Financial Health


Financial Health

What is Tax Form 5498?

If you’re the owner of an HSA, sometime in May (at least by June 1st) you will receive Tax Form 5498 from the trustee or administrator of your account. You may panic, because it looks like something that you should have submitted with your income taxes. Fear not, this form is only for your informational purposes.


Financial Health

What is IRS Tax Form 1099-SA?

When you open a health savings account (HSA), it's hard to imagine your small deposit growing into a sizable stash. But routine savings paired with investing adds up faster than you may expect. And before you know it, there could be ample funds to draw from when you need them.

hsas as wealth building strategy

Financial Health / Health Savings Accounts

Leveraging HSAs as a Wealth Building Strategy for Now and in Retirement

HSAs are tax-advantaged accounts which can be part of a long-term wealth building strategy.

Health insurance after your 26th birthday

Benefits / Financial Health

How Long Do You Have To Get Health Insurance After You Turn 26?

Your coverage doesn’t stop immediately upon your 26th birthday but at some point during the year you turn 26, depending on the type of insurance coverage your parents have. Your coverage will eventually stop though. This is because the health insurance system considers you an adult at this point, capable of maintaining your own health plan.


Financial Health

What is IRS Tax Form 8889?

Tax Form 8889 is where the reporting for all of the activity on your HSA comes together and the form you’ll use to report said activity to the IRS. It’s a longer form than the others and has certain line items that could require you to complete calculations in order to arrive at the appropriate number for your situation (e.g. your maximum contribution limit and additional taxes owed).


Financial Health

What is Tax Form 5329?

HSAs have contribution limits set each year by the IRS. If you over-contributed to your HSA, what do you do? Well, you have a couple options. First, you can withdraw the excess contributions before Tax Day and avoid any penalties and extra paperwork. It’s important to note that simply spending the excess contributions on qualified medical expenses is not considered a withdrawal (it’s a distribution). To withdraw your contributions, contact your HSA administrator.

piggy bank on pink background


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.

comparing hsa versus fsa


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.

Benefits of HSA employer matching

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.

Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.



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