The Lively Blog
SIGN UP FOR OUR
Newsletter
Stay up to date on the latest news delivered straight to your inbox
How to Use Your HSA This Summer (and Save $$$)
Lively · July 3, 2018 · 2 min read
Expenses can really add up each summer as Americans take to their backyards or load their cars up with kids, gear, and dogs to take the annual family vacation. While your HSA might be farthest from your mind as you sit by the pool, it can lower your out-of-pocket costs.
An HSA is Tax-Free Income
Why will an HSA help you save money on expenses this summer? HSAs allow for tax-free contributions, growth, and distributions (when used for qualified medical expenses). Therefore you can use an HSA to pay for qualified expenses, tax-free!
HSA-Eligible Summer Expenses
Now that you know how you can use an HSA to save money, here are some eligible expenses that are going to make your summer plans or activities more cost-effective. The full list of HSA-eligible expenses is quite robust, so we narrowed it down to save you some time (and make it summer specific).
Sunscreen – for kids, babies or yourself. As long as they are sunscreen (SPF 15+, broad spectrum), not suntan lotions.
Prescription Sunglasses – keep your eyeballs from damaging UV rays with the style you want.
Allergy Testing – more time outside, means more exposure to pollen and all things allergy related. Use your HSA funds to pay for any required allergy testing you or your family needs.
Just in case you are traveling, you can use your HSA for medical care and coverage when you are outside of the US. What a wonderful safeguard!
Sadly summer camp and summer school are not an HSA-eligible expense, but swimming lessons, if required or prescribed by a doctor would be!
HSAs open up a world of completely tax-free spending. It’s an incredible way to save money. It’s even easier when you have an HSA debit card. Use your HSA to reduce short-term out-of-pocket costs by taking advantage of their tax benefits. This means more money to spend on your favorite summer activities or expenses. Enjoy.
If you need more help with health account decisions, check out our blog. We will make you a healthcare benefits expert in no time, without any extra work or effort on your end.
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.
SIGN UP FOR OUR
Newsletter
Stay up to date on the latest news delivered straight to your inbox