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The HSA Tax Plan

Lively · December 7, 2017 · 2 min read

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With Washington being in the news a lot this year for healthcare and tax reform, wouldn’t it be nice if you didn’t have to wait around in limbo?

Tax-Free Health Care

What if I told you there was an HSA (health savings account) tax plan that allows you to use 100% tax-free dollars to save and pay for health costs. You could use this money to pay for qualified out-of-pocket medical expenses today or invest it to create substantial health savings to use in years to come. Want to know the best part of this HSA tax plan? It already exists and you can take advantage of it today.

Tax-Free EVERYTHING

100% tax savings is one reason HSAs are growing 16% year over year. If they aren’t part of your health savings, retirement or tax strategies they will be soon. HSAs offer a truly unique tax savings solution. HSAs allow individuals (and families) to contribute tax-free dollars (through payroll deductions, tax-free investment growth and tax-free deductions when used for qualified out-of-pocket medical expenses). This is a clear and direct path to saving more money when paying for health costs. Use an HSA to pay tax-free for health costs today, or in years to come.

Better than a 401k?

We don’t mean to suggest you shouldn’t open and contribute to your 401k (please speak to a financial or tax advisor to see what works best for you) but do want to highlight the tax advantages of the HSA. An HSA might have become a retirement savings vehicle by accident, but it enables HSA users to pay for the $275,000 of expected health costs (per couple) 100% tax-free in retirement. Coupling an HSA with a 401k adds new tax advantages and savings that can but your money to work. Save even more through tax-free HSA investments.

Tax advantages provide a direct path to make your money go further for current expenses or expenses in years to come. The multi-faceted nature of HSA tax advantages further extends the value and flexibility of this health savings option. See if you qualify and sign up for free today.

If you need more help with open enrollment 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.

Lively

Lively

Lively is the modern HSA experience built for—and by—those seeking stability in the ever-shifting healthcare landscape. By harnessing modern innovation and deep industry expertise, Lively is committed to bridging today’s savings with tomorrow’s unknowns. Unlike traditional institutions hindered by bureaucracy, Lively’s commitment extends beyond initial set up to providing dedicated, ongoing support and education for every step. So each HSA can reach its maximum potential with minimal headache.

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Benefits

2023 and 2024 HSA Maximum Contribution Limits

Lively · May 16, 2023 · 3 min read

On May 16, 2023 the Internal Revenue Service announced the HSA contribution limits for 2024. For 2024 HSA-eligible account holders are allowed to contribute: $4,150 for individual coverage and $8,300 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

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.

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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