From ChatGPT to Custom Art: AI’s Exciting Frontier


Hi everyone, as last month’s newsletter mentioned, we are experimenting with ChatGPT to see what we can do with that particular AI engine and potentially with others from a day-to-day standpoint here in the office.  

As things stand right now, ChatGPT is still early in development and sometimes provides wrong or made-up information. The made-up/fake references I do find concerning. There’s enough fake/bad information on the internet, so hopefully, the creators of ChatGPT can stop that.  

ChatGPT is the only AI engine we have experimented with, so I cannot speak about any of the others out there, and there are many.  

Internally so far, we have found AI useful in helping to author different articles or arrange complex pieces of information into an orderly, digestible format BUT, and this is a big BUT, you absolutely have to proof everything the system produces as there are, in fact, errors.

With that said, we wanted to start this month, especially since the HSA 2024 limits were just released (check out that article here), with this month’s “Top 10,” and we will start with HSA’s. Enjoy!

What is a Health Savings Account (HSA)?

  • An HSA (Health Savings Account) is a tax-advantaged savings account that individuals with high-deductible health plans can use to save and pay for qualified medical expenses.

Who is eligible for an HSA?

  • To be eligible for an HSA, you must have a high-deductible health plan (HDHP) and not be enrolled in any other health coverage that is not an HDHP. You also cannot be claimed as a dependent on someone else’s tax return.

What are the benefits of having an HSA?

  • There are several benefits to having an HSA. Contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are tax-free. HSAs also offer flexibility in managing healthcare costs and can serve as long-term savings vehicle.

How much can I contribute to an HSA?

  • In 2023, the maximum annual contribution limits for an HSA are $3,650 for individuals and $7,750 for families. If you are 55 or older, you can make an additional catch-up contribution of $1,000. In 2024, those increase to $4,150 at the individual level and $8,300 for a family. The 55+ catch-up contribution remains at $1,000 (unchanged).

What expenses are considered qualified medical expenses?

  • Qualified medical expenses include a wide range of healthcare costs such as doctor’s visits, prescription medications, hospital expenses, dental and vision care, and certain medical devices. IRS Publication 502 provides a detailed list of eligible expenses – 

Can I invest the funds in my HSA?

  • Yes, many HSA providers offer investment options once your account balance reaches a certain threshold. Investing your HSA funds can help them grow over time, providing additional funds for future healthcare expenses.

What happens to my HSA if I change jobs or retire?

  • Your HSA is portable, which means it belongs to you even if you change jobs or retire. You can continue using the funds for qualified medical expenses in the future. However, if you are no longer eligible for an HSA, you can no longer make contributions but can still use the existing funds.

Are there any penalties for non-medical withdrawals from an HSA?

  • Yes, if you withdraw funds from your HSA for non-qualified expenses before age 65, you will be subject to income tax and a 20% penalty. However, after age 65, non-medical withdrawals are subject to income tax, not a penalty.

Can I use my HSA to pay for health insurance premiums?

  • In Generally, HSA funds cannot be used to pay health insurance premiums. However, there are a few exceptions, such as premiums for long-term care insurance, certain continuation coverage (e.g., COBRA), or health coverage while receiving unemployment compensation.

Do HSA funds expire?

  • No, HSA funds do not expire. They roll over yearly, allowing you to accumulate savings over time. There is no “use it or lose it” provision like other healthcare accounts.

Please remember to consult a qualified tax or financial advisor for specific questions about your personal situation. Your personal CPA will always be the best person to recommend how to personally save on you and your family’s individual tax returns.

So not too bad for our first “Top 10”, no? A couple more thoughts – I did sit in on another AI-focused training session this morning, so I have a laundry list of other engines to look at. 

Many of them are more image-focused, where they can create custom art and images, some let you own the images, and some don’t, but we’ll continue to share what we learn about the different engines as we continue this journey. Are you using AI in your business in a fun, effective way? Let us know. We’d love to chat about it, no pun intended, ok, maybe a little.

Thanks for the read!



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