If you have a Health Savings Accounts (HSA), take note. As part of the recent health care reform legislation, HSA s will see some changes. Unfortunately, these changes will not be for the better.

Contribution limits will drop in 2013, and the penalty for non-qualified distributions will double, from 10 percent to 20 percent. This also combines with the increased threshold for deductibility of medical expenses from 7.5percent to 10 percent of adjustable gross income for 2013-2016 (excluding those 65 and older).

As tax benefits for health-related items diminish, the overall cost of health care will continue to rise. Thus, now may be a good time to review of your overall financial plan to determine if changes in savings and/or spending need to be made to prepare for increased cost in this area.