Should Your Business Offer an HRA or HSA?
Posted: October 28, 2021
Should Your Business Offer an HRA or HSA?HRAs and HSAs are two very popular, tax-advantaged healthcare savings plans. These plans differ in several ways, including who is eligible to participate, where contributions come from, and what kind of health plans can be combined with them. Before deciding which one is better for your company, it is important to understand what these plans are, what benefits they provide, and the key differences between...
Your Guide to Using HSA/FSA Funds for Family Members
Posted: May 28, 2021
Your Guide to Using HSA/FSA Funds for Family MembersAn HSA (health savings account) or FSA (flexible spending account) has many benefits. These accounts are used to pay out-of-pocket healthcare costs. To establish an HSA, you must have coverage with a high-deductible health insurance plan. The funds you put in the account are not taxed and will roll over into the next year if there is unused money at the end of the year....
Can I Invest The Money In My HSA/FSA?
Posted: December 28, 2020
Can I Invest The Money In My HSA/FSA?Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are both offered by employers and designed to ease the financial burden of healthcare. But there are major differences between these two types of plans. One notable difference is that HSA funds can be invested, while FSA funds cannot. How Is an HSA Different From an FSA? With both an HSA and an FSA you can...
What Happens To My HSA/FSA If I Leave My Job?
Posted: September 28, 2020
What Happens To My HSA/FSA If I Leave My Job?Many employers today are offering health savings accounts (HSAs) or flexible spending accounts (FSAs) to employees. Both types of plans allow for tax-free contributions to cover qualifying medical expenses, as detailed by the IRS. A critical difference between the two plans is you keep the funds in an HSA if you leave your job, but you lose the funds with an FSA. What Is A...
Will My HSA Expire If I Stop Contributing To It?
Posted: April 13, 2020
Will My HSA Expire If I Stop Contributing To It?A health savings account (HSA) is designed to stay with you for life, but you could lose it if you don’t use it. The following is information you may not know about your HSA, including how to keep it if you have stopped using it. What Is An HSA? HSAs were created to make medical expenses more affordable. They allow people with high-deductible health plans...