Category: HSA General Information

Health Savings Accounts’ Value Heightened during Pandemic

September 3rd, 2020

“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.. Read more

Managing Renewal Premiums in a World of Uncertainty

June 25th, 2020

“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… Read more

Sorting through Tax Forms

February 20th, 2020

“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.. Read more

Why the Cadillac Tax Had to Go

January 23rd, 2020

“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.. Read more

My Christmas Wish List

December 12th, 2019

“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.. Read more

Capital Update

November 26th, 2019

“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.. Read more

Don’t Let IRMAA Crash Your Retirement Party

November 14th, 2019

“To quote those commercials for 70s rock CDs, grout cleaners, and chia pets, ‘But wait, there’s more.’ . . . Health Savings Accounts appear, by my math, to be septuple-tax-advantaged account – with four distinct advantages over traditional 401(k) plans and IRAs.” William G. (Bill) Stuart Director of Strategy and Compliance November 14, 2019 You’ve.. Read more

Tools to Manage Rising Premiums

October 31st, 2019

“A far more effective approach is defined contribution. An employer offers a flat contribution to each employee . . .  When employees pay the entire difference in premiums, they tend to choose the less-costly plan. And employers can set their budgets well in advance, since they’ve fixed their cost per employee.” William G. (Bill) Stuart.. Read more

Avoid the HSA-Health FSA Compliance Collison

September 19th, 2019

“An employer best practice is to run the medical plan and the Health FSA concurrently. That way, employees can review changes in cost-sharing in medical plan each year to make the appropriate health FSA election. They usually can’t open their Health FSA mid-year to alter their elections to reflect changes in their projected out-of-pocket costs.”.. Read more

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Benefit Strategies
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