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What is an HSA and how does it work?

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What happens if you go over your HSA contribution limit?

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What is the difference between an FSA and an HSAs?

Jun 16, 2017 · View Test Prep - HSA 320 week 11 final exam 2 from HSA 320 at Strayer University. Question 1 5 out of 5 points A _ consists of several conferences that focus on changing employee behavior from ... Question 3 5 out of 5 points Which is the easiest way to terminate an employee? ... Course Hero is not sponsored or endorsed by any college or ...

What is a qualified expense?

Generally, a qualified expense is anything prescribed by a doctor for a medical condition that returns you to a normal state of health (like doctor bills, prescriptions, eyeglasses, or fillings). Certain insurance premiums are also eligible, like qualified long-term care premiums and COBRA.

Do you have to pay taxes on 401(k)?

So, if you paid for qualified medical expenses with 401 (k) funds, you’d have to pay taxes up top of the expenses themselves. By building a retirement medical nest egg with your HSA, you can pay for those future healthcare costs tax-free and save thousands of dollars.

Can I use an HSA for retirement?

But HSAs can also be used to invest for retirement like a medical 401 (k). With more tax benefits than any other savings vehicle, HSAs are the perfect choice for anyone who wants to save money on current or future medical expenses.

Do I have to pay FICA taxes on my HSA?

When you do that, not only are the contributions exempt from federal and state taxes (in almost every state), you also don’t have to pay FICA taxes on them. If your employer doesn’t have payroll withholding set up, you can also contribute to your HSA after-tax.

Can I deduct HSA contributions?

If you do, you can deduct that contribution amount on your tax return, but you’re responsible for the FICA taxes. Also, anyone can contribute to your HSA, and if anyone besides your employer does contribute, you get the tax deduction for those contributions.

Can I make additional HSA contributions?

That’s your prorated contribution limit. Also, you won’t be able to make any additional contributions unless you become eligible once again. However, any funds you have in your account are yours to spend, even if you aren’t HSA-eligible. You never lose the ability to withdraw funds from your HSA.

Can I use my HSA to pay for my medical expenses?

You can use your HSA funds to pay for or reimburse qualified medical expenses for yourself, your spouse, and your tax dependents tax-free. Your spouse and tax dependents don’t have to HSA-eligible for you to pay for their qualified medical expenses; they don’t even have to be on your health insurance.

How much can I contribute to my HSA?

Employers are permitted to contribute to an employee’s HSA, but just as the employee is bound by maximum contribution limits set by the IRS, so is the employer. For 2017, these limits are as follows: 1 $3,400 for individual coverage 2 $6,750 for family coverage

Does HSA change every year?

As with all other government written legislation, HSA regulations are subject to change every year when Congress reviews budgets and mandates for the following year. In fact, HSA regulations have changed nearly every year in the recent past. Of course, this means every business owner offering these health insurance plans needs to make sure their HDHP with HSA is up-to-date during every single open enrollment period.

Can an employer contribute to an HSA?

Employers are permitted to contribute to an employee ’s HSA , but just as the employee is bound by maximum contribution limits set by the IRS, so is the employer. For 2017, these limits are as follows:

Can an employer offer an HSA?

Employers are only allowed to offer an HSA when it’s set up in conjunction with a qualified high deductible health plan. Note that this doesn’t simply mean a health insurance plan with a high deductible — many comprehensive plans are now being built to have higher deductibles so they can boast lower premiums, which is another common money saving strategy among employers these days. Rather, the term “High Deductible Health Plan” is specific to health insurance plans that not only have high deductibles, but also conform to other established federal guidelines.