Tag Archive for: Health Savings Accounts (HSAs)

July is UV Safety Awareness Month, and it’s the perfect time to remind ourselves how important it is to protect our skin from the sun’s harmful ultraviolet (UV) rays.

Individuals with fair skin can sunburn in as little as 10-15 minutes of midday sun exposure when UV rays are the highest. UV rays are typically high between 10 a.m. and 4 p.m. and the highest around 11 a.m. to 1 p.m. Don’t let a cloudy day fool you because UV rays can be just as intense as on a sunny day.

What Are UV Rays?

Ultraviolet radiation from the sun comes in three forms:

  • UVA rays penetrate deep into the skin and are responsible for premature aging, such as wrinkles and age spots, and can contribute to skin cancer.
  • UVB rays are more intense and damage the outer layers of the skin, causing sunburns, and they play a key role in the development of most skin cancers.
  • UVC rays are the most dangerous, but they are absorbed by the Earth’s atmosphere and don’t typically pose a threat during everyday sun exposure.

Types of Skin Cancer

Skin cancer is the most common cancer in the U.S., but it’s also one of the most preventable. Here are the three main types:

  • Basal Cell Carcinoma (BCC): The most common and least aggressive type, accounting for approximately 80 percent of all cases*. It often appears as a flesh-colored bump or pink patch of skin and may bleed or form a scab. BCC grows slowly and rarely spreads, but it can cause local tissue damage if untreated.
  • Squamous Cell Carcinoma (SCC): Accounts for approximately 20 percent of all skin cancer cases* and tends to occur on areas of the body most exposed to the sun, such as the face, neck, and hands. SCC shows up as a scaly red patch, a wart-like growth, or a sore that won’t heal. It can grow deeper and, in some cases, spread to other parts of the body.
  • Melanoma: The most serious form of skin cancer, which accounts for about four percent of skin cancer cases*. Melanoma can develop from an existing mole or appear as a new dark spot. Early detection is critical since melanoma can spread quickly and be life-threatening if not caught early.

How to Protect Yourself

  • Wear sunscreen every day with broad-spectrum (UVA/UVB) protection, SPF 30 or higher.
  • Cover up with clothing, hats, and sunglasses that block UV rays.
  • Seek shade between 10 a.m. and 4 p.m., when the sun’s rays are strongest.
  • Avoid tanning beds, which emit concentrated UVA and UVB radiation.

Check Your Skin

Examine your skin regularly for changes in moles, new growths, or sores that don’t heal. When in doubt, get it checked out. Annual skin exams with a dermatologist are a smart step in preventing skin issues, and early detection is key. Protecting your skin today is an investment in your health tomorrow. Enjoy the sunshine safely.

* https://skinandcancerinstitute.com/july-is-uv-safety-month/

What is the name of your health plan? Who’s your insurance carrier? If you had to look it up right now to check, you’re not alone; many people are not sure. If you don’t know the basics, you won’t be able to take full advantage of your benefits.

Health insurance is a tool—but only if you know how to use it. You don’t want to be like so many people out there who experience a health emergency and must deal with the stress of not understanding their health care coverage in a time of trauma.

Knowing your health plan matters

Surprise Bills

  • You may get a procedure for which you need pre-authorization, and did not know until you received an unexpected bill. This happens more often than you can imagine.
  • If you don’t know whether your provider is in-network or out-of-network, or how your plan covers care, you are more likely to pay out-of-pocket for services that should have been covered.

Miss Out on Preventive Services

  • Many plans offer 100% coverage for preventive services (such as mammograms, colonoscopies, and annual physicals), virtual visits, and wellness programs. But you can’t use benefits you don’t know you have.

You Can’t Advocate for Yourself Without the Basics

  • Here are just a few of the ways understanding your plan helps you:
    • Ask the right questions and go through the proper channels for care; reach out for help by calling your insurance provider
    • Spot billing errors
    • Take advantage of telehealth, HSA options, or mental health coverage (to name a few)

What You Need to Know – Today

At the very least, every health insurance subscriber should know:

  • Your carrier (the company providing your insurance, such as Anthem, Delta Dental, and VSP)
  • Your plan type (Health Maintenance Organization – HMO, Preferred Provider Organization – PPO, Exclusive Provider Organization – EPO, or Health Savings Account – HSA)
  • Whether your plan is individual, employer-sponsored, or part of an association

How to Find These Items Quickly

  • Check your insurance ID card – it typically lists the plan name and carrier
  • Log in to your carrier’s member portal (the website usually is on the ID card) – this is where you will find your plan documents, benefits, and provider network information
    • Download your carrier’s app and create an account so that you have access to your ID card at all times, as well as to your health and benefit information and plan summary (Summary of Benefits and Coverage – SBC)
  • Ask your HR or firm administrator if you’re part of an employer or association plan

Then, take a few minutes to review your SBC, as it outlines the services that are covered, excluded, and the pre-authorization requirements. It also helps you understand what your plan will cover and what you may need to pay out-of-pocket for. Knowing the basics gives you power as a healthcare consumer and enables you to become your own best advocate.

Please don’t wait for an emergency to try and understand your health plan; familiarizing yourself with it now is a smart way to save time, avoid stress, and ensure you get the most from your benefits.

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Created by CalCPA in 1959 as The Group Insurance Trust of the California Society of CPAs, CalCPA Health has remained steadfast in its mission to provide quality “boutique style” health care solutions—from medical, dental and vision to life and long-term disability—with unparalleled convenience and stability. It helps ensure that members can navigate the challenges of health care with confidence and peace of mind. CalCPA Health offers exclusive health and benefit plans to members, and there is a high level of trust knowing that these plans are operated by individuals who understand the unique needs of the profession – CalCPA members.

