Looking 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.
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Can 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?
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Research shows that HSAs will continue to see unprecedented growth, proving them to be a successful product offering for most financial organizations.
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HSAs 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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What is a qualified HSA funding distribution and how much can be distributed? Can a qualified HSA funding distribution help satisfy an RMD? What is a testing period?
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When it comes to your HSA business, be careful not to overlook your generation X clients, as most own an HSA. Knowing their generational traits may be helpful in marketing to this particular group of consumers.
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While a debit or credit card gives HSA owners easier access to their HSA funds, it can also put their HSA at risk for a prohibited transaction. Fortunately, there are simple ways to avoid this risk.
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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?
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What 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?
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The 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official—the 2016 Department of Labor (DOL) fiduciary investment advice final regulations and accompanying guidance are repealed.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?
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Time 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.
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The 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.
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Quick Reference Tool: 2018 and 2019 health savings account (HSA) contribution limits and HSA-compatible high deductible health plan (HDHP) requirements.
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Health 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.
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The 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.
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The 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.
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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.
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The 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.
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