HealthEquity blog

Three things you should know about HSAs - Part 2: Growing your HSA funds

Posted by HealthEquity on Aug 7, 2018 12:47:16 PM

Note: This is the second of a 3-part series of blog posts. A previous blog post discussed contributing to an HSA, and a subsequent post will discuss distributing (or spending) HSA funds.

Since 2003, when they were created, millions of Americans have taken advantage of health savings accounts (HSAs) to save money for healthcare expenses and retirement.

One major advantage of an HSA is that accountholders can grow their HSA funds tax-free.1 And because HSA funds roll over every year, those funds can grow all the way into retirement, saving a lot of money in taxes over time.

Below are three basic ways HSA owners can grow their funds:

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Topics: HSA, HSA investing, HSA questions, HSA contributions

What are the differences between a 401(k) and a SIMPLE retirement plan?

Posted by HealthEquity on Jul 18, 2018 6:40:00 PM

Companies moving from a SIMPLE IRA to a 401(k) plan are usually seeking some additional flexibility and have outgrown their current SIMPLE plan. The questions arise: What is a SIMPLE retirement plan? And how is it different from a 401(k)?

SIMPLE is an acronym for a Savings Incentive Match Plan for Employees. There two SIMPLE plans, SIMPLE IRA and SIMPLE 401(k). Both are tax-deferred retirement plans provided by employers. The goal of a SIMPLE plan is similar to other retirement plans: to allow employees a simple way to save and invest money for retirement. We’ve outlined a few of the basics of SIMPLE and traditional 401(k) plans to highlight some important similarities and differences.

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Topics: retirement, 401(k), Financial Advisors

Three things you should know about HSAs - Part 1: Contributing to your HSA

Posted by HealthEquity on Jul 12, 2018 12:16:47 PM

Note: This is the first of a three-part series. Look for future posts on growing your HSA funds and distributing (or spending) your HSA funds.

Health savings accounts (HSAs) are one of the most tax-advantaged accounts allowed by the IRS, and every year more people are discovering the benefits of an HSA. In addition to helping people save for current healthcare expenses, HSAs can be used to save for retirement as well.

Because HSAs provide major tax advantages to accountholders, the IRS has created certain rules that govern how accountholders can contribute to their HSAs.

The following are some of the important things you need to know about contributing to an HSA:

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Topics: HSA, HSA contribution limit, HSA questions, HSA contributions

Account-based savings for employers

Posted by HealthEquity on Jun 29, 2018 3:57:09 AM

As an employer, you look for the best possible healthcare benefits for your employees; benefits that also fit your budget. The tasks required to evaluate and select these options can take many valuable hours of your time. Understanding different health plan types can be a good place to start when evaluating pros and cons.

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Topics: HSA, Benefit planning, Employers, HSA questions, HSA contributions

The lowdown on 401(k) plan audits

Posted by HealthEquity on Jun 13, 2018 6:03:00 PM

Have you ever had to endure a 401(k) Audit? For most plan sponsors, they are not a pleasant experience. We're not referring to being audited by the DOL or IRS, we're referring to the annual audit attached to Form 5500 that is required for “large plans”. Plan sponsors dread the annual audit because of the time, effort, energy, and cost required. But it doesn’t have to be that way.

In an effort to alleviate the pain caused by the annual 401(k) audit, we have prepared a few pieces of information that you should know about these audits. If you take advantage of even a couple of these, you will have a better experience moving forward.

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Topics: retirement, 401(k), Financial Advisors

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