Is Congress About to Supersize Your Health Savings Account?
There is no denying healthcare insurance becomes more expensive each and every year. As lawmakers debate how to address the growing cost of health care and potential changes to the Affordable Care Act (ACA), many plans under consideration, such as HR 247 currently before the House Ways and Means Committee, would bring meaningful changes and flexibility to HSA holders. If some lawmakers have their way families could begin contributing up to $14,000 per year to their HSAs, double the current family limit.
This could have a profound impact on how we save, including updating the standard advice for how we direct dollars into traditional retirement savings plans like 401(k)s and IRA’s. Change happens slowly, but savers should begin looking at their HSA as a savings tool similar to their more familiar tax-deferred savings accounts.
Here is a recent article from CNN Money:
About HSA Coach. After Morningstar purchased our last startup we built a digital platform, HSA Coach. We started with the goal of educating users on Health Savings Accounts, as well as helping them incorporate HSA’s into their broader investment portfolio. We have since added personalized calculators to make contribution estimates, explain the tax benefits and allow users to allocate between their HSA and employer sponsored retirement plan, like a 401(k). More coming. Available for free in the App Store and Google Play.
