Tag: HSA
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IRS Releases 2021 Amounts for Health Savings Accounts
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a…
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IRS Extends Some (but Not All) Employee Benefit Plan Deadlines
The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to specified filing obligations and other “specified actions” that would otherwise be due on or after April 1, 2020, and before July 15, 2020. It extends…
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Do you know the ABCs of HSAs, FSAs, and HRAs?
Uncertainty persists about how the Affordable Care Act will impact health care costs. Leveraging all tax-advantaged ways to fund these expenses – including HSAs, FSAs, and HRAs – is critical. Here’s how to make sense of this alphabet soup of health care accounts. HSAs If you’re covered by a qualified high-deductible health plan (HDHP), you…