2020 HSA Limits Announced
See the new 2021 limits here 2020 HSA Contribution Limit The HSA limits for contributions are set to increase in 2020 according to Revenue Procedure 2019-25, released today by the IRS. Individuals age 55 or older can continue to make an additional $1,000 catch-up contribution. Individual: $3,550 (up from $3,500 in 2019) Family: $7,100 (up […]
HRA or HSA? Which account is it?
HRA or HSA? It seems like a simple enough question. But, Health Reimbursement Accounts (HRAs) and Health Savings Accounts (HSAs) prove to be a little mind boggling for people. Many people overlook the key benefits, or confuse HRAs and HSAs with FSAs. For the most part, people tend to understand Medical FSAs. With a Medical […]
Medicare Series: Part 1 – What you need to know about Medicare and HSAs?
This is a two part series regarding Medicare. This post will focus on the impacts of HSAs and Medicare. Watch for Part 2 as we address Medicare and COBRA. Basics of HSA Eligibility Health Savings Accounts (or HSAs) are sometimes confusing. Let’s be honest, what benefits program or tax-program isn’t a little confusing? And HSAs […]
My Life in Benefits: Age 35- Why a Limited FSA was the clear choice
This is the fourth post in our “My Life in Benefits” series. New posts are published the first Thursday of every month in five year increments. Read the first post here. In case this is the first post you’ve read, I’ll give you a quick overview to catch you up. My name is Jon and […]
5 Reasons You Won’t Enroll in an HSA
Health Savings Accounts (or HSAs) are taking a seat at the benefits table. According to the Devenir 2018 Year-end HSA Research Report, there are an estimated 25 million HSA accounts (up approximately 13% from a year ago). HSA assets now total over $53.8 billion. However, not everyone is sold on these accounts. With these five […]
Talking Trends: Telehealth in 2019
This Forbes article from January cites that only 17 percent of the US population has used telehealth. That’s surprisingly low, given that more than half of hospitals in the US offer telehealth services. Furthermore, 77% of patients admit they would prefer a doctor who offers telemedicine. Finally, almost every state* in the US offers coverage […]
What do HSAs have to do with retirement?
What have HSAs got to do with retirement? Quite a bit… If you are worried about not having enough for retirement (including enough to cover health care expenses) you’re not alone. According to the Federal Reserve’s Report on the Economic Well-Being of U.S. Households released in May 2018 “[Under] 40 percent of nonretired adults think they […]
My Life in Benefits: Age 25, co-pay plan or HDHP?
This is the second post in our “My Life in Benefits” series. New posts are published the first Thursday of every month in five year increments. Read the first post here. Remember Sam, the coworker I mentioned when I was talking about commuter benefits? I ended up asking her on a date. Fast forward five […]
Choosing the right retirement savings option: IRA, HSA, or 401(k)
We all have the best of intentions for retirement savings, but we can’t fund everything. Here are three rules to follow to get the right blend from three of the most common retirement account options: First, don’t leave money on the table. As the saying goes, “Don’t leave money on the table”. This is very […]
Look into our Crystal Ball: The Future of Pre-tax Benefits
With mid-term elections less than a week away, many are tired of all of the political ads. Others are working hard to advocate for their candidate. In the end, votes will be cast. And, legislative priorities will be set for the next two years. As we look into our crystal ball, the future of pre-tax […]
Why an FSA is not the same as an HSA
Trying to choose between a Flexible Spending Account (FSA) or Health Savings Account (HSA) can be a challenge. But weighing these two pre-tax plan options is similar to a process many of us are more familiar with— car shopping. When shopping for a car, your first decision might be whether you want to buy or […]
Taking the Leap: How HSA BRidge Can Increase HSA Participation
To “BRidge” or not to “BRidge”, that is the question. HSA BRidge from Benefit Resource allows HSA participants to receive HSA contributions on an as-needed basis instead of waiting for funds to accumulate through payroll deductions. This optional feature helps to increase HSA participation by cutting down on the stress of unforeseen expenses and ensuring […]
