Matching the extension granted for tax filing, the Internal Revenue Service (IRS) has also extended the deadline for funding Health Savings Accounts (HSA) and Individual Retirement Accounts (IRA) for tax year 2019 until July 15, 2020.
The IRS states, “Because the due date for filing Federal income tax returns is now July 15, 2020, under this relief, you may make contributions to your HSA or Archer MSA for 2019 at any time up to July 15, 2020.
“Contributions can be made to your IRA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020.”
Resources for Establishing and Managing HSAs
Why Choose GRB for Your HSA?
Building Health Savings for Life – As a local Rochester company, we understand the needs of local businesses and their employees when it comes to managing health care expenses. With more companies choosing high deductible health plans (HDHPs) for their employees, the HSA is an important piece to the benefit offering to help employees save for their healthcare expenses of today and the future.
Tailored High-Touch Servicing – HDHPs and HSAs are sometimes new and often confusing to many users. GRB provides on-site education and personalized enrollment support to ensure employees are prepared to effectively use and manage their HSA.
No-Maintenance Fee HSAs – Health insurance benefits make for a sound business and a sound community, so we don’t believe employers should be charged a fee to offer them. Employers offering the GRB HSA won’t have any monthly account maintenance fees to pay and neither will their employees enrolled in an HSA with GRB.
Employer-provided Health Savings Accounts
GRB works with employers to establish HSAs for their employees. Contact our employer resource for more information.