| News from Washington |
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| Could Universal Savings Accounts Become a Reality When Trump Takes Office? There are a number of tax-advantaged savings accounts currently available to Americans that enable you to grow your savings, or withdraw your savings, with tax benefits. If some lawmakers have their way, there may be a new kind of account known as Universal Savings Accounts, which would let people withdraw their savings from them at any time for any purpose, tax-free (you wouldn’t get any pretax savings, however). Read More |
| White House Nixes Proposal to Make Insurance Cover Over-the-Counter Birth Control The White House has withdrawn a proposed rule that would have ensured private health insurance plans cover birth control when it is purchased over the counter. The rule would have required health insurance to cover at least one form of each method of contraception with no out-of-pocket costs. Read More |
| Compliance Corner |
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| What’s Your HSA Deposit Limit When You Switch from Self-Only to Family Coverage During the Year? When you change from self-only to family coverage after January 1 and before December 1 of the same year, you can take one of two approaches. You can either prorate your contributions or use the “last month rule” to make a full-year contribution. Deciding which approach to take depends on how much you value tax savings and your risk aversion. Read More |
| Can a Participant Contribute to an HSA if They Have an FSA with a Grace Period? An employee with a zero-dollar balance at the end of the plan year under an FSA with a grace period is considered HSA‐eligible during the grace period and may contribute to an HSA in the new plan year. However, FSA participants are not permitted to forfeit any portion of their year-end FSA balance to achieve a zero-dollar balance as of the start of the new plan year. Read More |
| Industry News |
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| HSA Store Launches ExpenseTracker Mobile App to Help Consumers Track HSA Expenses and Simplify Financial Record Keeping The HSA Store has released its ExpenseTracker app to help consumers connect preferred retailers to their HSA and scan receipts to simplify tracking of HSA-eligible purchases for account maximization and tax preparation. The app is free and available for download in the Apple App Store and on Google Play. Read More |
| HSAs & Retirement |
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| Your Health Savings Won’t Last Through Retirement Unless You Do This One of the biggest challenges in retirement is paying for health care costs, and most retirees grossly underestimate what health care will cost them. Proactive retirement planning and budgeting are essential to ensure you can pay for unexpected health care costs should (and when) they arise. Thankfully, financial tools are available to help you. Read More |
| Maximizing Your HSA |
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| 6 Ways To Maximize Your HSA Contributions in 2025 If you’re looking to save money that you can grow now and use for later, you could do a lot worse than an HSA. By using HSA funds to pay for qualified medical expenses, you can save money on out-of-pocket health care costs. Some people also use them as a means to save for retirement. Here’s a look at how HSAs work and how you can make the most of one in 2025. Read More |
| OK, Now You Have a Health Savings Account. What Do You Do Next? And Then after That? If you’re enrolled in HSA-qualified coverage and are eligible to open and fund an HSA, what should you do now? It can be confusing. Here are four steps that you need to complete to optimize your use of this new account. Completing these steps will help you build a firm foundation from which you can manage your healthcare finances for decades to come. Read More |
| This ‘Triple-Tax-Free’ Account Is a Huge Win for American Workers — but Few Use It Properly. Here’s a Simple Way to Save and Grow Cash in 2025 Imagine a financial tool so powerful it could lower your taxes, grow your wealth, and help you retire more comfortably – all while covering your health care costs. That describes a Health Savings Account. Misunderstood and underutilized, HSAs offer serious tax benefits and long-term savings potential. If you have an HSA but only use it to keep cash for checkups or the odd prescription, you’re missing out on some of its biggest benefits. Read More |
| Balancing Benefits: HSAs Aren’t Just for High Earners HSAs are essential tools for managing health care costs, not exclusive benefits for high earners. They are accessible across income levels and age groups, and data demonstrates their widespread use and practicality. With the right education, more individuals can harness the versatility of HSAs to secure their financial and health care futures. Read More |