Heigh-ho, heigh-ho, it’s off to work you go…
Have you ever wished you could wave a magic wand to help you through life’s harder moments, like facing unemployment or paying for your $200 monthly commute? Unfortunately, we don’t have a wand to offer you. But we can play the part of the fairy godmother and offer you advice on how to use your […]
Live longer with these IRS-approved accounts
There are multiple methods touted by professionals and pundits alike claiming to make you live longer: Spend less time sitting. Avoid simple carbs. Have at least one cup of coffee a day. Drink water. Laugh often. Practice mindfulness. Read a new book every month. The tips indicating what you “should” do to live a longer, […]
Five Reasons to Love the IRS
Let’s be honest. The words “Love” and “IRS” have probably never been used in the same sentence. We are more likely to cringe a little at the very word I-R-S (AKA Internal Revenue Service). There might even be some people that go into immediate cold sweats and their faces turn ghost-like. We are here as […]
The Basics of a Consumer-Driven Health Plan
Consumer–Driven Health Plan (CDHP): What does it really mean? There are certainly a number of interpretations or definitions of a Consumer-Driven Health Plan. The reality is that it isn’t any one thing, but a movement to give employees and individuals a more active role in paying for their medical expenses. The most common interpretation of a […]
HSA Teaser or The Future?
Recently, there was a little excitement in the pre-tax benefits world as the House approved two bills (H.R. 6199 and H.R. 6311) that would expand and strengthen health savings accounts (and other pre-tax health accounts). These bipartisan bills provide common sense solutions to address the availability and use of HSAs and other pre-tax health accounts. […]
A winning combination– An HSA and Post-deductible HRA (Part Two)
In part one, we discussed what makes a pre-tax account HSA-compatible. This post takes it the next step and answers the “why” question. Why consider an HSA with a Post-deductible HRA? Setting the Scene Meet Tim! He owns Tim’s Electrical and employs 30 full-time employees. Tim has a core group of 10 employees that have […]
HSAs and Pre-tax Benefits: What is HSA-compatible? (Part One)
So you think you have it all figured out. You’re going with the HSA. Wait, was it the HRA? Or, maybe it was an FSA. No, it was definitely the Health Savings Account—HSA. But then someone starts talking about all of the HSA-compatible account options you have. The choices can be overwhelming and the desire […]
How Tax Deductions Work
Even if you’ve filed your taxes before, you may still not be entirely sure how tax deductions work within pre-tax benefits. The principle is the same as the standard deduction and itemized deductions. At a high level, pre-tax accounts allow you to set aside money before taxes to use for qualified health, child care or […]
2019 HSA Limits Announced
2019 HSA Contribution Limit The HSA limits for contributions are set to increase in 2019. Individuals age 55 or older can continue to make an additional $1,000 catch-up contribution. Individual: $3,500 (up from $3,450 in 2018) Family: $7,000 (up from $6,900 in 2018) HSA HDHP Requirements The minimum deductible requirements remain the same from 2018 […]
The Case for a Limited FSA
So you implemented a High Deductible Health Plan. You start running through an implementation checklist and are posed with the question, “Do you want to add a Limited FSA?” You pause briefly and say “Why would I want a Limited FSA? I am already implementing a Health Savings Account (or HSA). Doesn’t it cover all […]
Reverse decision 2018 HSA Limits Remain
UPDATED APRIL 30, 2018. The IRS released Internal Revenue Procedure 2018-27 indicating that it would accept $6,900 as the 2018 HSA Family contribution maximum. This is a reverse decision after Internal Revenue Bulletin 2018-10 was released in March indicating that the limit would be reduced to $6,850. The IRS initially released the 2018 cost-of-living adjustments for Health […]
The Future of HSAs — A wish list of changes.
It’s tax day, April 17, 2018! Rather than give you the “accounting recommendations” to (1) open a Health Savings Account (or HSA) and (2) contribute the HSA maximum, we want to discuss the future of HSAs. What will tax day look like for an HSA in 2019 or 2025? So here it goes… The Future […]
