Lauren Hargrave is a writer from San Francisco who focuses on technology, finance and wellness. She follows comedians like most people follow bands and believes an outdoor sweat session can cure almost any bad mood. She’s also been writing her first novel for so long, her mom doesn’t ask about it anymore.
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Are you wondering: “What is an HSA?” Discover the basics of health savings accounts. The qualifications for opening and contributing; how the account works after opening; how much you can contribute annually; how to use your account for qualified medical expenses; and what happens to your account if you switch employers.
To decide between an HRA and an HSA, you’ll have to answer the following questions for your unique situation:
- Why do I want to use one?
- What will put me and/or my family in the best health and financial situation?
- Do the rewards of either account outweigh the potential risks or vice versa?
Flexible Spending Account rules aren’t complicated. But you’ll need to follow them to avoid incurring penalties or losing your contributions. Be sure you know each of the rules for Healthcare FSAs, Limited Purpose FSAs, and Dependent Care FSAs. Read to learn more about maximum contribution amounts and what purchases and services qualify.
For those of you who want the quick answer: the HSA contribution limits for 2020 are $3,550 for an individual and $7,100 for a family. If you are 55 or older your catch-up contributions are limited to an extra $1,000 a year. If you are a bit confused about what an HSA is, it stands for…
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.