Can an HSA owner who changes to family HDHP coverage mid-year contribute the full HSA family contribution amount for the year? If an HSA owner has family HDHP coverage and she and her spouse each have an HSA, how much can each contribute to their respective HSAs? If a nondependent child under age 26 is still covered by a parent’s HDHP, may that child contribute to his own HSA?
Read MoreSaving enough for retirement is difficult for most Americans. Unfortunately, it can be even more difficult for women. By understanding some of the challenges that many women face when it comes to saving, you can help your women clients who may be lagging behind in retirement preparedness catch up and even pull ahead.
Read MoreDrawing on its own retirement plan and consumer-directed healthcare account data, Ascensus offers a unique, comprehensive perspective into how Americans are saving for the future.
Read MoreHSA excess contributions may lead to questions from your HSA clients about how to handle the excess. Before you help clients address this issue, a basic overview of how to remove and report HSA excess contributions may be helpful.
Read MoreWho can establish an HSA? What are the requirements for a health plan to be considered HSA-compatible? If health plan coverage begins midmonth, when would someone be HSA-eligible?
Read MoreWith employee benefits open enrollment coming up, and more employers choosing to offer high deductible health plans, you may be fielding more HSA questions from employers. Here are the answers to five important questions they may be asking.
Read MoreIncorrectly 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.
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