Articles — Ascensus

To assist Ascensus clients during the busy contribution and tax season, the 800 Consulting telephone lines will be open for extended hours.

Medical Expenses That Can and Can't Be Covered by an HSA

Some HSA owners may not fully understand what medically-related expenses their HSA is allowed to cover. Although financial organizations are not responsible for determining whether a medical expense is a qualified expense, it is helpful to know some of the basics.

HSA, expertAscensusFebruary 15, 2024Compliance & Operations, HSA

Is Your Organization on Track to Meet These IRA, HSA, and Coverdell ESA Deadlines?

It's a brand-new year filled with fresh reporting deadlines, and perhaps a good time to take note on whether your financial organization is on track to meet these obligations—or to refresh your memory on when specific deadlines occur. First quarter is always a busy reporting season.

Common Misconceptions About Using Your HSA During Retirement

Health savings accounts (HSAs) will celebrate 20 years in 2024, and these tax-advantaged accounts are more popular than ever. However, there are some common misconceptions about HSAs that prevail, despite their growing popularity.

HSAAscensusOctober 19, 2023HSA, Compliance & Operations, Industry Trends & Statistics

What You’ll Need Before Opening an HSA

Employers are now preparing for benefits enrollment season, and chances are likely that you’ll soon experience an uptick in potential clients who want to set up new health savings accounts (HSAs) for next year.

HSAAscensusAugust 17, 2023Compliance & Operations, HSA, Reporting

The ABCs of HSAs: Your Common HSA Questions Answered

Health savings accounts (HSAs) continue to grow in popularity. And as they become more popular, you should expect an increase in HSA-related questions from clients. This article provides answers to some of the more common HSA questions that your clients may have.

HSA, expertAscensusJuly 20, 2023Compliance & Operations, HSA, Business Insights, Q&A, Reporting

2024 HSA Limits Released

The IRS has issued Revenue Procedure 2023-23, providing inflation-adjusted amounts for health savings accounts (HSAs) for calendar year 2024.

HSAAscensusMay 18, 2023HSA, Business Insights, IRS, Compliance & Operations

Do You Have Clients in a Federally Declared Disaster Area? Here’s How to Navigate Form 5498 Reporting and Late IRA/HSA Contributions

Is the 2022 tax season truly over for your clients? If they live or work in a federally declared disaster zone, their federal tax deadline has been postponed this year.

HSA, IRAAscensusApril 20, 2023Compliance & Operations, IRA, HSA, IRS, Disaster, Contributions, Traditional IRA, Roth IRA

What to do When an HSA Owner Dies

Although there are a few similarities between IRAs and HSAs, the beneficiary options are different.

expert, HSAAscensusMarch 16, 2023HSA, Beneficiary, Distribution

What’s The Employer’s Responsibility for My Client’s HSA?

Health savings accounts (HSAs) can be easy to offer employees and benefits everyone. But employers should know what their responsibilities are for their employees’ HSAs.

HSAAscensusFebruary 16, 2023Compliance & Operations, HSA

Encouraging Retirement Saving in the Gig Economy

Was your dinner delivered to your front door last night or have you gotten a lift to the airport lately by using one of several app-based companies, such as Uber or Lyft? If so, welcome to the gig economy, where “side hustles” are no longer relegated to the sidelines but can be a way of life for many workers.

IRA, HSA, Employer PlanAscensusAugust 18, 2022IRA, 401(k) Plan, HSA, Retirement Plan, SIMPLE IRA Plan, Traditional IRA, Roth IRA

Helping Clients Develop a Healthy Approach to Retirement Savings

The past few years have been a roller coaster ride for many retirement savers. After performing well for several years, the broader investment markets have been hit hard since the beginning of 2022. Now the price of gas, food, housing, and other goods and services continue to rise, and for many of us, something needs to give.

But that “something” shouldn’t be your retirement savings.

IRA, HSAAscensusJuly 21, 2022Compliance & Operations, IRA, Reporting, Industry Trends & Statistics

2023 HSA Limits Released

Maximum annual HSA contributions will rise from $3,650 to $3,850 for those with self-only insurance coverage, and from $7,300 to $7,750 for those with family coverage.

HSA, News BriefAscensusMay 19, 2022HSA

It’s Time to Remind Clients Why They Should Have an HSA

HSAs are IRA-like accounts that are tax-favored and designed to cover medical expenses incurred by the HSA owner, the HSA owner’s spouse, and his dependents. So—how can HSAs help your clients?

HSAAscensusMarch 17, 2022Compliance & Operations, HSA

Answering Your Clients’ Tricky Tax Reporting Questions

As your clients prepare their tax returns, you may find yourself receiving a barrage of tax reporting questions. Hopefully, here are the answers to some of your challenging questions during tax season.

Brace Yourself for 2022 Contributions (And Watch for Those Last-Minute Prior-Year Contributions)

The first few months of each year usually bring an increased number of contributions for individual retirement arrangements (IRAs) and health savings accounts (HSAs). During this flurry of contribution activity, it’s important to make sure that your clients clearly designate the year that a contribution is for.

HSA, IRAAscensusFebruary 17, 2022Compliance & Operations, IRA, Traditional IRA, Roth IRA, HSA, Contribution, Reporting

How Insurance Coverage May Affect HSA Eligibility

To make HSA contributions, an individual must be covered by a qualifying high deductible health plan (HDHP), and not be covered by a plan that is not an HDHP. However, when it comes to HSA eligibility, not all HDHPs are created equal.

HSAAscensusFebruary 17, 2022Compliance & Operations, HSA, Contribution, Distribution, Eligibility, Q&A

Retirement Enhancements Expected in 2022 Legislative Proposals

Several bills with provisions that would alter tax-advantaged savings arrangements have been introduced. If these provisions are approved, they represent important priorities for the House and Senate lawmakers responsible for their drafting and introduction.