…qualified healthcare expenses, regardless of insurance coverage status. Catch-Up After Age 55 Each plan year, the IRS sets an annual contribution limit for HSA account holders. However, account owners aged 55…
…multiple chronic conditions (38% vs 24%), and more than twice as likely to report poor health status. Although considered prohibitively expensive to be a long-term solution for most people, the…
…primary care visits may indicate the overall status of workforce health and uncover the need for better preventive care or health improvement programs. It’s also helpful to ask about visits…
…Regardless of the individual’s employment status or health coverage, the HSA is theirs to keep and use. Third, an HSA can function as a supplementary retirement account, similar to a…
…it, regardless of whether the money came from the employee or the employer. Here are more details regarding the portability status of the most commonly used benefit accounts. Who owns…
…to satisfying the deductible without negatively affecting the active status of linked Health Savings Account (HSA) accounts. More Information This blog is intended for educational purposes only and should not…
…in a qualifying high-deductible health plan to open or contribute to a health savings account. HSA funds remain the employee’s property regardless of employment or insurance status. LSAs (LSAs) can…
…work, but they differ significantly regarding employment status and benefits eligibility. Furlough: A furlough is a temporary, unpaid leave of absence with a planned return date. (The return date later…
…protocols. Failure to follow these regulations to the letter can result in penalties for employers and employees and potential loss of tax-advantaged status for the accounts involved. TPAs can suffer…
…effective supplement to 401(k) or other savings due to their “triple-tax advantage”: Funds withdrawn for qualified healthcare expenses remain tax-free, regardless of the owner’s age or employment status. Unused funds…