High Deductable Health Plan

The IRS has just announced 2024 amounts for Health Savings Accounts

Leave a Comment / Health Savings Account, High Deductable Health Plan, HSA, Inflation, Tax Deduction / By Douglas Freeman

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered …

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Businesses, be prepared to champion the advantages of an HSA

Leave a Comment / Employee Benefits, Health Savings Account, High Deductable Health Plan, HSA, Small Business, Small Business Owners, Small Business Tax Tips, Tax-Advantaged Savings / By Douglas Freeman

With concerns about inflation in the news for months now, most business owners are keeping a close eye on costs. Although it can be difficult to control costs related to mission-critical functions such as overhead and materials, you might find some budge room in employee benefits. Many companies have lowered their benefits costs by offering …

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2023 limits for businesses that have HSAs — or want to establish them

Deductions, Health Savings Account, High Deductable Health Plan, Medical Expenses, Small Business, Tax Deduction, Tax Savings / By Douglas Freeman

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet …

2023 limits for businesses that have HSAs — or want to establish them Read More »

Inflation enhances the 2023 amounts for Health Savings Accounts

Health Savings Account, High Deductable Health Plan / By Douglas Freeman

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA basics. An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of …

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Health Savings Accounts for your small business

Employees, Health Care, High Deductable Health Plan, HSA / By Douglas Freeman

Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). Or perhaps you already have an HSA. It’s a good time to review how these accounts work since the …

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IRS releases 2021 amounts for Health Savings Accounts

Employee Benefits, Employees, Health Care, High Deductable Health Plan, Internal Revenue Service / By Douglas Freeman

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics. An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a …

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Setting up a Health Savings Account for your small business

Business Income Tax, Deductions, Employee Benefits, Employees, High Deductable Health Plan, HSA, Tax, Tax Deduction / By Douglas Freeman

Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the key tax …

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Some business owners can’t participate in their own companies’ HRAs

C Corporations, Employee Benefits, High Deductable Health Plan, HRA, HSA, Partnerships, S Corporation, Self Employed, Small Business, Sole Proprietors / By Douglas Freeman

Many companies now offer Health Reimbursement Arrangements (HRAs) in conjunction with high-deductible health plans (HDHPs). HRAs offer some advantages over the perhaps better-known HDHP companion account, the Health Savings Account (HSA). If you’re considering adding an HRA, you might assume that, as a business owner, you can participate in the HRA. But this may not …

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Is an HSA right for you?

Deductions, Flexable Spending Accounts, High Deductable Health Plan, HSA / By Douglas Freeman

To help defray health care costs, many people now contribute to, or are thinking about setting up, Health Savings Accounts (HSAs). With these accounts, individuals can pay for certain medical expenses on a tax-advantaged basis. The basics With HSAs, you take more responsibility for your health care costs. If you’re covered by a qualified high-deductible …

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Do you know the ABCs of HSAs, FSAs and HRAs?

FSA, Health Care, High Deductable Health Plan, HRA, HSA / By Douglas Freeman

There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs, and HRAs. Here’s how to make sense of this alphabet soup of health care accounts. HSAs– If you’re covered by …

Do you know the ABCs of HSAs, FSAs and HRAs? Read More »