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How to Make the Most of Your (HSA) Snow Day

We had more than eight inches of snow this weekend in greater Richmond, Va., which means nothing moved for at least 24 hours—48 hours if you didn’t live within eyesight of a major road. So my wife and I did some needed clean-up around the house. We’ve vowed to be more organized for 2017. We went through closets, taking stock of those “we should hang onto this” items we hadn’t touched since we moved in seven years ago. And we organized those things that we hastily put away after the holidays.

Your health savings account deserves similar attention every January. This is the time to do a little housecleaning and organization.

  • -Check your deductions.
  • -Are you maximizing your HSA contributions? The limits went up $50 for those with individual coverage and remained unchanged for those with family coverage. (Remember that in the eyes of the IRS, if you have more than one person covered on your health plan, you have family coverage.)
  • -Are you contributing at least enough to get your full employer match?
  • -Will you turn 55 this year, so that you can now contribute the additional catch-up amount?
  • -That balance that you’ve been carrying over year-after-year that is sitting in the checking account—should you be investing it?
  • -And last, but not least, gather up all those receipts from 2016 and put them in a shoebox (or app) so that you reimburse yourself years from now when that nest-egg has grown into something substantial.

Author: James Denison