It’s important to understand the different regulations the IRS imposes on FSAs so you can stay compliant with their guidelines. Learn about the different types of ways you can verify your eligible expenses with the IRS.
Flexible spending accounts are a great way for you to purchase qualified medical expenses. But where exactly can you use these FSA funds? Find out exactly what kind of merchants you can use your FSA.
Are you thinking about enrolling in Medicare or applying for Social Security benefits? If so, this could automatically trigger you to start for Medicare Part A, which would make you ineligible to contribute to your Health Savings Account. The timing of your decision to enroll into Medicare impacts your HSA eligibility, so be careful not to trigger any penalties.
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.