Employers are responding to rising medical expenses by offering health plans that unlock dedicated savings accounts. Unlike typical flexible spending arrangements, these accounts carry no annual expiration dates and stay with employees throughout their careers. For 2027, the Internal Revenue Service permits contributions up to $4,500 for individuals and $9,000 for families, alongside a $1,000 catch-up option for savers 55 and older. Planners often advise retaining a cash buffer for immediate out-of-pocket medical needs before allocating residual balances into growth funds.
Key points
Health savings accounts offer a triple-tax advantage across payroll contributions, invest…: Health savings accounts offer a triple-tax advantage across payroll contributions, investment growth, and eligible medical withdrawals.
Unused account balances roll over indefinitely each year and remain fully owned by the wo…: Unused account balances roll over indefinitely each year and remain fully owned by the worker after leaving an employer.
Financial advisors recommend reserving enough cash for deductibles before investing remai…: Financial advisors recommend reserving enough cash for deductibles before investing remaining funds into account menus featuring 15 to 25 options.
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Workers are in the heart of open enrollment season for next year's benefits, and rising healthcare costs are shining a spotlight on an offering that includes a tax-advantaged investment account.
Healthcare expenses are climbing for workers and employers alike, with average total family premiums, including the employer's share, averaging $28,303, up 5% from a year ago, according to data from health policy organization KFF, formerly the Kaiser Family Foundation.
To manage the costs, a growing number of employers are moving to high-deductible health plans, which work alongside health savings accounts or HSAs. Almost 40% of companies with at least 10 employees that offer health benefits also have an HSA-qualified plan, KFF found.
Health savings accounts have three major tax advantages. First, contributions that your employer automatically deducts from your pay aren't taxed. Second, money stashed into the HSA grows free of taxes. Finally, you can make tax-free withdrawals for qualified health expenses – just be sure to save your receipts.
"I love HSAs because of their triple-tax advantage," said Eileen Olson, CFP and founder of Emerald Wealth in Daufuskie Island,…
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