HEALTH SAVINGS ACCOUNT FOR YOUR COMPANY Due to increasing employee health care benefit costs, your business should consider creating Health Savings Account (HSA) for your employees. HSAs allow eligible employees or the business to save money for medical expenses in a tax-advantaged way. Tax advantages could be in the form of: Eligibility If an employee is covered by a high deductible health plan, he or she is eligible for a … Read more
The impact that the Affordable Care Act of 2018 will have on health care is still not completely clear. It makes understanding how to leverage any tax-advantage ways to fund these expenses important. Here is a quick comparison of three accounts that you should know about: HSAs If you’re covered by a qualified high-deductible health plan (HDHP), you can contribute pretax income to an employer-sponsored Health Savings Account — or make deductible contributions to an … Read more
Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage for any month of the year. This requirement is commonly called the “individual mandate.” Penalty exemptions Before we review how the penalty is calculated, let’s … Read more
Finding the right tax-advantaged account to fund your health care expenses With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) all provide opportunities for tax-advantaged funding of health care expenses. But what’s the difference between these three accounts? Here’s an overview: HSA. If you’re covered by a qualified … Read more
