HSAs
HSAs account balances are increasing
A recent report on Health Savings Accounts (HSA) found that there had been a 35 percent increase in HSA account balances from 2024 to the beginning of 2025. “HSAs have long been a strategy to help offset the high cost…
Exploring the Reality of IRMAA in Light of a Real-life Situation
Medicare’s income-related monthly adjusted amount (IRMAA) regulation can, and often does, catch seniors in specific situations unaware. LA Times columnist Liz Weston, a Certified Financial Planner, offers an explanation of how this regulation impacts beneficiaries taking a large one-time withdrawal from…
2025 contribution limits for HSAs
The IRS has announced the 2025 contribution limits for Health Savings Accounts (HSA), Health Reimbursement Arrangements (HRA), and High Deductible Health Plans (HDHP). The inflation-adjusted annual limit amounts for 2025 are smaller if you compare them to the largest-ever increase…
Retirement benefits of a HSA
Health Savings Accounts (HSAs) were established as part of the Medicare Prescription Drug, Improvement, and Modernization Act, signed into law by President George W. Bush on December 8, 2003, effective January 1, 2004. In the twenty years since the creation…
HSA for non-medical expenses
An HSA is not an option for everyone, but if you have one, you can grow your balance by investing. The investment gains in your HSA are tax-free as long as the withdrawal of those funds pays for medical expenses.…
The Importance of HSAs in Retirement Savings Plans
Traditionally, most folks these days look to deferred compensation plans–IRAs and 401ks–as a primary source of wealth accumulation for retirement. This is especially relevant to the company-sponsored 401 k plans that offer an employer match. While all of this is…
What you need to know about health savings accounts as you near retirement
Because of the “triple tax advantage” that HSAs offer, it is highly recommended people contribute the maximum every year. An HSA not only gives you a medical emergency fund, but you are gaining money through the tax benefits you experience.…
Are you limiting your retirement savings options?
Over 40 percent of U.S. workers participate in 401(k) retirement plans which is an excellent resource for building long-term wealth. However, it is not the only retirement savings vehicle. There are several options that can offer tax advantages and more…
The secret weapon in your retirement savings arsenal
Do you have a health savings account? If so, you have a secret retirement plan. A health savings account is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical…
Be careful if contributing to an HSA while on Social Security
Sarah O’Brien of CNBC writes an important and informative piece here for those that regularly contribute to a health savings account (HSA) and plan to tap Social Security past full retirement age. Folks must be careful not to run afoul of…