New research by the Employee Benefit Research Institute finds that about 15 percent of health savings account owners contributed the maximum amount possible in 2013. Older accounts were more likely than those opened more recently to have received the maximum contribution. The study also showed that HSA owners who do not receive an employer match to their health account are more likely to contribute the maximum amount, compared with those who do get a match.
More companies are trying to curb health benefit costs by turning to high-deductible health care plans. That’s why many people are starting to see health savings accounts, which can be attached to these plans, as another way to save for retirement health care bills.
Will an HSA Slow the Bleeding from Your Medical Bills?
A Health Savings Account may help you save on taxes while socking away money for medical expenses, but it’s not the right bandage for every family’s budget. First off, you have to be eligible. If you are eligible, there’s still time to apply an HSA’s therapeutic deduction to your 2014 tax return as well as setting yourself up for 2015.
How to Boost Your Retirement Kitty -- Without Contributing to Your 401(k)
Sometimes there are ways to boost your retirement saving without investing in your 401(k). If you have a high-deductible health insurance plan, which is usually accompanied by a Health Savings Account, you can use the HSA as a savings vehicle. New research shows it may even be better than a 401(k).
How to Perfectly Time Your Clients' Medicare Enrollment
It is critical to understand that decisions on Medicare enrollment also carry a meaningful financial impact and are often closely tied to Social Security enrollment choices. At a minimum, two areas warrant particular attention by advisers. The second scenario that often exists is one in which your client is contributing to a health savings account and desires to continue working beyond age 65.