A health savings account can be used to pay for more than doctor visits and prescription drugs. Learn about these HSA-qualified expenses.
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In the July-August issue of 55 PLUS, we reviewed the many valuable characteristics of health savings accounts (HSAs), particularly their income tax benefits.
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Health savings accounts have come a long way since their introduction in late 2003.
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I have written previously about the tax advantages associated with health savings accounts. Contributions are tax-deductible regardless of income.
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Over the past couple months, a lot of attention has been given to economy as it starts to recover from the COVID-19 pandemic.
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Health savings accounts and flexible spending accounts are both great tools that can help you save money in taxes and better control your health care costs.
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Research shows that employees overwhelmingly use their health savings accounts (HSAs) for current medical expenses. But being able to invest and carry forward the account balance can help the account holder establish better retirement security.
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On the latest episode of the ABA Banking Journal Podcast — sponsored by Finastra — Eric Remjeske of Devenir Research and Kevin McKechnie of the ABA HSA Council discuss new research findings showing that 63 million Americans are now covered by an HSA, with total assets over $82 billion, and that Americans in their 30s are disproportionately likely to be HSA account-holders.
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The survey data was primarily collected in April of 2021 and largely consisted of top 20 providers in the health savings account market, with all data being collected for the period ending on December 31st, 2020.
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There’s little not to like about a Health Savings Account (HSA). They allow you to invest and withdraw money for health care expenses.
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Employers continue to drive HSA growth while reaping win-win benefits—and changing the landscape of 401(k) contributions.
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In its latest survey, Fidelity Investments pegged the cost of health care in retirement at $300,000 for a hypothetical couple aged 65. It estimates the cost for a single woman at $157,000 and for a man at $143,000. The $300,000 represents an 88% increase from Fidelity’s first survey in 2002 and an increase of 30% over the past 10 years.
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It's no secret that medical care is expensive. But will it end up costing more than you anticipate during your senior years?
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Health savings accounts (HSAs) are the best retirement planning tool available, and there’s a little-known legal trick that can help fully fund an HSA.
Some people who borrowed or withdrew funds from their workplace retirement accounts in 2020 took out more than they needed, thereby unnecessarily paying additional taxes and depleting their balances. Some had another option.
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Fidelity’s latest analysis shows people often underestimate the potential cost of health care in retirement, even after two decades of watching health care costs increase year-over-year.
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Will they ever be unbound from high-deductible plans? Should participants invest or spend HSA funds? What are the latest trends for employers to know?
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Your Health Savings Account doesn't die when you do. But what happens to it when you're no longer alive?
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A recent article identifies five disadvantages of using only a 401(k) (or similar workplace-based plan) to save for retirement. Adding a Health Savings Account to the mix may ease some of those shortcomings.
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Now that Congress and the president have passed the nation's largest single spending bill ever (the American Relief Plan Act) and President Biden has proposed an additional $2 trillion in a bill that includes some infrastructure improvements and additional federal spending targeted at specific industries, the next big project in Washington DC may be healthcare reform.
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