Health Saving Account (HSA) Background5 mins
High - deductibl health plan (HDHP) 201919 mins
HSA Contribution Basic Rules38 mins
Qualified HSA funding Distribution61 mins
Qualified Medical Expenses75 mins
Regardless of what comes out of Congress with regard to the Healthcare Bill, we know that healthcare costs will continue to be significant for retirees. One of the most efficient and valuable ways to help pay for these expenses is through health savings accounts (HSAs). While more and more companies are moving to High Deductible Health Plans, the C-suite is always looking for additional ways to save money while keeping employees happy. It is crucial for employers and their service providers and advisors to understand what kind of coverage is required for HSA eligibility, and what types of programs and benefits can make employees ineligible for HSA contributions.
HSAs are one of the most favorable tax investment vehicles in existence today. Unlike IRA contributions, HSA contributions do not have an income limit which phases people out of making contributions. Thus, someone making $5M annually still has the ability to make an HSA contribution if they are covered under an HDHP and don’t run afoul of the other restrictions mentioned previously.
You will also learn:
This will include examples of qualified medical expenses include most medical, dental, vision, and rehabilitative or chiropractic expenses also Tax-free distributions for medical expenses. Generally, if distributions are made for any other purpose besides a qualified medical expense the distribution is subject to a 20% penalty. However, once people reach the age of 65, they can make distributions from an HSA for any purpose without penalty. At this point, the HSA essentially turns into a traditional IRA and distributions for non-medical expenses are merely subject to income taxes.
This webinar is designed to get the Tax professionals, CPAs, CFOs, Financial Planners up to speed quickly with the complex contribution and distribution rules applicable to health savings accounts (HSAs) and serve as an advisory to their clients or companies on effective strategies for saving the bottom line while keeping the compliance in check and increased employee satisfaction and retention.
Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.
In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession’s most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.
During his time in college, Pat earned a letter as a member of the Ohio State Basketball squad. He remains a staunch supporter of the sports programs at his alma mater.
Awards & accolades
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