HSAs
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…
Underestimating Retirement Healthcare Costs a Dangerous Mistake
While Americans often overestimate the Social Security benefits they will one day receive, many underestimate what their health care expenditures will be. According to data cited by Nationwide, the average pre-retiree aged 50+ expects healthcare in retirement to cost $7,000 a…
Be Careful of HSAs with Social Security and Medicare
Health Savings Accounts (HSAs) are a great vehicle for those with a high deductible health insurance plan, as they offer triple tax advantages. But, as Sarah O’Brien of CNBC writes, those that regularly contribute to an HSA and plan to claim…