Health Savings Accounts (HSA) and Flexible Savings Accounts (FSA) allow you to use pre-tax income for eligible medical expenses.
Both the HSA and FSA have contribution limits as follows for 2024
-- Individual: $4,150
-- Family: $8,300
-- If you’re 55 or older, you can contribute an additional $1,000
FSA Contribution limit:
-- Employee limit: $3,200
00:00 Introduction
00:11 What is a Health Savings Account (HSA)?
00:25 Expenses not covered by an HSA
00:39 Invest your HSA funds
01:00 HSA / FSA Differences
01:43 HSA Tax Advantages
*********
CONNECT with Aaren Strand on LinkedIn: / aaren-strand
AVIER BLOG: avieradvisors....
EMPLOYEE BENEFIT RESOURCES: www.avieradvis...
*********
HIT the LIKE button! And SHARE this video with others who could find the information useful.
SUBSCRIBE to our channel view more videos like this one www.bitly.com/...
*********
There are considerable differences between an HSA and FSA:
HSA (Health Savings Account): Money withdrawn from your HSA account is tax-free if the funds are used for qualified medical expenses.
People who have a high-deductible health insurance plan (HDHP), can use their HSA to cover out-of-pocket medical expenses.
An HDHP will have a lower monthly premium and a high minimum deductible for medical expenses.
The dollars you contribute to your HSA are yours to keep and will remain in the account for as long as you have it, even if you leave your employer or retire.
FSA (Flexible Spending Account): An FSA is controlled by your employer. This means if you leave your current employer the funds in your FSA may be forfeited.
The money in your FSA is not carried over from year to year - with your FSA it’s use it or lose it. Funds in an FSA are used to pay for eligible healthcare expenses.
*********
Avier Wealth Advisors
10655 NE 4th St. Suite 500
Bellevue, WA 98004
info@avieradvisors.com
425-467-1011
We focus on providing comprehensive financial planning and investment advisory strategies for tech professionals and their families.
*********
Third Party:
Avier Wealth Advisors is not affiliated with any organizations mentioned in this video. There is no guarantee that the information we have provided is accurate. Employees are encouraged to contact their employer should they have any questions regarding their employee benefits.
Taxes: Avier Wealth Advisors does not prepare taxes. The tax ideas presented are meant to demonstrate general concepts rather than precise calculations. We consult with your tax professional for exact calculations.
8 сен 2024
