“Surveys showing low balances are merely a snapshot. When you see a picture of a friend on social media posed on the dock before embarking on a cruise and then see her picture posted on the same dock when she returned, you don’t assume that she never left port, do you?” William G. (Bill) Stuart […]
“By establishing the account now, the child can reimburse tax-free any eligible expenses that she incurs for the rest of her life if she keeps a positive balance in the account. Let that sink in. . . Parents who realize this opportunity understand the value of setting up an account for their child. It could […]
“[I]t’s the only account that you can establish and fund outside of work. . . You don’t even need to have earned income. You can fund your account with unemployment benefits, stimulus checks, savings, gambling winnings, proceeds from the sale of an asset, or borrowing.” William G. (Bill) Stuart Director of Strategy and Compliance April […]
“If you don’t have a sufficient account balance to reimburse all expenses, find some funds, contribute them to your Health Savings Account (if you’re still eligible and haven’t met your contribution limit), and immediately withdraw the money. Voila – you’ve just reduced your taxable income by the amount of that contribution. You won’t receive the […]
“Most companies have a matching program to encourage employees to contribute to retirement accounts, knowing that the match is an incentive for these workers to sacrifice some consumption today for an immediate return of 50% to 100% on each matched dollar of retirement contributions. The same forces can boost Health Savings Account contributions.” William G. […]
“All contributions made through your employer’s Cafeteria Plan are labeled employer contributions. This figure includes not only contributions that your employer agreed to make when you enrolled, but also your pre-tax payroll deductions. Don’t worry about the aggregation. It’s all your money. Health Savings Account contributions vest immediately, regardless of the source.” William G. (Bill) Stuart […]
“It defies logic to argue that employee salary deferrals – compensation that employees choose to take in the form of tax-advantaged funds to reimburse their personal financial responsibility for care – fall within any logical definition of premium.” William G. (Bill) Stuart Director of Strategy and Compliance January 23, 2020 The budget deal to which […]
That’s hardly a formula for preserving Medicare, is it? Someone else was willing to assume full financial responsibility for your claims, but Social Security rules forced you to enroll in Medicare and forego some of the financial benefits of your group coverage. And then faced with the loss of financial benefits of a Health Savings […]
“This rule hurts people who participate in a Health Savings Account program. They’re retroactively disqualified from six months of eligibility to make and receive contributions. . . . If they’re unaware, they must either withdraw funds subsequently or remain blissfully unaware and face taxes, penalties, and anxiety if they learn of this rule during an […]
“My favorite lobbyist is fond of comparing legislation to a train. With any legislative effort, he wonders: Where is the train going? How powerful is the engine? How many cars can it pull? In other words, it’s often not the merits of a piece of legislation, but rather how to attach it to a relevant […]
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