Fantastic Opportunity to Contribute to a Health Savings Account
Current contribution limits are:
$3,650 for Individuals
$7,300 for Couples or Families
Make a contribution by April 15, 2024 for a deduction in 2023
Or see if your favorite bank offers a Health Savings Account
No minimums Simple Set up - Done within Minutes
Health care costs for Americans have been skyrocketing. According to projections by the Peter G. Peterson Foundation, total health care spending in the U.S. is forecasted to increase by 5.6% annually for the next decade — faster than the country’s economy.
A Health Savings Account (HSA) can help you plan for and beat these rising costs.
An HSA (Health Savings Account) is a tax-free healthcare account used together with an HSA-compatible high-deductible health plan (HDHP) to cover out-of-pocket medical expenses. HSAs serve as both short-term and long-term savings tools. Combined with your HSA-qualified, high-deductible health plan, HSAs give you an easy, safe way to pay less for healthcare expenses today and save more for tomorrow.
Qualified HSAs can be funded by anyone, roll over from one year to the next, and can be used for non-medical expenses without a tax penalty after an account holder reaches the Medicare eligibility age of 65.
Your HSA belongs entirely to you and can be used to pay for qualified medical expenses for you and your eligible dependents.
We’re not even talking about just major medical needs. You can get tax-free savings with your HSA on everyday things like sunscreen, allergy relief products, TENS unit and so much more.
You can contribute to your account, withdraw contributions to pay for HSA eligible medical expenses, and invest your savings in a wide array of financial options—all tax-free.
You can make contributions to your HSA just like you make deposits into your regular savings account, with one big difference: The money you deposit in your HSA is tax-deductible, or can be deposited as a pre-tax payroll deduction
Your membership with MPB Health SECURE and subsequent ability to open a HSA may be set up through your employer or if you are a sole proprietor or subcontractor, you also qualify for MPB Health SECURE.
And an HSA can help you save on taxes in three ways: 1) Annual HSA contributions are tax-free; 2) Interest accrued on HSA balances is not taxable; and 3) Withdrawals for qualified out-of- pocket healthcare expenses are tax-free.
An HSA is like a 401(k) for healthcare. However, unlike 401(k)s, HSA contributions made pre-tax through payroll are not subject to Social Security (FICA) or Medicare taxes. HSA withdrawals are not subject to federal income tax as long as they are used for qualified medical expenses – no matter when a withdrawal occurs.
Once you reach age 65, you can use HSA funds for non-medical expenses without penalty; but you would have to pay income tax on such withdrawals at their then-current tax rate.
You can also reimburse yourself for a medical expense ANYTIME after if occurs from your established HSA tax free.
Keep your receipts. This enables you to withdraw tax free from your HSA (as it is a reimbursement) anytime in the future.
This is an amazing tax shield that allows your to grown a nice retirement fund.
By establishing a HSA compliant Employer Plans, you have a wonderful recruitment and retention tool
Contributions made towards an employees HSA Account are eligible for a federal tax deduction. Save on payroll taxes and FICA. A win:win benefit versus a salary increase
There is no minimum contribution level for the employer to make. This opens up this employee benefit to all employers, regardless of size.
Employers can start small and later increase their contribution.
Health Savings Accounts provides the employee with a pre-tax account for their health expenses. Most out of pocket medical expenses are eligible.
Contributions made towards an HSA Account roll over year to year, grow and compound tax free. After age 65 the account can be additionally accessed for income making the HSA one of the most powerful retirement accounts available,
HSA accounts are owned and administered by the employee,
Ir is their account whether they remain in your employee or not, adding to the HSA's value. .
Small employers with less than 50 employees are not required to offer insurance or a healthshare plan however, setting up an employer based solution is a powerful recruitment and retention tool.
HSA is great because it can be invested like a standard retirement account, to grow your savings over time as it has a killer tax advantage.
Your HSA can become a nest egg like no other.
Contributions are made tax-free, up to the annual limit and funds can be used tax-free for qualified medical expenses.
For 2023, you can contribute $3,850 for individual participation, and $7,750 for two-person or family.
If you're 55 or older, you can make additional "catch-up" contributions up to $1,000 each year to help boost your savings.Even better?
If you have an HSA, you get a triple tax benefit:
Triple Tax advantaged - your account can become a substantial retirement tool!
And, if you have no plans to use this money for a while, investing is the best way for you to maximize this account
Your bank or credit union might offer an investment option, but you may find that a different financial institution might have better offerings. There are a lot of HSA administrators that allow you to invest the money in your HSA, each with its own set of fees and options.
Most larger institutions give you the option to invest in stocks, bonds, mutual funds or other common investment possibilities. But the IRS is pretty flexible when it comes to investment rules, so don't be surprised if your administrator also lets HSA funds be used for real estate, mortgages, exchange-traded funds, and even business investments.
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