The IRS recently released the contribution limits for Health Savings Accounts (HSAs) for 2026. In the upcoming year, we will see an HSA  contribution limit increase to $4,400 for individuals and an increase to $8,750 for a family. The IRS implemented inflation-adjusted parameters for health savings accounts in Revenue Procedure 2025-19.

For 2026, individuals with self-only coverage can contribute up to $4,400 to their HSAs, up from $4,300 in 2025. Family plans can contribute up to $8,750, up from $8,550 in 2025. The IRS also noted that the 2026 catch-up contribution for those aged 55 and older will remain $1,000 for 2026, unchanged from 2025.

According to Fidelity Investments’ 2024 Retiree Health Care Cost Estimate, a single 65-year-old retiring can expect to spend an average of $165,000, or $330,000 per couple, in health care and medical expenses throughout retirement. These figures are up nearly 5% over 2023 and more than doubled from the first estimate in 2002. Understanding how to save and invest with an HSA plan is key to helping you plan for future expected and unexpected medical expenses.

If you are in an HSA and have questions about how to get the most out of the plan, CalCPA Health can help answer your questions. CalCPA Health is at the forefront of HSA adoption, offering the most HSA plan options in California. CalCPA members have a strong understanding of the tax benefits HSAs provide. Education is key, and CalCPA Health is here to help whether or not you are in one of our plans. We are a resource for you, so please feel free to ask questions by emailing info@calcpahealth.com.

The IRS has recently released the contribution limits for Health Savings Accounts (HSAs) for 2025. In 2024 we saw a significant increase, mainly in response to continued pressures from inflation. In the upcoming year, we will see another adjustment upwards, yet smaller than the 2024 increases.

For 2025, individuals with self-only coverage can contribute up to $4,300 to their HSAs, up from $4,150 in 2024. Family plans can contribute up to $8,550, up from $8,300 in 2024. This change reflects a steady acknowledgment of the need for greater financial flexibility in managing health expenses.

The IRS hasn’t released the 2025 catch-up contribution yet for those age 55 and older. It is currently set at $1,000 for 2024, unchanged from 2023.

According to Fidelity Investments’ 2023 Retiree Health Care Cost Estimate, a 65-year-old retiring this year can expect to spend an average of $157,500, or $315,000 per couple, in health care and medical expenses throughout retirement. Understanding how to save and invest with an HSA plan is key to helping you plan for future expected and unexpected medical expenses.

If you are in an HSA and have questions about how to get the most out of the plan, CalCPA Health can help answer your questions. Approximately 45% of CalCPA Health medical subscribers are enrolled in a Health Savings Account. Education is key and CalCPA Health is here to help – whether you are in one of our HSA plans or not. We are a resource for you – feel free to ask questions by emailing info@calcpahealth.com.

The Internal Revenue Service released the annual maximum 2024 contribution limits for HSAs under high deductible health plans (HDHPs). For 2024, we will see the largest jump in recent years for contribution limits – mainly due to continued high inflation. The annual limit on HSA contributions for an individual will be $4,150 (up from $3,850 in 2023) and $8,300 for family coverage (up from $7,750 in 2023).  HSA “catch-up” contribution for participants 55 and older, can contribute an extra $1,000 to their HSA, which is the current amount in place for 2023.

Effective January 1, 2024 – Contribution Limits for Health Savings Accounts

Tax Year Individual Coverage Limit Family Coverage Limit
2024 $4,150 $8,300
2023 $3,850 $7,750
2022 $3,650 $7,300
At age 55, members are allowed to contribute an additional $1,000 

What is a HSA? It is a tax-advantaged account, paired with a high-deductible health insurance plan (HDHP), that allows you to save pre-tax dollars for future qualified medical expenses. You can invest the funds in the HSA account tax-free and grow your savings. You own the account, it travels with you if you change jobs, change your health plan, or retire.

 

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The IRS has released the contribution limits for Health Savings Accounts (HSA) for 2023 and the numbers are significantly higher than in prior years, as you can see from the chart below. Knowing these numbers will help employers prepare for open enrollment and think about their contribution levels as well as help employees understand the benefits of contributing to their HSAs.

Tax Year Individual Coverage Limit Family Coverage Limit
2023 $3,850 $7,750
2022 $3,650 $7,300
2021 $3,600 $7,200
At age 55, members are allowed to contribute and additional $1,000 

What is a HSA? It is a tax-advantaged account, paired with a high-deductible health insurance plan (HDHP), that allows you to save pre-tax dollars for future qualified medical expenses. You can invest the funds in the HSA account tax-free and grow your savings. You own the account, it travels with you if you change jobs, change your health plan, or retire.

 

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by Ron Lang, CEO of CalCPA Health

This time of the year, with most firms renewing their employee benefit plans, there is a big uptick in questions regarding managing health plans. For CalCPA members, CalCPA Health is an available resource; our tag line is “we answer questions for your firm, your clients and your family” (or at least try to answer anyway).

Health plans are a unique blend of Internal Revenue Service, Department of Health and Human Services, Department of Labor, California Department of Insurance, and other California agencies regulations. Buried in each of these, is the Affordable Care Act’s (ACA) code. Because of this complexity and liability, when providing answers and insights we always must disclose that we do not provide tax or legal advice (lol).

 

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