Health Savings Account Blog and Updates

Why a Health Savings Account is a Secret Weapon in Saving for Retirement

Many federal employees can save money by switching to a high deductible health insurance plan with an HSA when they have the chance.

BJCFebruary 2, 2022Comment

The Role That HSAs Can Play Meeting Retirees' $361,000 Spending Projection

A recent estimate projects that a retiring couple with high medical expenses will pay more than $360,000 in retirement medical costs.

BJCJanuary 25, 2022Comment

“Mr. HSA” Projects Biggest Changes in HSA Amounts Since Program Began

You may already know that I track the data needed to make inflation adjustments for Health Savings Accounts from one year to the next.

BJCJanuary 18, 2022Comment

IRS Allows A One-Time Transfer From Your IRA To Your HSA: Another Strategy To Reduce RMDs

A Qualified HSA Funding Distribution, or QHFD, allows for a tax-free transfer from an IRA to your Health Savings Account, or HSA.

BJCJanuary 11, 2022Comment

REMINDER: Your Healthcare Deductible Might Reset in January. Here's What That Means

While your health insurance deductible (and the timeline it follows) might not be something you typically think about during the holiday season, it's important to give it some thought.

BJCJanuary 5, 2022Comment

Only a HSA Plan Enrollees' Expenses Can Be Reimbursed Tax-free? Nope!

Who's covered on your HSA-qualified plan and whose expenses you can reimburse tax free are different.

BJCDecember 29, 2021Comment

Expert Q&A: Medicare's 6-Month Lookback for HSA Contributions

Employees over 65 may have to reverse recent HSA contributions.

BJCDecember 22, 2021Comment

Is an HRA Compatible with a Health Savings Account? Depends on Design.

A Health Reimbursement Arrangement is usually disqualifying coverage. But not always.

BJCDecember 14, 2021Comment

Ensuring your benefits don't become a burden

Why employed Americans with an HSA need to pay attention to Medicare and Social Security enrollment.

BJCDecember 7, 2021Comment

Treat your HSA like an extra retirement account

The smart move is to think of your health savings account (HSA) as an extra retirement account.

BJCDecember 1, 2021Comment

MSA vs. HSA: What’s the Difference?

Medicare savings accounts (MSAs) and health savings accounts (HSAs) both give consumers tax-advantaged ways to fund the costs of healthcare.

BJCNovember 17, 2021Comment

Is it mandatory to go on Medicare when you turn 65?

Medicare open enrollment for 2022 has begun, while Part A is mandatory, some seniors can opt-out of the other parts under certain conditions.

BJCNovember 10, 2021Comment

Bringing consumer-directed benefits into the digital era

Making tax-advantaged benefit plans easier to navigate will allow employees to make better use of their benefits.

BJCNovember 3, 2021Comment

Medicare: What They Don’t Tell You

In less than 15 years, for the first time, the number of Americans at least 65 years old will be more than the number of Americans under the age of 18.

BJCOctober 27, 2021Comment

What Medicare Doesn’t Cover And How Planning Now Can Help Avoid Surprises Later

The month of October is known for a lot of things, shorter days, cooler temperatures, falling leaves and the arrival of pumpkin spice everything—from baked goods to coffee, yogurt, smoothies, beer—and yes, even pumpkin spice turkey.

BJCOctober 20, 2021Comment

Why an HSA should be part of your employee's retirement savings plan

Offering an employer match for both 401(k) accounts and an HSA can increase employee engagement and savings with both accounts.

BJCOctober 13, 2021Comment

Reminders About Upcoming Changes to Healthcare Spending Related to the Pandemic

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted on March 27, 2020. The law permitted flexibility to healthcare spending related to high-deductible health plans (HDHPs).

BJCOctober 6, 2021Comment

How to Use a Tax-Saving Health Savings Account in Retirement

A Health Savings Account (HSA) lets you save money in a tax-advantaged account and then withdraw cash tax-free to pay for qualified medical expenses.

BJCSeptember 29, 2021Comment

As gig work increases, ICHRAs might be the future of healthcare benefits

The healthcare industry has taken a hit since COVID-19 caused a tidal wave of layoffs, resulting in the loss of health insurance for employees across the country.

BJCSeptember 22, 2021Comment