hey everyone kevin here from healthy wealthy and wise i just wanted to touch base with you on one
of my favorite topics uh and you guys a lot of you know that if you've been with me for a while
and that's health savings accounts or hsas as many of you know i feel it's one of the best things you
can do to help build wealth and in a tax efficient way you know i've had many videos on how much
money you can make over time i've talked about the triple tax benefits and i've talked about
contribution limits and and all that when it comes to hsas and the requirements to have a new plan
i'm not going to talk about all that today if you want to see information on that i'll definitely
link a video for you so you can check that out and be in the description however today what i want to
talk about is two things one is just as a reminder that you had a extension until may 17th to file
your taxes and with that extension also you had an extension to open or add to a previous hsa
so it's a great way to lower your taxes for the 2020 year so if you haven't fully funded
your hsa or you hadn't opened an hsa yet it's really just a great way to grow money over time
particularly if you're fairly healthy and again you already had a high deductible health plan
and again if you're not sure about the criteria you can either check the irs site or you can check
out that video again that i mentioned earlier now if you have already filed your taxes you can still
open an account and then you can do an amended filing and again get that money back it just takes
the money right off of your income right at the top so whatever you you know put into there that
just takes off that money and again that's not taxes you'll have to pay so and again that can
depending on the state you live in can also lower your state taxes so just wanted to send a quick
reminder on that and also just remember if you're over 55 you can add another thousand dollars to it
and uh it's just a great way to again lower your tax bill and have money to going towards
your future which again can grow on a tax-free basis now if you're looking for information
on an hsa you can put money into or open an account with i'm not being sponsored at all
for this video but i will tell you i just recently transferred my previous hsa to a new hsa by lively
the reason i did it had to do with fees that my old hsa charged and this one doesn't so
if you want more information on opening an hsa through lively again i'll put a link for you
in the description there and again remember i'm not sponsored you do what's best for you
but if you do click on the link there would be a small referral for me so keep that in mind again
you do what's best for you so the second big piece of news i have for you in hsas has to do
with new guidance for 2022 and i know that seems far off and again what i will do is near the end
of the year when most people are really looking at uh you look at their health care options and
you know doing their benefits for the upcoming year we'll talk about it more then so I'll update
you know a video that gives you that information but for now and for anyone interested i wanted to
share some of the new numbers for you so for 2022 for self-only coverage your contribution limit
into your hsa goes up about fifty dollars to three thousand six hundred fifty dollars and then for
family coverage it also increases this time up to seventy three hundred dollars which is a hundred
dollars increase over 2021 contribution limits now as far as being able to contribute to your hsa
as you guys know you have to have a qualified high deductible health plan and the good news is
is that the annual deductibles did not change for either self-only coverage or family coverage for
2022 so they're the same as in 2021 which was uh fourteen hundred dollars for self only coverage
and twenty eight hundred dollars for family coverage now at the something that
people don't always think about is that there's an out-of-pocket max deductible that's also there
that did increase a little bit so for self-only coverage that number is now seven thousand
and fifty dollars and then for family coverage it's fourteen thousand and one hundred dollars
so those are the numbers or the expenses that you can't be charged more than for to be qualified
there are some health plans that actually have deductibles that go way higher than that
and again if you have one like that so people think a high deductible and think
okay this will definitely qualify but it may not and so if you're not sure if you're looking at you
know a health plan for next year already you can always contact whoever runs the plan the insurance
company and just see you know ask them if it's hsa eligible they should be able to give you
that information so anyways so two big pieces of information i wanted to share with you number one
again if you want to do an hsa contribution for 2020 to lower your taxes
you have until next monday may 17th also can add into an ira too if you have an ira so
keep that in mind as well anything to lower your taxes legally you know we're all about that and
then um again just wanted to share some of the new information on irs guidance when it comes to
2022 and having an hsa so with that please like the video if you found this information helpful
and then if you're new here definitely consider subscribing we'd love to have you join the
community we talk a lot about ways that you can improve your physical and financial health and
so if those are something that's important to you which probably important to most people i would
definitely consider subscribing and again we just love to have you be part of the community because
you know through the comments that you guys put in there we learned so much from each other and
you know i learned from you and hopefully you guys learn a little bit from me so with
that i hope you guys all have a great rest of your week take care and we'll talk to you soon