When you contribute to your HSA, the money goes in before you pay taxes. A portion of your paycheck goes into your HSA and then you pay taxes on the rest of your income. This strategy lowers your taxable income. If you choose to contribute to your HSA post-tax, those contributions are tax deductible.
For most people, tax season is filled with endless amounts of paperwork. You may have to track down tax forms from your employer, retirement accounts, health savings accounts, and it can be difficult to stay on top of everything you need. If you're a full-time employee, you should receive a Wage and Tax Statement—also known as a W-2—sometime in January or February. Here's a closer look at the purpose of this form and why it matters when you are filing your taxes.
There are many big decisions to make as newlyweds. As you combine lives, you will have to make choices about your home, finances, and your family. You will also have to plan for healthcare—including your health insurance options. There are several things to consider before signing up for a plan, though. Here's what you and your new family need to know to make the right choices.
On April 29, 2022 the Internal Revenue Service announced the HSA contribution limits for 2023. For 2023 HSA-eligible account holders are allowed to contribute: $3,850 for individual coverage and $7,750 for family coverage. 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.