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2017 HSA Year in Review
Lively · January 3, 2018 · 2 min read
2017 has come to a close, and at first look, it was a record-breaking year for HSA growth. While there were no new policy or tax changes to the HSA this year, besides the slight increase in contribution limits for 2018, the value of the HSA, coupled with the growth of HSA-eligible plans like a high deductible health plan (HDHP), is driving HSA adoption to new levels.
You might have an HSA, you might not, but the likelihood you will open and contribute to an HSA in 2018 continues to increase. Here is the 2017 HSA year in review.
HSA Growth
Every year more and more Americans create dedicated savings for their health and 2017 was no exception. Did you know that over 21 million Americans have an HSA! In fact, the HSA is growing at a faster rate than the 401(k) industry.
HSA Assets
2017 will finish with an estimated $44.7 billion in HSA assets (deposits and investments). This was a 23% increased from the previous year. Quite an increase! More HSA assets mean more money dedicated to health savings and long-term health financial opportunities.
HSA Investments
This was truly a year to Invest in your health®. The average HSA account investment holder has over $15k in assets. Wow! This totals over $7.3 billion of estimated investment assets in 2017, which was a 44% increase from the previous year. While HSAs provide a clear path to pay for current year out-of-pocket medical expenses, this growth shows the value of longer-term savings opportunities.
HSA Value
The inherent value of an HSA is to provide tax-free dollars to pay for qualified out-of-pocket medical expenses for today or in future years. The added value of an HSA is that it creates a tax-free investment account, just like a 401k or IRA, that can be used to plan and save for retirement. As a result, you can invest in your health and save for your health financial future. We only expect HSA growth to increase. We are excited for 2018.
Benefits
2024 and 2025 HSA Maximum Contribution Limits
Lively · May 9, 2024 · 3 min read
On May 9, 2024 the Internal Revenue Service announced the HSA contribution limits for 2025. For 2025 HSA-eligible account holders are allowed to contribute: $4,300 for individual coverage and $8,500 for family coverage. If you are 55 years or older, you’re still eligible to contribute an extra $1,000 catch-up contribution.
Benefits
What is the Difference Between a Flexible Spending Account and a Health Savings Account?
Lauren Hargrave · February 9, 2024 · 12 min read
A Health Savings Account (HSA) and Healthcare Flexible Spending Account (FSA) provide up to 30% savings on out-of-pocket healthcare expenses. That’s good news. Except you can’t contribute to an HSA and Healthcare FSA at the same time. So what if your employer offers both benefits? How do you choose which account type is best for you? Let’s explore the advantages of each to help you decide which wins in HSA vs FSA.
Health Savings Accounts
Ways Health Savings Account Matching Benefits Employers
Lauren Hargrave · October 13, 2023 · 7 min read
Employers need employees to adopt and engage with their benefits and one way to encourage employees to adopt and contribute to (i.e. engage with) an HSA, is for employers to match employees’ contributions.
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