Health-E Commerce shares consumer tips for making the most of health savings account contribution limit increases
As the parent brand to HSA Store, Health-E Commerce is educating consumers about recent contribution limit increases and resources to help them get the most from their tax-free health dollars
NEW YORK, June 15, 2023 /PRNewswire-PRWeb/ — As inflation and rising healthcare costs continue to strain the pocketbooks of millions of Americans, there is good news for those who are enrolled in health savings accounts (HSAs) in the form of recently announced increases to HSA contribution limits, which will allow consumers to put more of their pre-tax income to work protecting their health and wellbeing. To help individuals and families make the most of this change and save more money, Health-E Commerce, parent brand to HSAstore.com, is educating account holders on three things they should know or do to make the most of higher HSA contribution limits.
Three things to know and do to make the most of higher HSA contribution limits:
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Know your plan type and what you can contribute. The IRS recently released new contribution limits that will take effect in 2024. The new limits allow individuals enrolled in high-deductible health plans (HDHPs) to contribute up to $4,150 to their HSA (up from $3,850 in 2023). Meanwhile, those enrolled in a family HDHP can contribute up to $8,300 (up from $7,750 in 2023). To enroll in an HSA, an individual or family must also be enrolled in an HSA-qualified HDHP. Check with your HR team to confirm your plan type and to change your designated HSA contribution amount.
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Save money by spending HSA funds on everyday health needs. There is more to HSA eligibility than eyeglasses and doctor visits. In the past several years, HSA eligibility has expanded to give consumers the power to use these funds to pay for everyday health, wellness, and prevention products. From allergy medications to over-the-counter pain and fever reducers to menstrual care products to bandaids, there are many ways to use tax-free healthcare funds to pay for frequently used products. The searchable, online eligibility list at HSA Store takes the guesswork out using HSA funds by allowing consumers to shop for specific products and brands, or by health need and lifestyle. This simplified, guess-free shopping experience helps consumers save valuable time and money.
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Use online tools to project your savings and spending needs. HSA users of all ages can benefit from using online calculators and tools to help manage their funds. Higher contribution limits give consumers the ability to further reduce their taxable income and to set aside more money for healthcare needs now and in retirement. HSA Store offers a free Tax Savings Calculator to help account holders plan for future expenses and an HSA Future Value Calculator to project their long-term savings potential. In addition, the company also offers an HSA Expense Dashboard that allows account holders to easily track expenses and save receipts to make tax time easier.
“Consumers want convenience, support, and flexibility when it comes to healthcare and finances, and an HSA can deliver all of this,” said Itamar Romanini, vice president and general manager of HSA Store. “By taking the time to understand how expanded HSA eligibility aligns with everyday health needs and how funds can be used to pay for healthcare needs over the years as your lifestyle changes, consumers can achieve the maximum value from these special accounts.”
About Health-E Commerce
Health-E Commerce is the parent brand to FSA Store, HSA Store and WellDeservedHealth, a family of online marketplaces that serve the 70+ million consumers enrolled in pre-tax health and wellness accounts. The company also created Caring Mill, a popular private-label line of health products that benefits Children’s Health Fund and enables customers to make a donation with each purchase. Since 2010, the Health-E Commerce brands have led the direct-to-consumer e-commerce market for exclusively pre-tax health and wellness benefits. Health-E Commerce plays an essential role in expanding product eligibility for important new categories within the list of eligible medical expenses.
Media Contact
Barbara Tabor, Health-E Commerce, 651-230-9192, barbara@taborpr.com
SOURCE Health-E Commerce
