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Health Savings Accounts Fit Into Bigger Picture Retirement Savings

Health savings accounts seem to be gaining traction at a steady pace. The latest numbers put total HSA assets around $30.2 billion at the end of 2015, which is triple the 4.2 billion amount reported in 2009 by the 100 largest HSA administrators. The lure of HSAs is the triple tax advantage of tax-deductible contributions, tax-free earnings, and tax-free withdrawals.

Bipartisan H.R. 1270 Aims to Improve Utility of and Contributions to HSAs

Important update on legislation set to help healthcare consumers, as well as taxpayers to retain the most value from healthcare reform laws. The three-title bill, H.R. 1270/S. 709, which passed the House of Representatives on July 6, 2016, was designed to improve access to medication for Americans with certain accounts, increase HSA contributions, and increase the reconciliation limits for advance subsidies. Learn more below.

HSA Contribution Limits for 2017

Guidance for health savings account 2017 contributions were recently released by the Internal Revenue Service. The maximum allowable contribution individuals can make to their HSA is remaining the same in 2017 as it was in 2016 at $6,750 for those who have family coverage under a high deductible health plan.  This means that more of an employee’s salary can go untaxed by the government if put toward a high deductible health plan.

More on the Benefits of CDHPs

More on the Benefits of CDHPs: Why Should I Get a Health Savings Account (HSA)?

HSAs, HRAs, FSAs, oh my! Struggling to navigate the alphabet soup of consumer-driven healthcare plans?

Discover why 16.5 million Americans, and counting, have already enrolled in a Health Savings Account (HSA). *Watch this video to find out how you can make the most out of an HSA, and learn the advantages of owning one, such as the ability to set aside tax-free and potentially interest-bearing money to pay for medical expenses.

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