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Quest Trust Company›Blog›Health Savings Account

Tag: Health Savings Account

2020 Investment Account Contribution Limits

Posted on January 6, 2020July 13, 2020 by Quest Trust Company
Estimated reading time: 2 minutes

If you have a 401k, SEP IRA, simple IRA, or HSA, you’ll be able to contribute more to your account(s) next year, which can help you build your retirement savings! The limit on contributions changes from one year to the next due to inflation. However, the limits don’t change every year, and this year they don’t impact all types of retirement accounts.

How have the contribution limits changed?

The contribution limits have increased slightly for some types of accounts, and they have stayed the same for others. 

2020 Investment Account Contribution Limits:

Account2019 Limit2020 Limit
Traditional, Roth IRA$6,000$6,000
ESA$2000$2000
401(k)$19,000$19,500
Individual HSA$3,500$3,550
Family HSA$7,000$7,100
SEP IRA$56,000$57,000
Simple IRA$13,000$13,500

What will these changes mean for investors?

These changes will mean that investors will be able to put more money aside for the future, which will lead to a potentially larger nest egg. 

Furthermore, it will help to reduce the tax burden on the retirement funds of millions of Americans. In fact, these changes have significantly increased the contribution limits for many investment accounts!

What changes can you expect in the future?

The contribution limits are expected to continue increasing in the future due to inflation. The specific amount that contribution limits will increase by depends on the inflation rate at the time as well as other economic factors, which are difficult to predict. 

Therefore, it’s important to stay up to date on future changes to investment account contribution limits, which will allow you to make the most of your retirement accounts every year.

Luckily, opening a Quest account can allow you to easily deposit checks into your investment accounts as quickly as possible, and we’ll do it for free within 24-48 hours. Furthermore, our specialists can ensure that you stay up to date on the latest contribution limits. So, open a Quest account today!

Posted in 401k Education, Contributions, Coverdell ESA, Health Savings Account, Health Savings Account (HSA), IRA Education, Roth IRAs and Roth Conversions, SEP and SIMPLE IRAsTagged 401k education, Contributions, Coverdell ESA, Health Savings Account, Health Savings Account (HSA), IRA Education, Roth IRAs and Roth Conversions, SEP and SIMPLE IRAsLeave a comment

Five Tips for Health Savings Account (HSA) Holders

Posted on September 14, 2017December 23, 2020 by Juan Deshon

Estimated reading time: 3 minutesRetirement comes with many perks including a health saving account (HSA). An HSA is a savings account that may be used to offset medical expenses. One of the best things about health savings accounts is the fact that they are tax deductible. Here are five ways to make the most of your account.

1. Invest your HSA earnings

You have full liberality to invest your HSA in the same manner that you distribute funds in your 401(K). Many people choose to make their health accounts grow by putting money towards stocks and mutual funds. Some jump on the precious metals boat and coast into more money by investing small amounts in gold and silver. Just as with a 401(K) or other IRA, you should be mindful of where additional funds are going. You do not want to invest a large percentage of your HSA in a company that goes bankrupt months after your purchase stocks.

2. Take full advantage of qualified expenses

You can withdraw funds from your savings account to cover tax-deferred contributions and tax-free distributions. All of the fund removals, however, must be applied to qualified medical expenses (QMEs). You can potentially save thousands in out-of-pocket expenses related to health and wellness using your HSA as long as you keep the receipts.

3. Use distributions wisely

While an HSA potentially covers every expense related to health and wellness, you may not want to use your plan for small costs. Paying for recurring things such as prescriptions and annual doctor’s visits out-of-pocket gives your savings account the chance to build value, which may be used for emergencies when large payouts are necessary. You should use the distribution incentive sparingly when it comes to small expenses that you can technically afford to pay.

4. Utilize maximum contributions

Contributing the maximum amount to your HSA comes with incredible tax benefits. Your plan’s earning potential increases when you give the maximum dollar amount to your plan. You, then, have the right to deduct up to the full contribution amount from your tax bill, which means that you are not losing money when paying more into your HSA.

5. Study to be a better consumer

You should not choose the first HSA plan offered but rather compare several possibilities before making a decision. Reviewing your health habits is the first step to understanding what you need from an HSA plan. You may not need an account that offers the bells and whistles if you are someone who visits the doctor once a year. You may, however, require a premium plan if you have a preexisting condition that calls for several checkups and treatments throughout the year.

Implementing healthy lifestyle habits is the greatest way to get the most out of your HSA plan. The more that you consume wholesome foods and keep a good workout regimen, the less often you may have to see the doctor. An HSA plan has the potential to be a financial lifesaver during the retirement years if you work the system well.

Posted in HSA The Best of Both WorldsTagged Health Savings Account, hsaLeave a comment
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