Incorrectly reporting HSA transactions may cause the IRS to pay more attention to your organization (and not in a good way). To prevent being audited and potentially penalized by the IRS, it’s important that you and your staff understand the HSA reporting requirements—including when not to report certain transactions.
Read MoreThe IRS has expanded the term “preventive” to include treatments for certain chronic health conditions. Such treatments can be covered by a health insurance plan without first meeting the minimum deductibles generally required of high deductible health plans for HSA contribution eligibility purposes.
Read MoreCan an individual’s HSA assets be used to pay for her spouse’s medical expenses if the spouse does not have an HSA? Can an HSA owner who is no longer covered under an HDHP still use HSA assets to pay for qualified medical expenses?
Read MoreThe HSA contribution limits for 2020 are increasing. IRS Revenue Procedure 2019-25 provides the HSA inflation-adjusted limitations for calendar year 2020.
Read MoreWhether you’re a seasoned HSA expert or a novice, certain HSA questions may take you by surprise. Knowing how to answer common HSA questions about HSA eligibility, contribution limits, and distributions will help you better serve your clients.
Read MoreNow that the IRS has provided additional guidance for when employers may recoup HSA contributions, you may want to consider updating your internal procedures for handling requests to recover contributions.
Read MoreEffective consumer education on the part of employers, employee benefit providers, and financial organizations can lead to a better overall understanding of HSAs and, ultimately, an increase in HSA assets.
Read MoreThe 2018 IRS Form 1040 is noticeably different from previous years as a result of efforts to simplify tax filing. Just how different is it? Find out how reporting retirement savings-related information on Form 1040 has changed.
Read MoreThe Link can make administering your retirement, education, and health savings plans easier and help you grow your business. Tour The Link to learn how to find what you need—and what you may have been missing.
Read MoreIs a family HSA allowed? Can a family HSA be changed to a single HSA? Can an HSA be moved to a spouse’s HSA? What happens to an HSA once the HSA owner is no longer eligible?
Read MoreA recently released IRS information letter provides more answers to the question of whether an employer can recover erroneous HSA contributions made on behalf of its employees.
Read MoreHow can your HSA-eligible clients get the most from an HSA—even if they can’t contribute the most? By paying their HSA when they pay their medical bills. This can be an opportunity for your organization to drive HSA business.
Read MoreIs an HSA basically the same as an FSA? What are the advantages of contributing to either one? Can you contribute to both?
Read MoreNot all HSA owners use their HSAs in the same way. Find out why and how that can affect what your organization does to retain and grow your HSA business.
Read MoreLooking for another reason to promote the HSA as a key financial planning tool for a more secure retirement? Consider sharing with your clients how they may be able to use their HSA savings to pay for long-term care expenses.
Read MoreCan HSA debit cards be issued to individuals other than the HSA owner? Are there issues that financial organizations should be aware of when allowing authorized users?
Read MoreResearch shows that HSAs will continue to see unprecedented growth, proving them to be a successful product offering for most financial organizations.
Read MoreHSAs and health FSAs are both used to save and pay for qualified medical expenses with the potential benefit of tax-free distributions. So how do they actually differ from each other?
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