Much confusion still surrounds HSA eligibility, contributions, and distributions. Financial organization staff should become familiar with the misconceptions to strengthen their HSA knowledge and provide good customer service when fielding employer and HSA owner questions.
Read MoreThe IRS has lowered the health savings account (HSA) maximum contribution amount for family coverage for 2018—an adjustment resulting from the Tax Cuts and Jobs Act that changed the formula used to calculate inflation-adjusted contribution limits.
Read MoreAscensus EVP Steve Christenson discusses HSA and Medicare timing considerations that financial organizations should discuss with their HSA clients who are nearing retirement.
Read MoreHSA savings is on the rise, and customer questions will not slow down. Being able to answer to confusing HSA questions will set you apart as an HSA expert and a provider of good customer service.
Read MoreHow is an individual’s HSA contribution limit determined for the year he enrolls in Medicare? How much can an HSA owner contribute if he switches from self-only to family health insurance coverage mid-year?
Read MoreTraffic at financial organizations picks up soon for IRA and health savings account (HSA) contributions. Individuals can start making 2018 contributions, but preparing their 2017 income tax returns often prompt them to make prior-year contributions.
Read MoreThe financial industry has been hearing about the Department of Labor fiduciary (conflict-of-interest) rule for several years. These rules apply to IRAs, HSAs, and Coverdell ESAs, as well as employer-sponsored retirement plans. While some aspects will not apply until mid-2019, financial organizations should fully evaluate how the rules affect their products and services.
Read MoreHealth savings accounts (HSAs) have been around for more than a decade. Very few savings arrangements offer the same advantages as HSAs—tax-deductible contributions, tax-deferred earnings, and tax-free distributions if used properly. Individuals find this HSA triple tax advantage extremely attractive.
Read MoreProspects for passage of health savings account (HSA) expansion legislation appears less likely after the Senate failed to repeal and replace the Patient Protection and Affordable Care Act (also known as Obamacare).
Read MoreFinancial organizations may wonder if there’s value in offering a health savings account (HSA) program, even as the number of accounts and assets continue to grow.
Read MoreLike many Americans, Gavin Smith’s employer is offering only a high deductible health plan (HDHP) next year. Having two active sons and knowing the HDHP has higher out-of-pocket amounts, he is worried about having enough money to pay the medical bills. Gavin decides to reduce the amount he saves for retirement to help free up more money for health care costs.
Read More
