This week we’re highlighting health savings accounts (HSAs) and health benefits. Read about why plan sponsors should understand medical flexible spending accounts (FSAs) and HSAs, and how they can educate their participants on the two. Next, find out what the three highest health care cost-management challenges are, according to Gallagher’s latest Best-in-Class Benchmarking Analysis, and how employers can control these costs. Plus, a Fidelity survey explores how retirees can save for rising health care expenses; HSA Bank recommends features to increase engagement with health care planning; and we survey industry workers on the feasibility of HSAs. All this and more, on this edition of PLANSPONSOR Weekend. There will be no weekend newsletter next Friday.
Employers need to understand the basics of each in order to communicate to participants accurately, and they can use the differences to help employees view HSAs as long-term savings accounts, Sara Caddy, with Dimensional Fund Advisers told webinar attendees.Read more >
A 65-year old couple retiring in 2019 can expect to spend $285,000 in health care and medical expenses throughout retirement, Fidelity estimates, but it says it is possible to save for retirement health costs via health savings accounts.Read more >
HSA Bank recommends employers offer a guide about health plans, their costs and what they cover; a health plan comparison tool; and a tax-advantaged savings account to help employees become better health care consumers.Read more >
Health savings accounts (HSAs) are now being touted as a way for saving for health care expenses in retirement, but is this feasible? A recent report found employees spend 90% of their HSA assets on current medical expenses, leaving little to save/invest for the long term.Read more >