HealthEquity blog

5 things you should know about HSAs and the new tax law

Posted by HealthEquity on Jan 8, 2018 11:55:00 PM

Last month, the United States Congress passed legislation that significantly overhauls the nation’s tax laws, including (among other things) lowering corporate tax rates, increasing the standard deduction, capping the mortgage interest deduction and eliminating many other deductions.

The law also included some provisions that affect the healthcare industry, including some minor parts of the law related to health savings accounts (HSAs). Here are a few things to note:

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Topics: HSA, tax savings, HSA questions

Resolve to make the most of your HSA in 2018

Posted by HealthEquity on Jan 1, 2018 11:55:00 PM

 2018 has arrived, which means many people are making resolutions for the upcoming year. Goals usually include things like losing weight, making new friends or saving money. Some of these resolutions will end before much progress is made (is eating a lot of broccoli really worth it?!), but there are some resolutions you can make that will benefit you now and in the future, especially with an HSA! Here are a few suggestions for HSA resolutions for 2018:

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Topics: HSA, HSA investing, HSA questions, HSA fees

The Griswolds need an HSA

Posted by HealthEquity on Dec 27, 2017 12:35:52 PM

National Lampoon’s Christmas Vacation is a family favorite during the holidays. We can sit back and laugh at the plight of Clark Griswold as he lives out his dream of hosting a good old-fashioned Griswold Family Christmas at his home in Chicago. The shenanigans and accidents that occur in the movie fall just short of any real injuries or emergency room visits, but what is the price tag of each of these near misses if they were carried out to their real-life conclusion? How many times would the family need to seek medical care for their injuries?

We've laid out the accidents and possible treatment plans in detail to show what the out of pocket costs of healthcare might have looked like for the Griswolds. What is the true economic impact of having the whole dysfunctional family over for Christmas? Read and find out.

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Topics: HSA, HSA investing, retirement

HSAs for retirement: Saving $100,000 and beyond

Posted by HealthEquity on Dec 18, 2017 11:55:00 PM

In 2007, Sammy, an actual HealthEquity member, opened a health savings account (HSA) and contributed $46 the first year. He transferred his account to HealthEquity and started using the investment platform here in 2012. Now, ten years after opening his account, Sammy’s HSA balance is over $100,000.

“The first year, I just sat on the sidelines and looked, and I just kept reading about it,” Sammy said in an interview with HealthEquity. “I came in around 2007. I jumped in very sheepishly … I put in $46, then the next year, I put in a little more and got very confident in the program.”

Sammy is not the only person to have more than $100,000 in his HSA, but his story is unique because he was 55 when he first opened his account. Sammy credits the growth of his HSA to maxing out contributions, actively managing his HSA investments to increase growth potential, and many other things. One of the most important he says, is changing his mindset when it comes to health and finances.

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Topics: HSA, HSA investing, retirement

Two easy tools to help with the most critical HSA question

Posted by HealthEquity on Dec 11, 2017 11:55:00 PM

As HSA-qualified health plans increase in popularity and availability, employees who select them are frequently faced with decisions about how to manage their new HSA. First, employees have to understand some of the basics; account balances carry over every year, funds can be used for a spouse or tax dependent, the fact that there are annual contribution limits, etc. These details inevitably lead employees to ask the critical question, “how much should I contribute to my HSA? 

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Topics: HSA, Benefit planning, HSA questions

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