--- title: WRP CSA Journal Feature | Understanding the Alphabet Soup of the Health Savings Account by Aaron Rubin description: WRP’s Aaron Rubin is featured in the award-winning CSA journal with insight into how to get the most benefit from a health savings account (HSA). image: https://info.wrpwealth.com/hubfs/CSA_Logo.png --- [![WRP Wealth Logo](https://www.wrpwealth.com/wp-content/themes/wrpwealth/resources/images/logo.png)](https://www.wrpwealth.com/) Aaron Rubin Explains HSAs in CSA Journal --- [WRP Partner Aaron Rubin](https://www.wrpwealth.com/who-we-are/) has once again been featured in [*CSA Journal*](https://www.csa.us/resources/publications/csa-journal/), the award-winning publication from the [Society of Certified Senior Advisors](https://www.csa.us/) (SCSA). Rubin’s article, titled, “Understanding the Alphabet Soup of the Health Savings Account,” untangles some of the complexities of HSAs to help readers understand how to use these tax-advantaged healthcare savings vehicles to their greatest benefit. These are some of the key ideas about HSAs that Rubin explores: ## What are HSAs? Congress created HSAs in 2003 as a simpler and more useful alternative to Archer Medical Savings Accounts, making tax-advantaged health savings available to more people. HSAs offer a triple tax advantage: when used appropriately, contributions, growth, and distributions are all tax free. ## Who can use HSAs? HSAs are available to taxpayers who are covered by high-deductible health plans (HDHPs) and are not enrolled in other types of health insurance, such as Medicare, Medicaid, or private supplemental health insurance. ## How much can taxpayers contribute to an HSA each year? For 2024, annual HSA contribution limits are $4,150 for individuals and $8,300 for family accounts. Taxpayers who are over 50 can contribute an additional $1,000. To contribute the full amount, HDHP coverage must be maintained for a full 12 months. ## What drawbacks to HSAs should taxpayers be aware of? HSA distributions are tax free *only* if the funds are used for [qualified medical expenses](https://www.irs.gov/pub/irs-pdf/p502.pdf). If used for nonqualified expenses, HSA distributions are subject to income tax. For taxpayers who are under 65 years old, an additional 20% penalty also applies. Because California and New Jersey do not offer tax benefits for HSAs, HSA contributions and earnings are subject to state income tax in these states. If an HSA account holder dies and leaves the account to a non-spouse, the funds will become immediately taxable at regular income tax rates. Because of this, it’s important to consider HSAs when creating an estate plan. ## How can taxpayers get the greatest benefit from HSAs? Light users of health care can benefit most from HSAs by contributing during their high-earning years and using the funds tax free as their medical costs increase with age. In some cases, it is beneficial to pay for medical expenses outside the HSA and allow the HSA funds to continue growing tax free. By waiting until the end of the tax year to decide which expenses to reimburse from the HSA, taxpayers can work with their [financial advisors](https://insights.wrpwealth.com/how-do-you-know-if-your-financial-advisor-is-working-for-you?hsLang=en) to determine whether reimbursement would result in after-tax savings. ### About Aaron Rubin [Aaron Rubin](https://www.linkedin.com/in/stockoptionswhisperer/) is an experienced Certified Financial Planner and a partner at WRP Wealth Management. With more than 20 years of experience in the financial industry, Rubin has built a reputation for providing comprehensive, personalized financial guidance for his clients. ### About *CSA Journal* CSA Journal is the official publication of the Society of Certified Senior Advisors, an organization dedicated to educating and certifying professionals working with older adults. SCSA's Certified Senior Advisor (CSA)® credential signifies competence and knowledge in serving older adults. CSAs adhere to a strict code of professional responsibility and must complete an ethics module, ensuring the well-being of older adults is paramount. Accredited by the American National Standards Institute (ANSI) and the National Commission for Certifying Agencies (NCCA), the CSA credential applies to various aging industry sectors, and SCSA continuously improves its programs to maintain high standards. CSAs stand out for their commitment to excellence, ongoing education, ethics, and trustworthiness, setting them apart in professional service to seniors.   ![werba rubin papier](https://info.wrpwealth.com/hubfs/triangles-white%20(1).svg) ## WRP: Personalized Tax and Pre-IPO Planning WRP is a team of tax and financial management professionals with expertise in company-issued stock options. We use research-based investment strategies to grow and protect our clients’ investments and a personalized, one-on-one approach to understand each individual’s goals and priorities. 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