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A summary of the articles included in the June 2020 edition:
- Early HSA Investment Trends Amidst COVID-19 Pandemic
- IRS Announces 2021 Health Savings Account Contribution Limits, Still Time To Make 2019 And 2020 HSA Contributions
- Gen Z Outpacing Other Age Groups in Saving
- Health Savings Accounts Add Options in Pandemic, Including Telehealth
- First Dollar Closes $5M Seed Funding Round to Transform Health Savings and Spending
- How Sensitive Are Health Savings Account Contributions to State Taxes: Evidence From EBRI’s HSA Database
Early HSA Investment Trends Amidst COVID-19 Pandemic
As HSA investment accountholders react to the financial and public health impact of the COVID-19 pandemic, Devenir has observed HSA investors to better understand how the crisis has shaped their investment behavior.
IRS Announces 2021 Health Savings Account Contribution Limits, Still Time To Make 2019 And 2020 HSA Contributions
The Internal Revenue Service announced new, higher contribution limits for health savings accounts for 2021 today. You’ll be allowed to contribute $3,600 for individual coverage for 2021, up from $3,550 for 2020, or $7,200 for family coverage, up from $7,100 for 2020.
Gen Z Outpacing Other Age Groups in Saving
COVID-19’s effects on the market, employment and money will turn Millennial workers into great savers. Generation Z, experts say, is already there. The age cohort, identified as those born after 1997, has already shown a heightened consciousness with spending and savings habits.
Health Savings Accounts Add Options in Pandemic, Including Telehealth
People with a health savings account now have more flexibility in how they use the money because of rule changes prompted by the coronavirus outbreak. Now, thanks to updates tucked into an early round of the federal coronavirus assistance program, people with H.S.A.s can take advantage of expanded benefits.
First Dollar Closes $5M Seed Funding Round to Transform Health Savings and Spending
First Dollar, the first human-centric health care savings platform, has announced it has closed a seed funding round of $5M. Next Coast Ventures led the round with participation from Meridian Street Capital. Additional investors in the round include former athenahealth CEO Jonathan Bush, Everlywell CEO Julia Cheek, Bright Health CTO Brian Gambs and Capital Factory.
How Sensitive Are Health Savings Account Contributions to State Taxes: Evidence From EBRI’s HSA Database
The average contribution to health savings accounts (HSAs) nationwide was $1,607 in 2018. However, EBRI noted considerable variations by state, with the state of Oregon having the highest average contribution in 2018 and the state of Virginia having the lowest. Contribution levels might be higher or lower in certain states as a result of average wages (higher tax brackets). But contribution levels could also be affected by differences in state tax implications of HSA contributions.