Health Savings Account Blog and Updates

The HSA Option

The Health Savings Account (HSA) option will improve the welfare of lower-income Americans by offering them more control over their health care.

BJCJune 29, 2022Comment

HSA News for June 27, 2022

BJCJune 27, 2022Comment

Can Early Retirees Buy Coverage with HSA Funds? Answer: Yes. . . and No.

Early retirement sounds great and may look financially viable. But don't forget to consider the cost of medical coverage and care.

BJCJune 22, 2022Comment

Reimbursement Deadline Looming? Not Such Thing if You Own an HSA!

If your Health FSA plan year ends June 30 and you have a large balance unspent, you may be concerned that you may forfeit some of your election. Health Savings Account owners have no such concerns - ever.

BJCJune 16, 2022Comment

Investing in Your HSA vs. Your 401(k)

Both HSAs and 401(k) plans can offer tax benefits, but these two types of accounts have distinct purposes and rules.

BJCJune 7, 2022Comment

Rising Health Care Costs and the Impact on Soon-to-Be Retirees

The time to plan for your health care in retirement is years before you actually retire.

BJCJune 1, 2022Comment

Health Care in Retirement Will Cost an Average of $315,000

BJCMay 25, 2022Comment

This Underused Retirement Account Leaves 401(k)s and IRAs in the Dust

A lot has changed over the last few decades, but the way people save for retirement is still the same. Most stick to a 401(k) or an IRA unless they're self-employed.

BJCMay 11, 2022Comment

Retiree Medical Costs Are Daunting, but Let's Get the Facts Straight!

Yes, medical expenses in retirement are daunting. The typical analysis, though, misses the mark by comparing apples to oranges. But you can still do this.

BJCMay 2, 2022Comment

Bill Would Extend HSAs to Seniors, Provide Huge Benefit at Small Cost

Seniors represent the largest eligibility gap in the Health Savings Account program. Under current law, the 63 million Americans enrolled in Medicare are automatically disqualified from opening or funding an account.

BJCApril 27, 2022Comment

“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