Compliance Corner How Much Can You Contribute If Your Covered Spouse Is Also Enrolled on Medicare?Limits on HSA contributions are always based on the size of the contract, not how many family members covered on the plan are HSA-eligible. For example, if you cover at least one family member besides yourself, you can contribute up […]
HSA Studies and Analysis Only 1 HSA Provider Rated ‘High’ Quality by Morningstar. Here’s WhyOnly one out of the 11 HSA providers reviewed in Morningstar’s annual report card earned a “high quality” rating and just three others received “above average” ratings. Low interest rates for client cash holdings and higher relative fees for custody and […]
News from Washington 2025 Health FSA, Other Health and Fringe Benefit Limits Set On October 24, the IRS released the 2025 contribution and benefit limits for health FSAs, QSEHRAs, long-term care policies, transportation fringe benefits and adoption assistance programs. The 2025 figures reflect the increase in inflation for the 12 months ending August 31, 2024, after […]
HSA Studies & Analysis An HSA-Day Look at Where Health Savings Accounts Stand TodayIn celebration of HSA Day on October 15, here is a perspective on where the market is now, who’s benefiting from HSAs, and what changes we may see in the future. There is no doubt that HSAs are growing. Although the rate […]
News from Washington IRS Provides Hurricane Milton Relief; May 1 Deadline Now Applies to Individuals and Businesses in All of FloridaThe IRS announced that taxpayers impacted by recent hurricanes in all of Florida now have until May 1, 2025 to file various federal individual and business tax returns, make tax payments, and make 2024 contributions […]
News from Washington IRS Announces Tax Relief for Victims of Hurricane Helene; Various Deadlines Postponed to May 1, 2025The IRS announced tax relief for individuals and businesses in parts of Florida that were affected by Hurricane Helene that began on September 23, 2024. These taxpayers now have until May 1, 2025, to file various federal […]
News from Washington DOL Files Last Minute Appeal of the Fiduciary Rule’s StayThe Department of Labor appealed to the Fifth Circuit Court to reverse a ruling from the District Court for Eastern Texas that temporarily suspended the implementation of the 2024 Retirement Security Rule, also known as the fiduciary rule. The move came three days […]
News from Washington ABA HSA Council Supports House-Approved Flexible Medical Coverage BillA House bill (H.R. 3800) that would codify an IRS notice to expand the list of preventive care benefits permitted to be provided by high deductible health plans passed by voice vote on September 17. Kevin McKechnie, executive director of the American Bankers Association’s […]
News from Washington Federal Bill Expands Eligibility to Include Veterinary Care ExpensesCongresswomen Deborah Ross (NC-02) and Claudia Tenney (NY-24) have introduced legislation aimed at broadening eligibility for veterinary care expenses that may be paid funds from HSAs and health FSAs. The bill would allow pet owners to use up to $1,000 from their HSA or […]
News from Washington FDIC Consumer News: Health Savings AccountsIf you are enrolled in only one health insurance plan and it has a high deductible, you are probably eligible to open an HSA, a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. If you […]