American IRA Discusses Understanding Self-Directed HSA (Health Savings Account) Contribution Limits
CHARLOTTE, N.C., Dec. 10, 2018
CHARLOTTE, N.C., Dec. 10, 2018 /PRNewswire-PRWeb/ -- The contribution limits of an HSA are likely one of the few barriers for investors putting more money aside—but with those contribution limits increasing, it is important that Self-Directed HSA investors understand what to expect. A recent post at American IRA, a Self-Directed IRA administration firm, helped shed light on the topic after new legislation changed the contribution limits.
Thanks to H.R. 6311, The Increasing Access of Lower Premium Plans and Expanding Health Savings Account Act of 2018, passed on July 25th. This legislation will increase the annual contribution limits for those with employee-only coverage a significant amount: from $3,450 to $6,550. And there are additional catch-up contributions possible for those who may qualify.
What does this mean to the average investor? Those with a Self-Directed HSA account may have expanded freedom when it comes to planning for emergencies and actively investing money that may one day go toward medical bills. Having this money set aside can be a tremendous source of peace of mind for investors—and according to Jim Hitt, CEO of American IRA, that alone is worth seeking the knowledge.
"We put together these guides because we like to see people remained informed about their options," says Jim Hitt. "With the recent changes to the Self-Directed HSA contribution limits, investors will see that they have a lot more flexibility with saving for medical expenses than they might have ever imagined. That is because the ground sometimes shifts underneath us—we get used to the old rules and forget that Congress can change the rules that quickly. For people with HSA's, that is vital information."
The concept of self-direction refers to those who control their own accounts, taking responsibility for how they are managed and invested. This affords people with a wide latitude for investing—but also means an increase in such responsibilities.
American IRA, LLC was established in 2004 by Jim Hitt, CEO in Asheville, NC.
The mission of American IRA is to provide the highest level of customer service in the self-directed retirement industry. Jim Hitt and his team have grown the company to over $400 million in assets under administration by educating the public that their Self-Directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more.
As a Self-Directed IRA administrator, they are a neutral third party. They do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents or representatives associated with these firms). They are not responsible for and are not bound by any statements, representations, warranties or agreements made by any such person or entity and do not provide any recommendation on the quality profitability or reputability of any investment, individual or company. The term "they" refers to American IRA, located in Asheville and Charlotte, NC."
SOURCE American IRA, LLC