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Health Savings Accounts are Here to Stay
Lively · March 13, 2017 · 2 min read
Are you worried about the future of your healthcare coverage? The talk surrounding the repeal and replacement of the Affordable Care Act (ACA or also referred to as Obamacare) has many people concerned. How does it affect your own coverage?
Health Savings Accounts Regulations
Throughout all the proposed plans, one theme remains consistent. Health Saving Accounts (HSAs) appear to be here to stay. In fact, some proposed plans look to enhance HSA regulations.
Replacement Proposals
ACA repeal and replacement plans have had no shortage of ideas. On February 16, 2017, House Republican leaders released an outline of their GOP health plan and on March 6, 2017, they introduced the American Healthcare Act. It follows other proposed plans, which representatives previously released.
Obamacare Replacement Act (Senator Rand Paul’s proposal) — introduced January 24, 2017
Patient Freedom Act (Senator Bill Cassidy’s proposal) — introduced January 23, 2017
A Better Way: Our Vision for a More Confident America (House Speaker Paul Ryan’s proposal) — introduced June 22, 2016
Empowering Patients First Act (Representative Tome Price’s proposal) — introduced May 13, 2015
For more details, Kaiser Family Foundation offers an interactive comparison of the above plans to the ACA.
Proposed Health Savings Accounts (HSAs) Changes
Each of the proposals addresses the HSA role in its replacement plan. The following are a few examples of proposed changes to Health Savings Accounts (HSAs).
Allow individuals enrolled in any kind of health coverage to make tax-deductible contributions to an HSA (think Medicare or VA benefits)
Eliminate high-deductible health plan (HDHP) enrollment requirement to make tax-free contributions to an HSA
Expand qualified covered expenses to include items such as over-the-counter medicine and health insurance premiums
Authorize new Roth HSAs in which contributions are not tax deductible, but interest and investment income are tax-free, as well as distributions for qualified medical expenses
Encourage HSA participation with one-time refundable tax credit of $1,000
Increase annual tax-free contributions limits to the annual out of pocket maximums
Allow spouses to make contributions to HSAs
What does this mean to you? No matter what healthcare coverage looks like in the future, HSAs are an integral component of the coverage. You can start saving today and Invest in your health®.
Benefits
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.
Benefits
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.
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.
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