The offering of health savings accounts (HSAs) has grown exponentially since their introduction in 2004. In recent years, they have been presented as a powerful tool for helping employees save for health care expenses in retirement, but they may also help with employees’ current financial wellness. A big problem is that many employees—and even employers—don’t fully understand how HSAs work. More education is needed for employees to get the best use of HSAs for their needs. Enjoy this edition of PLANSPONSOR Weekend! And, please note that on Monday, PLANSPONSOR.com readers will find a new website experience. We hope you will find it even more engaging and intuitive!
Surya Kolluri, with Bank of America, says financial wellness should be thought of in the broadest way, with an eye toward how employees live their lives; this includes health care and caregiving efforts.
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Employee education about HSAs remains the dominant concern of plan sponsors, and plan sponsors struggle to tell employees how to allocate their savings dollars, according to a survey from PSCA.
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Employers have many choices when selecting an HSA partner. Providers compete in a number of different areas, including local/national participant service offerings; interest rates on cash balances; investment option types and availability; and bundling strategies.
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The live-streamed panel discussion will take an in-depth look at the uses, benefits and tax advantages of health savings accounts (HSAs), as well as their use as a long-term retirement plan and safety net.
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The plaintiffs say the plan’s terms reduce benefits using “Early Retirement Factors” and “Joint and Survivor Annuity Factors” which result in plan participants receiving less than the actuarial equivalent of their vested accrued benefit, as required by ERISA.
Based on the conversations industry advocates are having in Washington, none of the leadership in the Senate or the House opposes passage of the SECURE Act.
