Health care expenses in retirement are a major concern for Americans, and lately the retirement plan industry is suggesting health savings accounts (HSAs) as a potential solution, but not every employer offers a high-deductible health plan (HDHP) and when they do, not all participants choose it or use an HSA for future health care savings. The Internal Revenue Service (IRS) has recently announced increased amounts participants can contribute to HSAs in 2019. A report contends that education is key to participant engagement in HDHPs and HSAs, and an HSA plan sponsor shares her recipe for success. However, a CommonBond panel discussion reveals that a bigger worry for younger employees is student loan debt, and panelists suggest employers offer student loan repayment benefits and offer steps to do so. All this and more in this edition of PLANSPONSOR Weekend!
The most challenging part respondents to a WEX Health survey cited in using their HSA was making sure to have enough funds set aside to cover deductibles (29%) and figuring out how much money to put in the account overall (21%).Read more >
Sara Caddy, benefits manager at Dimensional Fund Advisors, which won an Eddy Award for HSA usage, overall participation and communication strategy, shared its recipe for success.Read more >
Future retirees expect a greater monthly payment from Social Security than what current retirees say they collect, according to a survey from Nationwide.Read more >
Student debt hurts the financial well-being of an overwhelming portion of respondents to a new survey—with the scourge of student debt cutting across generations and economic status.Read more >
Student debt management is a complex and delicate issue that has a significant impact on employees’ broad financial wellness—but providing support can be straightforward from the plan sponsor perspective.Read more >
