Are you trying to navigate all the features of a Health Savings Account (HSA)? Whether you’re a first-timer or looking to optimize your existing HSA, it’s crucial to sidestep common pitfalls. In this guide, we delve into the top three mistakes to avoid with HSAs, while enhancing your healthcare savings journey. Understanding HSA Eligibility: Essential Criteria for Opening an Account HSAs offer a range of benefits, including tax advantages and flexible spending options for qualified medical expenses. But it’s important to remember that they’re not a fit for everyone. The cornerstone of HSA elig ..read more

Health Savings Accounts (HSAs) have been around for almost two decades, but many people are still unfamiliar with their history and how they came to be. In this blog post, we will take a quick look at the history of HSAs and how they have evolved over the years. HSAs were first introduced in 2003 as part of the Medicare Prescription Drug, Improvement, and Modernization Act. The purpose of the HSA was to provide a way for individuals to pay for qualified medical expenses with pre-tax dollars. HSAs were designed to be paired with high-deductible health plans (HDHPs) and were intended to encourag ..read more

Health Savings Accounts (HSAs) are a powerful tool that helps US healthcare consumers save for medical expenses while enjoying significant tax benefits. These accounts are “triple tax-free”, which allows you to contribute pre-tax dollars, grow your savings tax-free, and withdraw funds for qualified medical expenses tax-free. But what happens when you change jobs, find an HSA provider that fits with your goals better, or simply just want to consolidate multiple HSAs? That’s where the options of an HSA rollover or trustee-to-trustee transfer come into play. In this blog post: Why Consider an HS ..read more

Health Savings Accounts (HSAs) are becoming more and more popular as a way to save money on healthcare costs, but there are still many misconceptions about how they work. In this blog post, we will address six common misconceptions about HSAs and explain the truth behind each one. Misconception #1: HSAs are only for people with high incomes. Truth: Anyone who is enrolled in a high-deductible health plan (HDHP) is eligible to open an HSA, regardless of their income level and many with lower incomes could still benefit from an HSA. Misconception #2: HSAs are only for people who are healthy. Trut ..read more

Health savings accounts (HSAs) continue to be an important tool for health care consumers as they look to both pay for today’s healthcare expenses and save for tomorrows. We wanted to provide a fresh snapshot of some of the key HSA Search characteristics to consider when evaluating a health savings account provider. Minimum Opening Balance 51% of providers state there is a minimum balance to open their health savings account $33.56 is the average minimum balance to open an HSA for those providers requiring one A minimum opening balance is the balance required to open the health savings a ..read more

Health savings accounts (HSAs) are a revolutionary account that has saved health care consumers a lot of money through their unique triple-tax advantages. HSAs are a unique account with many different characteristics that can vary depending on the provider. We wanted to provide a snapshot of some of the key characteristics to consider when evaluating a health savings account provider. Minimum Opening Balance 75% of providers state there is a minimum balance to open their health savings account $34.71 is the average minimum balance to open an HSA for those providers requiring one A minimu ..read more

A health savings account, or HSA, is a triple-tax advantaged savings account that you are eligible to contribute to if you are covered by a health insurance plan that qualifies as an HSA-eligible health plan within the IRS’s guidelines. Triple-tax advantaged? This is a phrase you may not encounter often in your daily life but that is often associated with HSAs because they are a unique type of savings account. What exactly does triple-tax advantaged mean? First, you can contribute to an HSA directly from payroll as a pre-tax contribution (avoiding FICA, Medicare, State*, and Federal Income ta ..read more