In late June, the Internal Revenue Service issued Revenue Procedure 2020-32, in which they set Health Savings Account contribution limits for calendar year 2021, along with minimum deductible and maximum out-of-pocket expenses for the High Deductible Health Plans, with which HSAs are paired.
Health Savings Accounts (HSAs) are a type of medical savings account that allows eligible individuals to make deductible contributions and withdraw tax-free disbursements for the payment of eligible medical expenses. Each year the IRS evaluates the limitation amounts on HSA deductions based for inflation.
Topics: HSA, IRS, health care
The 2018 health savings account (HSA) guidelines were recently released by the Internal Revenue Service (IRS). These guidelines outline the inflation-adjusted contribution, deductible, and out-of-pocket spending limits for Health Savings Accounts (HSAs) and high-deductible health plans (HDHPs) for calendar year 2018.
Topics: HSA, Taxes - Planning, Rules and Returns, Taxes - Individual
With the cost of providing employee health care benefits continuing to rise, a health savings account (HSA) might offer an appealing tax saving strategy to utilize. For eligible individuals, HSAs offer a tax-favorable way to set aside money (or have their employer do so) to pay medical expenses. To be eligible for an HSA, you must be covered by a high-deductible health plan.
Topics: HSA
