IRS sets HSA limits for 2019

Posted by Emily Kubis on Wed, May 16, 2018 @ 09:05

Limits slightly increased

The IRS has released the new Health Savings Accounts contribution limits and maximum out-of-pocket figures for 2019.

Next year, contribution limits for individuals rise to $3,500, from $3,450 in 2018. For families, limits rise to $7,000, from 2017’s $6,900.

Maximum out-of-pocket figures also rose—for individuals, the max out-of-pocket is $6,750, up from $6,650 in 2018, and for families, max out-of-pocket is $13,500, from $13,300 in  2018.

Bernard Health's HSA-eligible plan adoption rate is 81 percent—well over industry averages.  Here are three things to know about HSAs in 2019.

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Tags: Affordable Care Act, HSAs, health savings account, obamacare, HSA Rules, health reform, health savings accounts, heath insurance

Consumers missing HSA investment opportunity

Posted by Emily Kubis on Mon, Oct 02, 2017 @ 07:10

Most using HSA as a specialized checking account 

According to a study from the Employee Benefit Research Institute, the vast majority of Health Savings Account holders are not taking advantage of the investment potential of their accounts.

The study reported that most account holders use their HSAs as “specialized checking accounts,” using the funds to cover deductibles, coinsurance and copayments. But they aren’t taking advantage of the investment opportunity of HSAs, nor are they maximizing their contributions.

The report found that just 4 percent of account holders invested their HSA balance, and the average total contribution in 2016 was $2,922, less than one half of the allowable maximum for family coverage.

While using HSAs for healthcare expenses is valuable, maximizing contributions and investing funds can be the most effective way to benefit from the accounts.

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Tags: deductible, HSA, HSAs, health savings account, health savings, High Deductible Health Plan, health insurance deductible, Individual health insurance, high deductibles, health savings accounts, HSA Advice, individual digest

IRS sets HSA limits for 2018

Posted by Emily Kubis on Wed, May 17, 2017 @ 09:05

Limits slightly increased

The IRS has released the new Health Savings Accounts contribution limits and maximum out-of-pocket figures for 2018.

Next year, contribution limits for individuals rise to $3,450, from $3,400 in 2017. For families, limits rise to $6,900, from 2017’s $6,700.

Maximum out-of-pocket figures also rose—for individuals, the max out-of-pocket is up to $6,650 from $6,550 in 2017, and for families, max out-of-pocket is $13,300, from $13,100 in  2017.

HSAs are tax-advantaged savings accounts that can be used for eligible medical costs. Want to learn more about HSAs?

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Tags: Affordable Care Act, HSAs, health savings account, obamacare, HSA Rules, health reform, health savings accounts, heath insurance

How to reimburse yourself from your HSA

Posted by Emily Kubis on Mon, May 01, 2017 @ 10:05

What to do if you don’t have enough in your HSA to cover your bill

Have a Health Savings Account and experience a medical event? Even if you don’t have enough in your HSA to cover the bill at that time, you can reimburse yourself later.

As long as the account was opened before the healthcare experience occurred, you can reimburse yourself at any time. Here’s how it works.

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Tags: deductible, HSA, HSAs, health savings account, health savings, High Deductible Health Plan, health insurance deductible, Individual health insurance, high deductibles, health savings accounts, HSA Advice, individual digest

How to market HSA-eligible plans to employees

Posted by Emily Kubis on Mon, Apr 17, 2017 @ 09:04

Messaging matters

HSA-eligible health plans represent clear financial benefits to employers. In one case study we conducted at Bernard Health, switching to this strategy created more than $260,000 in savings over five years for our employer client.

But adoption is key to a successful HSA strategy. About half of U.S. employers offer at least one HSA-eligible plan, but only about 29 percent of employees are enrolled in one, according to Kaiser Family Foundation

Certainly, there is room for improvement. At Bernard Health, HSAs are the foundation of our brokerage, and our average adoption rate is 81 percent—well over industry standards. We’ve been helping employers maximize value in their benefits packages for ten years, and here’s what we’ve learned about improving your messaging and in turn, your adoption rates.

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Tags: health savings account, employer health benefits, health savings accounts, health insurance small employers, employer digest

Hack your finances with an HSA

Posted by Alex Tolbert on Wed, Mar 29, 2017 @ 08:03

Check out this column on the Huffington Post

Health Savings Accounts are a great tool for U.S. consumers to save and invest. While many consumers know that HSAs can be used to pay for qualified medical expenses, savvy savers can reap a number of investment and financial benefits by maximizing the advantages of their HSA.

These tips will only become more important as Republicans reform the health insurance industry. Expanding contribution limits are a key part of conservative proposals, and this may further incentivize smart use of these accounts.

First, let’s start with the basics—what are HSAs and how do they work?

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Tags: HSA, health savings account, health insurance, HSA Advice, healthcare costs, Huffington Post

How would Trump expand HSAs?

Posted by Emily Kubis on Wed, Dec 14, 2016 @ 09:12

Popular proposal could see traction in 2017

Expanding Health Savings Accounts is a popular conservative health policy likely to see traction under President Donald Trump next year.

But what does expansion mean for the tax-advantaged savings accounts? Many consumers already have HSAs, which allow consumers to contribute funds tax-free and use them for qualified medical expenses.

A number of bills and proposals have been put forth for expanding HSAs in 2016 and in prior years, but nothing has been passed yet. We’ll have to wait until Trump takes office in late January to see which expansion elements his administration might propose, but here are a few ideas:

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Tags: HSA, HSAs, health savings account, health savings accounts, Individual Plans, Donald Trump, individual digest, Paul Ryan

Will HSAs grow, or go away entirely?

Posted by Alex Tolbert on Wed, May 25, 2016 @ 10:05

Check out our Huffington Post column: 

New legislation is trying to expand access to health savings accounts at the federal level, but even if successful, those efforts could be paralyzed by new federal rules indirectly reducing the number of HSA-eligible plans.

The future of the tax-advantaged health savings account is unclear. To better understand the forces both growing and shrinking HSAs, we need to understand what health savings accounts are, how they work, and where they came from.

Check out the full colum hereIf you enjoyed this post, you may also like "IRS sets HSA limits for 2017."

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Tags: Affordable Care Act, HSAs, health savings account, healthcare, HSA Rules, health reform, Huffington Post, HSA Act

IRS sets HSA limits for 2017

Posted by Emily Kubis on Wed, May 04, 2016 @ 09:05

Guidelines mostly unchanged for next year 

The Internal Revenue Service has released limits for health savings accounts in 2017. There isn't much change in store for the medical savings accounts, through which consumers can contribute funds tax-free to be used for medical expenses.

Guidelines for maximum out-of-pocket limits, contribution limits and minimum deductible levels are adjusted every year, but 2017’s rates will be mostly identical to this year’s.  Only individual contribution limits have been adjusted, by an increase of $50. See below for the new guidelines:

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Tags: Affordable Care Act, HSAs, health savings account, obamacare, HSA Rules, health reform, health savings accounts, heath insurance

Health Savings Act: What you need to know

Posted by Sarah Weinstein on Mon, Apr 11, 2016 @ 08:04

Is change on the way for HSAs?

Changes could be on the way for HSAs. In an attempt to make HSAs and FSAs more consumer friendly, new legislation entitled the Health Savings Act of 2016 has been proposed by Senator Hatch (Utah) and Congressman Paulsen (Minn). There are over 20 proposed changes to HSAs and here are the highlights:

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Tags: HSAs, health savings account, health insurance, HSA Act

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