Reasons to Sign Up for a Health Savings Account

Some employers contribute seed money to H.S.A.s — about $572 on average for single coverage, according to the Kaiser Family Foundation — ...

Some employers contribute seed money to H.S.A.s — about $572 on average for single coverage, according to the Kaiser Family Foundation — and cover monthly bank maintenance fees for workers. For 2021, H.S.A. contribution limits are $3,600 for an individual and $7,200 for family coverage. (People 55 and older can save an extra $1,000.)

Nor do you need to have health insurance through an employer to have an H.S.A. Many plans available through, the federal health insurance marketplace.

If you need help in choosing an H.S.A., the research firm Morningstar recently evaluated accounts from about a dozen prominent providers. Accounts from Fidelity, Lively, Health Equity and HSA Authority topped the recommendations for savers, while Fidelity, HSA Authority, Health Equity and Bank of America were recommended for investors.

Look for a plan with no maintenance fee, a low minimum balance threshold for investments and a manageable selection of investment funds, said Leo Acheson, director of multi-asset ratings at Morningstar. Interest rates on savings are so low these days that it really isn’t a factor in choosing an account, he said. But you’ll want to avoid accounts that charge extra fees, like those for mailing paper statements.

If your health plan qualifies for an H.S.A., don’t assume that one will be opened for you. Just a third of employers automatically enroll workers in an H.S.A. if they choose an eligible health plan, according to the Plan Sponsor Council of America, an industry group.

Here are some questions and answers about health savings accounts:

Can I use my H.S.A. to buy masks and other personal protective equipment?

Masks and other types of personal protective equipment aren’t eligible, and neither is hand sanitizer, said Rida Wong, president of Health-E Commerce, which oversees and, online sellers of eligible health items.

Health-E Commerce is participating in a campaign to put those items on the “approved” list, including support for federal legislation, introduced as House Resolution 8450. The outlook for the measure, however, is uncertain.

Source link



Africa,971,Americas,4395,Art & Culture,16273,Arts,6828,Arts & Design,1937,Asia,3620,Automobile,584,Baseball,856,Basketball,699,Books,4251,Business,5735,Celebrity,2631,Cricket,648,Crime,158,Cryptocurrency,2219,Dance,734,Defense,836,Diplomatic Relations,2496,Economy,1418,Editorial,260,Education,1530,Elections,308,Energy & Environment,3211,Entertainment,23733,Environment,4001,Europe,4587,Faith & Religion,234,Family & Life,817,Fashion & Style,3700,Finance,22075,Food & Drink,4179,Football,1326,Games,97,Gossip,10283,Health & Fitness,4528,Health Care,979,Hockey,288,Home & Garden,917,Humour,994,Latin America,49,Lifestyle,18696,Media,527,Middle East,1775,Movies,2064,Music,3005,Opinion,4163,Other,13307,Other Sports,5513,Political News,11322,Political Protests,2324,Politics,18924,Real Estate,2348,Relationship,106,Retail,3115,Science,3000,Science & Tech,11293,Soccer,395,Space & Cosmos,467,Sponsored,3,Sports,13719,Technology,3825,Tennis,749,Theater,1993,Transportation,313,Travel,2879,TV,4031,US,1618,US Sports,1481,Video News,3531,War & Conflict,1069,Weird News,996,World,18357,
Newsrust - US Top News: Reasons to Sign Up for a Health Savings Account
Reasons to Sign Up for a Health Savings Account
Newsrust - US Top News
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content