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week ending February 28th, 2020
James Denison, director of marketing for HealthSavings, says an investment-focused health savings account (HSA) can relieve employees’ stress about future finances, as well as help them save for future medical expenses. However, a study showed that for employers to have an investment-focused HSA, they’ll likely have to ask for programs that allow for investing. And to get employees to maximize their HSA benefit, employers should follow up with education after open enrollment and on an ongoing basis. HSAs are just one of the many ways employees are asked to save, and a survey of PLANSPONSOR NewsDash readers found nearly 45% indicated they do not think it is feasible to expect employees to save in HSAs for the long term. Just how should employees prioritize competing financial goals? Enjoy this edition of PLANSPONSOR Weekend!
Editor's Choice
Opinions
How HSAs Can Help Boost Employee Productivity and Retirement Readiness
James Denison, HealthSavings, discusses how an investment-focused HSA can relieve employees’ stress about future finances, as well as help them save for future medical expenses.
Benefits
Employers May Have to Ask for HSAs That Allow Investing
Benefit consultants, benefit brokers and financial advisers are generally not counseling HSA participants to invest their funds, a survey found.
Benefits
Following Up on HSAs After Open Enrollment
Educating employees about health savings accounts can help them maximize their benefit.
Survey Says
HSAs for Retirement Saving
Forty-seven percent of plan sponsors that responded to the 2018 PLANSPONSOR Defined Contribution (DC) Survey offer their employees access to a health savings account (HSA). With the triple-tax savings opportunity, HSAs can provide clear advantages to those who save in them, yet it is unclear whether employees know how to best prioritize their savings across...
Cover
The Savings Hierarchy
Participants must take stock of their options, to maximize savings.
Popular Reads
2021 Health Savings Account Survey
Data and Research
Health Care Costs in Retirement Remain a Top Stressor
Fidelity’s latest analysis shows people often underestimate the potential cost of health care in retirement, even after two decades of watching health care costs increase year-over-year.
2020 Recordkeeping Survey
Compliance
SECURE Act 2.0 Passed Unanimously by Ways and Means Committee
A rare unanimous affirmative voice vote by the Ways and Means Committee allows the SECURE Act 2.0 to be considered by the full House of Representatives.
Compliance
403(b) Plan Sponsor Sued Over Excessive Fees and Underperforming Investments
The lawsuit calls out the use of the active suite of the Fidelity Freedom target-date funds, among other things.
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