HSA News for November 28, 2022
HSA news is compiled weekly by Mr. HSA, Roy Ramthun.
HSA Compliance Corner
Your Doctor Prescribes It. But Is It Qualified for Tax-Free Reimbursement?
There are many health care services and goods that you can reimburse tax-free from an HSA, but some require a doctor's prescription, and even that might not satisfy the IRS. In the case of a non-traditional prescribed course of treatment, the determining factors are whether: (1) the good or service prescribed is a recognized treatment for that injury, illness, or condition, and (2) the patient would incur the expense absent a prescribed treatment. If you are audited, the IRS makes the final decision.
The HSA Market
Report on Health Savings Account Activity Hints at What's Possible
Health Savings Account owners are still only scratching the surface of the benefits that these financial accounts offer. Consumer research from Fidelity pinpoints some of the education gaps in the market. Employees' lack of understanding of some key features helps explain why so few account owners - even among Fidelity accountholders - are managing their accounts as long-term financial vehicles.
HSAs & Retirement
3 Retirement Savings Plans We Should All Be Thankful For
HSAs aren't technically retirement savings plans, but the funds in your HSA never expire, and you can invest money you aren't using, so it can grow over time. Since healthcare is a massive expense for many seniors, carrying a large HSA balance into retirement could make for a lot less financial stress during your later years. Plus, once you turn 65, you're allowed to take an HSA withdrawal for any reason penalty-free.
Maximizing Your HSA
3 HSA Secrets to Make the Most of the Super Savings Account
A Health Savings Account is one of the most versatile and tax-advantaged accounts detailed under the IRS tax code. Using an HSA can save you on income tax, FICA tax, and capital gains tax, and you can often withdraw funds from the account tax-free as well. If you're eligible for an HSA, be sure you're making the most of it. Here are three HSA secrets you can use to maximize its benefits.
Consumer-Driven Health Care
10 Surprising Things You Can Buy With Your HSA
If you have a Health Savings Account, you may have built up a nice nest egg, especially since HSAs have the ability to roll over from year to year. While it’s perfectly fine (and smart!) to let the funds keep building, there’s also quite a few items that you can use your HSA money on that you might not have known about. Here are some surprising things you can buy with your HSA money.