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On December 27th, 2020, President Trump signed the Consolidated Appropriations Act into law. This law has several budget line items, but the important part is how it affects employers who currently offer any kind of Flexible Spending Account (FSA). If your company offers or has offered any type of FSA (Health, Limited Purpose, and Dependent Care) in 2020, take a look at this article to see how this law affects you.
HSAs are a great way to save money for healthcare expenses and retirement because of their triple tax advantaged status. And there’s one more way to potentially grow your money — investing your HSA. In this post we’ll dive into reasons you may want to invest, reasons it may not be for you, and things to keep in mind when investing your HSA.
If you’re qualified, you can open an HSA account anytime. Once you have an HSA, you can contribute pre-tax money, grow your investment tax free, and use funds for qualified medical expenses tax free. That makes an HSA triple tax advantaged, and it’s one of the reasons HSAs are so great for people looking to save money. Learn how to open one today.
If you’re unsatisfied with your current HSA custodian, you can roll it over to a new provider. That process might sound complicated, taxing and just plain frustrating. But in the right scenario, it can give you the chance to access lower fees, a wider variety of investment offerings and more.
As medical costs continue to rise, many people are looking to save money wherever possible. Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are both tax-advantaged accounts that can help you save money on qualified medical expenses. But there are some key differences when comparing HSAs vs. FSAs that you need to know before you open an account.
Maximizing contributions to your Health Savings Account (HSA) can be a great way to meet your financial goals. Calculating your maximum annual HSA contribution may seem as easy as knowing the IRS limit, but it can actually be a lot more complicated, particularly if your coverage or status has changed during the year. We take you through the calculations step-by-step so you can make sure you are maximizing your contributions while avoiding penalties.
Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.