Out of Pocket Medical Costs

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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Supplementing your company’s health care plan with an EBHRA

EBHRA - Excepted Benefit Health Reimbursement Arrangement, Health Care, PHSA- Public health Service Act / By Douglas Freeman

Is your business ready to take its healthcare benefits to the next level? One way to do so is to supplement group health coverage with an Excepted Benefit Health Reimbursement Arrangement (EBHRA). Here are some pertinent details. Rules to follow. Under a traditional HRA, the employer owns and funds the tax-advantaged account up to any …

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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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Are you eligible for a medical expense tax deduction?

2020 Tax Return, AGI (Adjustable Gross Income), Deductions, Health Care Insurance, Insurance, Itemized Deduction, Medical Deductions / By Douglas Freeman

You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of your adjusted gross income. Plus, medical expenses are deductible only if …

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The IRS has just announced 2024 amounts for Health Savings Accounts

Inflation enhances the 2023 amounts for Health Savings Accounts

Are you eligible for a medical expense tax deduction?

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