts (HSAs) have become a popular way to pay for out-of-pocket medical expenses and/or save for future medical expenses. HSAs are considered by many to be the “unicorn” of financial accounts. The primary reason for this claim to fame are the triple tax advantage features of HSAs. Contributions are taxdeductible, earnings and interest grow tax-deferred, and withdrawals are tax-free provided the money is used for an out-of-pocket medical expense.

Posted December 21st, 2022 in

Many telemedicine programs disqualify a person from making contributions to a Health Savings Account (HSA). Generally, telemedicine programs that have a $0 copay or low dollar copay will eliminate HSA eligibility. Typically, a telemedicine program must apply the full cost of the virtual visit to the deductible, or it can only cover limited benefits (e.g., preventive-only services, dental-only services) to preserve HSA eligibility.

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Posted December 7th, 2022 in Employers

The Affordable Care Act (ACA) created a research institute known as the Patient-Centered Outcomes Research Institute (PCORI). The goal of PCORI is to help patients and those who care for them make better-informed decisions about healthcare choices. PCORI is funded in part by fees which are charged to health plans.

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Posted May 11th, 2022 in Individuals

Last week, the Internal Revenue Service (IRS) published Rev. Proc. 2022-24 which includes the 2023 limits for qualified high deductible health plans (HDHPs) and Health Savings Accounts (HSAs). Below is a summary of these limits:

Minimum Deductible to Qualify as an HDHP

Posted May 2nd, 2022 in Individuals

Lifestyle Spending Accounts (LSAs) have become one of the hottest new employee benefit programs. LSAs are sometimes referred to by other names, such as Personal Spending Accounts or some even refer to them simply as Wellness Programs. There could be a slew of other names, but we refer to them as LSAs.

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