A key value of HSAs are tax-free saving and tax-free spending. With one big caveat – all HSA spending, must be used for qualified out-of-pocket medical expenses in order for it to be tax free. So what exactly qualifies under IRS guidelines?
7 results for "HSA Eligibility"
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.
Providing free healthcare products and services only helps if individuals and families understand how to use them. We need free healthcare tools to calculate and navigate complex healthcare regulations and/or tax codes. This goes double for HSAs.
Small business owners are always looking for ways to maximize benefits while minimizing cost for both themselves and their employees. A small business HSA is a perfect way to limit healthcare costs while ensuring you have the dedicated money you need to pay for medical costs. What you might not know is that your company legal structure, and ownership...
Changing health insurance plans, mid-year, will also effect your HSA-eligibility. Make sure you review your prospective health insurance plan to understand if you will retain your HSA-eligibility. We will outline how to pro-rate your HSA contributions to stay IRS complaint if your new health insurance plan is not HSA-eligible.
The value and benefits of an HSA are hard to pass up. Their short-term and long-term savings options create flexibility to enable an HSA strategy that works best for you. In order to take advantage of these opportunities, you need to be eligible. Here are the requirements to determine your HSA-eligibility.