Some of you might have heard of a “Cafeteria Plan.” A smaller number may have even heard the term “Section 125.” However, most HSA owners have never really needed to know these terms, much less the underlying mechanics governing the employer benefits programs it created. Still, for a minority, including those serving in a company…
A Health Savings Account, or HSA, may be one of the most versatile and tax-efficient savings accounts available. Designed to be paired with a qualifying High Deductible Health Plans (“HDHPs”), the HSA takes the tax advantages of familiar Flexible Savings Accounts (FSA’s) and adds a number of new features that turn this health-oriented savings accounts.
Perhaps the only decisions more personal than health decisions are the financial ones – How much should I save? Where should I save? Where can I find help if I need it? These are big questions and deserve attention. Your choices create options after only a few years and become life-altering over a career.
On May 10, 2021, the Internal Revenue Service announced the 2022 HSA contribution limits. For 2022, HSA-eligible account holders are allowed to contribute $3,650 for individual coverage and $7,300 for family coverage. Both coverage levels are a $50 increase for individuals and $100 for families from 2021 HSA contribution limits. If you are 55 years or older, you’re still eligible to contribute an extra $1,000 catch-up contribution.
We are excited to share with you, that Lively is now the #1 rated HSA Provider on HSASearch.com (A Devenir company). We want to thank the many customers who took the time to review our HSA offering and give us such a high rating.
Want to use pre-tax dollars for healthcare expenses? If you don’t have a high deductible health insurance plan and want to set aside pre-tax dollars for healthcare expenses, a Flexible Spending Account (FSA) may be just what you’re looking for.