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Tag: Health Savings Accounts

What All Can You Use An HSA For?

Health savings accounts (HSAs) have become extremely popular in the past decade. According to key findings of a Devenir Research study, HSA accounts exceeded 25 million in a recent year, holding $53.8 billion in assets. HSAs are popular with employees enrolled in Qualified High Deductible Health Plans (HDHPs) because they allow them to pay for out-of-pocket healthcare expenses for themselves and their families with tax-free...

How Do Health Savings Accounts Work?

You may have heard of a Health Savings Account (HSA) and are wondering how they really work. Let's make it simple. Thankfully, we have pulled together the basics for you. For Individuals and Families A health savings account is a specific type of savings account offered by banks, credit unions, and insurance companies. The account is set up specifically for you by the bank or...

Should Your Business Offer an HRA or HSA?

HRAs and HSAs are two very popular, tax-advantaged healthcare savings plans. These plans differ in several ways, including who is eligible to participate, where contributions come from, and what kind of health plans can be combined with them. Before deciding which one is better for your company, it is important to understand what these plans are, what benefits they provide, and the key differences between...

Your Guide to Using HSA/FSA Funds for Family Members

An HSA (health savings account) or FSA (flexible spending account) has many benefits. These accounts are used to pay out-of-pocket healthcare costs. To establish an HSA, you must have coverage with a high-deductible health insurance plan. The funds you put in the account are not taxed and will roll over into the next year if there is unused money at the end of the year....

Can I Invest The Money In My HSA/FSA?

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are both offered by employers and designed to ease the financial burden of healthcare. But there are major differences between these two types of plans. One notable difference is that HSA funds can be invested, while FSA funds cannot. How Is an HSA Different From an FSA? With both an HSA and an FSA you can...