Here's what you shouldn't do with your HSA account - USA TODAY

Just as IRA and 401(k) planlimits can change from one year to the next, so too can HSA limits increase. This year, contribution limits are slightly higher than they were last year. If your goal is to max out your HSA, you'll need to pay attention to the new limits, which are as follows: 1. $3,650 if you're saving as an individual and are under 55 2...

CouponFollow Extension

$3650
OFF

Here's What You Shouldn't Do With Your HSA Account - USA TODAY

6 days from now

usatoday.com

$100
OFF

How To Fix The Most Common HSA Mistakes - HSA For America

6 days from now

Apr 2, 2024 · HSA mistakes like this can happen quite innocently. Example 1: Jane, can now return that $100 to the HSA as the return of a mistaken distribution. She does not need to …

hsaforamerica.com

FAQs about Here's what you shouldn't do with your HSA account - USA TODAY Coupon?

What are some common HSA mistakes?

A third common HSA mistake is using it for non-qualified expenses. For example, many people mistakenly believe they can pay cosmetic services, elective surgeries, and health insurance premiums with their HSA. Note that unless you’re collecting unemployment benefits or paying COBRA continuation coverage, you can’t pay insurance premiums with an HSA. ...

What if I don't have an HSA?

You’d have to remove the excess contribution if you had already contributed more than $3,458.33. If you become uninsured or no longer have an HSA-qualified health plan, you can still spend your HSA balance but can’t make new contributions to the account. ...

Should you consider an HSA for retirement or health care?

Just be sure to avoid the following mistakes if you're considering an HSA for retirement or health care: 1. Assuming an HSA Is Not for You You may not have considered using an HSA if you didn't know about the tax advantages or even whether you're eligible. But HSAs apply to a wide group of people. ...

What happens if I contribute too much to my HSA?

Contributing too much to your HSA can lead to a tax penalty if you don’t take action. The IRS sets the limit for HSA contributions, and this limit changes every year. In 2025, the HSA contribution limit is $4,300 for individuals and $8,550 for family coverage. ...

What if I make an incorrect HSA distribution?

No matter why you make an incorrect HSA distribution, you have until April 15 of the following year to return the funds, just as Jaishree mentioned. However, I recommend returning the money to your HSA as soon as possible so you remember. You could initiate a bank transfer or deposit a paper check into your HSA to reverse the transaction. ...

What happens if I mistakenly spend my HSA?

The IRS allows you to correct “mistaken distributions” that happen due to a reasonable cause that you can prove. Paying for a healthcare expense with your HSA and later finding that your insurer covered it happens frequently. You should receive a refund as Jaishree did. Another typical situation is mistakenly spending your HSA. ...