Recent COVID-19 Regulations: Information and Solutions To Help

Category: HSA Rules and Tools

Looking at a New Opportunity? Understand Your HSA Options.

June 28th, 2021

“In the hustle and bustle of switching jobs, your Health Savings Account consideration may take a back seat – particularly if you’re no longer eligible to contribute. But fear not – you never lose your balances. Nor are they tied to your employer. “ William G. (Bill) Stuart Director of Strategy and Compliance June 24, […]

It’s Not Too Late (Yet) to Save on 2020 Taxes with an HSA

April 29th, 2021

“[T]here’s a huge misconception surrounding these children and Health Savings Accounts. Parents can’t reimburse their non-dependent adult children’s qualified expenses tax-free from a parent’s account, even if the child is enrolled in the parent’s coverage. Recall, though, that eligibility to fund an account is determined person-by-person. Children who meet the requirements . . . can […]

Don’t Forget to Complete Form 8889 if You Have HSA Activity

March 4th, 2021

“You’re required to complete and submit Form 8889 if you contribute to or distribute funds from your account, if you weren’t eligible to fund your account all 12 months of the calendar year 2020 (remember, Health Savings Account activity is tracked on the calendar year, regardless of your medical-plan renewal date), or if you inherited […]

Mind the Gap When You Can’t Fund a Health Savings Account

February 4th, 2021

“That’s right – she can use future contributions to reimburse prior eligible expenses that she incurred as far back as when she established her Health Savings Account.” William G. (Bill) Stuart Director of Strategy and Compliance February 4, 2021 Not everyone who opens a Health Savings Account is continuously eligible to fund the account until […]

Account Owners Have More Options during Pandemic

April 16th, 2020

“A Health Savings Account balance won’t help you pay your mortgage or grocery bill during an economic emergency. At least not directly and without penalty. But you can use your accumulated balances to pay for qualified expenses, thus preserving scarce personal funds to purchase other items.” William G. (Bill) Stuart Director of Strategy and Compliance […]

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 […]

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.” […]

Age 65 in Sight? Avoid Some Pitfalls

September 5th, 2019

“The decision around when to sign up for Social Security benefits is complicated . . . Just be aware that one of the negative consequences of collecting Social Security benefits is that if you’re age 65 or older, you can’t make or receive additional Health Savings Account contributions.” William G. (Bill) Stuart Director of Strategy […]

Summer Update

August 22nd, 2019

“[These] tests are a qualified expense . . . only to the extent that the testing is for medical purposes . . . rather than learning whether you’re related to Leif Erickson or want to pull the  “family-discount” card when ordering a bottle of Sam Adams.” William G. (Bill) Stuart Director of Strategy and Compliance […]

HSA Enrollment Tips and Traps

May 31st, 2019

“If you’re enrolled in any Part of Medicare, you can’t open an HSA if you don’t already have one, and you can no longer make or receive contributions to an HSA – even if you remain covered on your employer’s HSA-qualified plan and your employer contributes to every eligible employee’s HSA.” William G. (Bill) Stuart […]

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New Hampshire Location
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Manchester, NH 03101
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Benefit Strategies
P.O. Box 1300
Manchester, NH 03105-1300

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