Health Savings Account Blog and Updates

“Mr. HSA” Finalizes 2023 HSA Projections — Biggest Changes Since Program Began

As many of you know, I track the data needed to make inflation adjustments for Health Savings Accounts from one year to the next.

BJCApril 20, 2022Comment

Who Are the Investors among HSA Owners? And Are Enough Investing?

Health Savings Accounts are an ideal vehicle for long-term savings and investment. They're the only account whose owners can escape federal income and payroll taxes and state income taxes (except in California and New Jersey) on contributions, investment gains, and withdrawals.

BJCApril 13, 2022Comment

Today's High Inflation Will Increase Retirement Health Care Costs...Forever

Record inflation isn’t just hitting Americans at the supermarket and at the pump. It's also driving up health care costs, and the current spike will have a lasting effect on retirement medical expenses even after inflation returns to normal levels, a new study finds.

BJCMarch 30, 2022Comment

How Advisors Can Help Reposition HSAs This Tax Season

The 2022 tax season is officially underway and now is the time for Americans to increase their health savings by maximizing their HSA contributions.

BJCMarch 23, 2022Comment

Telemedicine Costs for Health Savings Accounts Eased by Omnibus

Employers can resume covering telehealth for workers with health savings accounts before patients meet costly annual deductibles thanks to a provision in the omnibus spending bill approved by Congress.

BJCMarch 16, 2022Comment

Do the Payroll Tax Benefits of an HSA Really Matter over the Long Haul?

Health Savings Accounts offer tax benefits that no other long-term account can match. But do those additional savings really matter over time?

BJCMarch 9, 2022Comment

Seniors Are Struggling With Medicare Costs, but This 1 Move Can Help

One big misconception about Medicare is that it provides free health coverage for enrollees. The reality is that there are many costs seniors routinely face under Medicare, and those costs can climb from year to year.

BJCMarch 2, 2022Comment

Can I Contribute to an HSA After I Retire?

A health savings account (an HSA) is a form of tax-advantaged retirement account designed for healthcare spending.

BJCFebruary 23, 2022Comment

The Average Retiree Spends 30% of Their Social Security Income on Health Care

If you're anticipating that Social Security benefits are going to help cover most of your expenses as a retiree, you're in for a big disappointment.

BJCFebruary 16, 2022Comment

Here Are Three Approaches to Allow Seniors to Contribute to an HSA

Many Americans age 65 and older can't contribute to Health Savings Accounts - at a time when they often incur their highest medical spending.

BJCFebruary 9, 2022Comment

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