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Health Savings Account (HSA) owners can truly appreciate the abundance of perks of having this healthcare account. First, there is the triple tax savings of tax-free contributions, tax-free withdrawals for eligible expenses, and tax-free account growth through investing and interest. Next, all unused funds stay in the account and carryover >>
Last week, the Internal Revenue Service (IRS) released Rev. Proc. 2020-45, announcing the annual contribution limits and maximum carryover for Flexible Spending Accounts (FSAs) and contribution limits for qualified transportation benefits. In short, the amounts will remain the same for next year. Learn more about the 2021 FSA contribution limits >>
Many employers offer Health Reimbursement Arrangements (HRAs) as part of their benefits package. While most people understand how a Flexible Spending Account (FSA) or Health Savings Account (HSA) works, HRAs operate somewhat differently. Because of the differences, many people aren’t sure how an HRA works. Learn more below. How Does >>
During enrollment season, a lot of employees wonder, “Can I have an FSA and HSA at the same time?” After all, both accounts are popular and people want to maximize their tax savings and lower their healthcare costs. Let’s take a look at both accounts and see if you can >>
Enrollment season is here and your company will likely be talking about benefits in the near future. If you participate in your employer’s plan, you’re probably wondering, “How much should I put in my FSA?” or “How much should I contribute to my HSA?” Unless you’re a psychic, budgeting for >>
Opening a Health Savings Account (HSA) can be easy and it can change your outlook on your personal healthcare. With the triple tax savings of tax-free contribution, withdrawals for eligible expenses, and earnings on interest and investments, an HSA makes a lot of sense for people who want a bigger >>
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