As the cost of healthcare continues to rise and inflation continues to increase, finding ways to save money will benefit many. Given that those with health savings accounts, commonly referred to as HSAs, can contribute more following recent increases to the limits to people’s contributions to HSAs, Health-E Commerce has shared some tips to maximize value from these limit increases.
Health-E Commerce is the parent company of HSA Store, WellDeservedHealth and FSA Store, a collection of digital marketplaces that serve millions of consumers registered in pretax medical as well as wellness accounts.
These tips include:
- Using online tools to project one’s spending, saving needs
Users of health savings accounts of all ages can benefit from using online tools to manage their funds. Higher contribution limits afford consumers the ability to decrease their taxable income even further while also setting aside more funds for their current healthcare needs and for the future.
The HSA Store provides a calculator for tax savings that helps users plan for expenses in the future as well as a future value calculator, which forecasts the long-term savings potential. The firm also provides an expense dashboard that enables account holders to save receipts and easily track expenses.
- Determine your type of plan and the amount you can contribute
New limits that will come into force in 2024 will allow people in high-deductible health plans (HDHPs) to contribute up to $4,150 to their health saving accounts. Individuals registered in a family-scope HDHP will be allowed to set aside up to $8,300.
To have a health savings account, a family or person has to enroll in HSA-qualified HDHPs. Individuals are advised to confirm their plan type with HR and come up with a contribution amount they’re comfortable with.
- Save more by spending savings account monies on ordinary health needs
In the last few years, eligibility of health saving accounts has expanded to afford users the power to use their funds to pay for day-by-day health, prevention and wellness products. From OTC pain medications to allergy drugs to band-aids, there are numerous ways for consumers to leverage tax-free medical funds to purchase frequently needed products/items.
The HSA store has provided a searchable eligibility list online that makes it easier to save valuable money and time. HSA Store VP Itamar Romanini stated that when it came to healthcare and finances, consumers wanted support, convenience and flexibility, which a health savings account could deliver. Romanini further noted that understanding how expanded eligibility of HSA aligned with daily health needs could help consumers achieve the maximum value from these accounts.
As more companies such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) enter the healthcare ecommerce space, more people with HSA plans could find it easier to turn to these platforms for any products or services that they need which are covered in those plans.
NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL) are available in the company’s newsroom at https://ibn.fm/NXPL
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