News from Washington IRS Provides Tax Relief for Victims of Severe Winter Storms, Flooding, Landslides and Mudslides in CaliforniaVictims of severe winter storms, flooding, landslides and mudslides in California beginning March 9, 2023, now have until October 16, 2023, to file various individual and business tax returns and make tax payments, the Internal Revenue Service […]
by Roy Ramthun, “Mr. HSA” One of the better things about a Health Savings Account (HSA) is you don’t have to figure out how much to contribute before the beginning of the calendar year, and you can change your mind during the year. You can even wait until the year is over to figure out […]
News from Washington IRS Answers FAQs n Medical Costs Paid Under HSA, FSA, and HRA PlansThe IRS has posted answers to frequently asked questions regarding whether certain costs related to nutrition, wellness, and general health are medical expenses that may be paid or reimbursed under an HSA, health FSA, or HRA. The FAQs clarify information […]
News from Washington Thune-Carper Bill Would Expand Access to High-Value Services in HSA-Eligible, High-Deductible Health PlansSens. John Thune (R-SD) and Tom Carper (D-DE) reintroduced the Chronic Disease Management Act, bipartisan legislation that would ensure that HSA-qualified plans can cover care related to management of chronic disease prior to a beneficiary reaching their plan deductible. The […]
News from Washington Sens. Cassidy, Shaheen, Scott, Kelly Reintroduce Bill to Allow HSAs to Be Used for Direct Primary CareSenators Bill Cassidy (R-LA), Jeanne Shaheen (D-NH), Tim Scott (R-SC), and Mark Kelly (D-AZ) introduced a bipartisan bill to allow HSAs to be used to pay for direct primary care. The bill clarifies the tax code […]
News from Washington IRS: May 15 Tax Deadline Extended to October 16 for Disaster Area Taxpayers in California, Alabama and GeorgiaTaxpayers residing disaster areas in most of California and parts of Alabama and Georgia now have until October 16, 2023 (extended from the previous deadline of May 15 for these areas) to file tax returns […]
by Roy Ramthun, “Mr. HSA” Health Savings Accounts (HSAs) are a valuable tool for saving money on health care costs, but they can also be an effective way to save for retirement. HSAs offer several tax advantages that make them a unique complement to traditional retirement planning. Here are some key benefits of using an […]
HSA Compliance Corner Will the Six-Month Retro Rule Affect Your Income Tax Return?When you enroll in Medicare after age 65, your Part A coverage is effective up to six months before the date that you sign up. If you know about this, you can recalibrate your contributions so that you don’t overfund your HSA when […]
HSA Compliance Corner Thank You for Your Military Service. Now, About Your HSA Eligibility . . .Veterans are entitled to certain lifelong medical benefits from the federal government. But those benefits may affect their eligibility to open and fund a Health Savings Account. It’s time to correct this injustice by removing barriers to their opening […]
A Health Savings Account (HSA) is a tax-advantaged account that is used to save money for qualified medical expenses, such as doctor visits, prescription drugs, and hospital stays. Similar to the case with Individual Retirement Accounts (IRAs), older individuals who are HSA-eligible are permitted to make additional “catch-up” contributions of $1,000 annually starting with the […]