HSA Key Numbers 2024
The IRS recently updated its health savings account “HSA” limits for 2024 as well as the 2024 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). Below is a comparison of the key changes that you should be aware of: What’s changed for 2024? Here are the updated key tax numbers relating…
How to Stay Safe During Tax Season
How to Stay Safe During Tax Season April is the time of year when people are gathering tax documents and filing forms with the IRS. Due to the rise in cybercrime, the IRS is reminding all taxpayers about potential scams and how to stay safe online during tax season. For a list of incidents and…
2023 Key Planning Numbers
The following “Key Numbers” document highlights changes to tax reference numbers for 2023. Contribution limits for retirement accounts and HSA accounts have increased for 2023: Furthermore, those individuals who contribute to a Colorado College Invest 529 plan in 2023 can fund an account up to: $20,700 for single filers per beneficiary per year $31,000…
Medicare & Social Security: Changes for 2023
The new Medicare premiums and Social Security cost of living adjustments (COLAs) have been announced. To learn about the updates, please continue reading below: Medicare Medicare’s Open Enrollment Period — which runs from October 15 through December 7 — is your annual opportunity to switch your current Medicare health and prescription drug plans to ones…
Inflation Reduction Act: What You Should Know
The Inflation Reduction Act, which was signed into law on August 16, 2022, includes many initiatives such as healthcare and energy-related provisions. Below are some of the key points that you should be aware of: Medicare The legislation authorizes the Department of Health and Human Services to negotiate Medicare prices for certain high-priced, single-source drugs.…
529 Plans in a Covid World
Its widely understood that 529 plans are tax-advantaged education savings vehicles and that there are two types of 529 plans — savings plans and prepaid tuition plans. The tax advantages of each are the same, but the account features are very different. While much of this seems to be known about 529 plans, the pandemic…
The Triple Tax-Advantaged HSA
The Triple Tax-Advantaged Medical Savings Plan – Too Good to Be True? A Health Savings Account (HSA) is a tax-advantaged account that must be paired with a high-deductible health plan (HDHP). To maximize tax benefits HSA funds are used to pay for qualified medical expenses, including things like prescription drugs, eyeglasses, deductibles, and co-payments. HSA…