HSA

Ready to quit smoking? Your FSA or HSA can help

Although COVID-19 was a top health story in 2020, another disturbing health trend also emerged with fewer people quitting smoking. The health dangers of smoking cigarettes have been well-documented since the U.S. surgeon general’s groundbreaking report in 1964. The number of adults who smoke was down to an estimated 14 percent in 2019, and cigarette sales steadily continued declining year after year until 2020, when they increased slightly. 1-800-QUIT-NOW, a national portal connecting callers to local

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HSA Growth: Now’s the Time to Invest Your HSA Balance

Opening a Health Savings Account (HSA) can be a great investment in your personal healthcare and financial future. Owned by the participant-employee (rather than the employer), the HSA is a versatile spending and savings account that can be used for many healthcare expenses. Since they can keep the account for life, HSA owners should adopt strategies for building their account balance and using the account to its maximum potential. Should you just save and earn

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Did Your Family Have a Change of Status? How a Mid-Year Update Could Impact Your HSA Contributions

When a Health Savings Account (HSA) owner has a change of status during the year, it affects how much he or she can contribute to their HSA. Learn how a mid-year change of status affects HSA contribution limits below. When a person with a qualified High Deductible Health Plan signs up for an HSA, the account comes with a ton of advantages. Account owners can enjoy pre-tax contributions, tax-free distributions for eligible health expenses (for

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COVID-19 PPE Now Eligible for FSA, HRA, HSA Plans

The fight against COVID-19 has expanded to the purchase of personal protective equipment (PPE) items. On Friday, March 26, the IRS released Announcement 2021-7, which qualifies PPE purchased for the primary purpose of preventing the spread of COVID-19 as medical expenses under section 213(d) of the Internal Revenue Code. The regulation allows specific items to be purchased with or reimbursed from a health Flexible Spending Account (FSA), Health Reimbursement Arrangement (HRA), or Health Savings Account (HSA).

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HRA vs HSA: Examining the Similarities and Differences

Do you know the difference between a HRA vs HSA? The key difference between the two is that an HRA is employer-owned whereas an HSA is employee-owned. With an HSA, the employee keeps the account and can transfer it when he or she changes jobs. Account holders may also invest their HSA funds.

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Understanding the HSA Withdrawal Penalty and Other Useful Information

Health Savings Accounts (HSAs) are a wonderful tool for saving money on healthcare expenses. When you enroll in a qualified high deductible health plan and sign up for an HSA, you contribute pre-tax money into an account then withdraw those funds for qualified healthcare expenses. When used for qualified expenses, withdrawals are tax-free. However, many HSA owners wonder if the money can be used for non-qualified expenses. If so, is there an HSA withdrawal penalty?

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How Does Medicare Enrollment Impact HSA Eligibility?

For people enrolled in a high-deductible health plan (HDHP) and have (or are considering) an HSA, some commonly asked questions include “Does Medicare Enrollment Impact HSA Eligibility?” Here are the answers to this question and others.

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