America Saves Week Re-Cap
Last week, HealthSavings participated in America Saves Week to encourage saving and investing in a healthy future. If you missed our helpful tips, here’s the re-cap of what we shared throughout the week:
- Avoid minimum balance fees or requirements. If your health savings account (HSA) requires you to have $1,000-$2,000 saved before you can invest for future healthcare expenses, you’re wasting time and money. (Us? We allow investing on day one.)
- Know the fees associated with your investments. The more money you keep in your investments, the more it can add up over time. Vanguard funds are well-known for their lower fees, and we have 23 to choose from.
- Contribute the maximum to your HSA. Your HSA is yours to keep and stays with you even if you change employers, so do yourself a favor and save for the future! If you didn’t contribute the maximum for 2014, you can still contribute until April 15, 2015. (View contribution limits.)
- Reduce your taxes. Your HSA contributions reduce your taxable income, which can decrease your tax liability or increase your refund, depending on your situation. Consult your financial advisor for specific advice. (And learn more about the triple tax benefits of HSAs.) Also, speaking of taxes, if you have questions about Forms 1099-SA and 5498-SA, click here for guidance.
- Save your receipts. As you incur qualified healthcare expenses, you are not required to reimburse yourself right away from your HSA. So, why not save your receipts, let your investment balance grow and reimburse yourself later — even after you retire? (Our calculators show you what’s possible.)
Be sure to help your friends, colleagues and/or clients save and invest for their healthy futures by sharing these tips with them. Questions? Feel free to contact us!