What can be done when an IRA owner’s spouse and children are the primary beneficiaries of the IRA but the children want all of the IRA assets to go to the spouse? With an HSA, the assets are deemed distributed to a nonspouse beneficiary upon the HSA owner’s death, but can the nonspouse beneficiary still disclaim the assets he would receive as a beneficiary?
Read MoreWhat happens to an HSA when the owner passes away and the beneficiary is a not the spouse? Can someone besides an HSA owner have access to the HSA?
Read MoreThe U.S. Fifth Circuit Court of Appeals has finally made it official—the 2016 Department of Labor (DOL) fiduciary investment advice final regulations and accompanying guidance are repealed. What Happens Next?
Read MoreTime and experience are shifting how individuals look at HSAs. Thinking beyond immediate health expenses, a greater number of consumers are looking at HSAs as vehicles for their future health care needs.
Read MoreThe IRS has issued proposed regulations that would alter the rules for electronic filing requirements of retirement and certain tax-preferred savings account information returns, which would require more filing entities to file electronically.
Read MoreQuick Reference Tool: 2018 and 2019 health savings account (HSA) contribution limits and HSA-compatible high deductible health plan (HDHP) requirements.
Read MoreHealth savings accounts recorded double-digit account and asset growth in 2017 as the number of individuals covered by high deductible health plans continues to increase year over year. Employers are a huge driver of this growth.
Read MoreThe health savings account (HSA) contribution limits for 2019 are increasing. The IRS issued Revenue Procedure 2018-30 announcing the HSA inflation-adjusted limitations for calendar year 2019.
Read MoreThe IRS is restoring the 2018 health savings account (HSA) maximum contribution amount for family coverage to $6,900; this reverses the IRS decision to reduce this limit by $50, which it announced in early March.
Read MoreMuch 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).
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