LIVELY BLOG

Financial Health

Employee stress is on the rise, but companies can utilize many tools, including benefits like HSAs, LSAs, and FSAs to help combat it.

If you’re the owner of an HSA, sometime in May (at least by June 1st) you will receive Tax Form 5498 from the trustee or administrator of your account. You may panic, because it looks like something that you should have submitted with your income taxes. Fear not, this form is only for your informational purposes.

When you open a health savings account (HSA), it's hard to imagine your small deposit growing into a sizable stash. But routine savings paired with investing adds up faster than you may expect. And before you know it, there could be ample funds to draw from when you need them.

HSAs are tax-advantaged accounts which can be part of a long-term wealth building strategy.

Your coverage doesn’t stop immediately upon your 26th birthday but at some point during the year you turn 26, depending on the type of insurance coverage your parents have. Your coverage will eventually stop though. This is because the health insurance system considers you an adult at this point, capable of maintaining your own health plan.

Tax Form 8889 is where the reporting for all of the activity on your HSA comes together and the form you’ll use to report said activity to the IRS. It’s a longer form than the others and has certain line items that could require you to complete calculations in order to arrive at the appropriate number for your situation (e.g. your maximum contribution limit and additional taxes owed).