Excess HSA Contributions

Healthcare can be very expensive, but with a tax-advantaged tool like the Health Savings Account (HSA), it can help lower costs. A high deductible healthcare plan (HDHP) – a requirement to open and contribute to an HSA – allows healthcare consumers to save on premiums and set aside tax-free money for out-of-pocket medical expenses. But, … [READ MORE]

FSA and HSA: Can You Have Them at the Same Time?

During open enrollment, a question people commonly ask is, “Can I have an FSA and HSA at the same time?” Both accounts are popular because they help people save on healthcare expenses and increase their tax savings. Let’s take a look at both accounts and see if you can have an FSA and an HSA … [READ MORE]

HSAs and the 2020 Tax Deadline

In March, the Internal Revenue Service (IRS) moved the tax deadline from April 15 to July 15. With just a few weeks until the deadline comes, here is a refresher on the tax deadline and your Health Savings Account (HSA), including tax forms and contributions for 2019. Gather All Medical and Healthcare Receipts It’s always … [READ MORE]