111 results for "Health Savings Accounts"BLOG
Can I Still Contribute to My HSA After Retirement?
By: Lauren Hargrave
Once you turn 65, you must stop contributing to your health savings account (HSA). Your HSA eligibility isn’t determined by employment (you can contribute to an HSA regardless of whether you have an employer-sponsored health plan or not), but is instead dependent on the type of health insurance plan under which you’re covered as well as your age. These facts, combined with the tax-advantaged structure of HSAs makes them an ideal tool to save for retirement.
2021 HSA Contribution Limits
On May 20, 2020, the Internal Revenue Service announced the 2021 HSA contribution limits. For 2021, HSA-eligible account holders are allowed to contribute $3,600 for individual coverage and $7,200 for family coverage. Both coverage levels are a $50 increase for individuals and $100 for families from 2020 HSA contribution limits. If you are 55 years or older, you’re still eligible to contribute an extra $1,000 catch-up contribution.
How to Divide an HSA During a Divorce
By: Carla Fried
In the event you and a spouse decide to divorce, a sizable HSA account balance becomes an important part of the negotiation for how best to divide your assets.
Here are a few things to consider when deciding how to divide an HSA in a divorce:
Who Can I Use My HSA For?
By: Vicky Warren
It goes without saying that you can spend your HSA funds on yourself. You can also use the funds for qualified medical expenses for your spouse - even if you have “self-only” HDHP coverage.
Maxing Out Your 2019 HSA Contributions
By: Carla Fried
Due to the COVID-19 crisis, the official federal tax filing deadline has been moved from the traditional April 15 date to July 15, 2020. This means you will also now have an extra three months to max out on your 2019 HSA contribution, which will enable you to take advantage of three valuable tax breaks.
2019 HSA Contribution Deadline Extended
While contribution limits have not changed for the 2019 tax year, the federal income tax filing deadline has. The new July 15, 2020 deadline provides those who haven’t maxed-out their 2019 HSA contribution the opportunity to contribute whether they’ve filed their federal income tax return, or not. Discover if the postponement impacts your 2019 HSA contributions and what you can do next.