Bank of America Merrill Lynch’s 2018 Workplace Benefits Report also finds men and women show different levels of financial stress.
Legislation has been passed that would increase HSA contribution limits, but prior data shows few employees actually contribute the maximum.
If plan sponsors have suggestions and or would like to express support for health savings accounts, now is a good time to let members of Congress know, or to work through employer advocacy groups in Washington.
Among the bills approved by the House Ways and Means Committee is one that would qualify significantly more health treatments, services and over-the-counter drugs for HSA spending.
Also being considered is legislation for expanding benefits of HSAs.
Due to the variations in a person’s life and health status year over year, joint research from Vanguard and Mercer encourages investors to focus on factors they can control and plan accordingly using five guidelines.
Addressing employees’ financial issues can help them free up cash to save for retirement, including long-term health care costs.
However, EBRI found plan participants who have owned a health savings account (HSA) for 10 or more years are very likely to report (71%) that having an HSA has empowered them to make better health and financial decisions.
For an individual with family coverage, the 2019 health savings account (HSA) contribution limit is $7,000, up from the recently reset $6,900 limit for 2018.
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.
The IRS says it is reversing the change to the limitation because stakeholders informed it that implementing the $50 reduction to the limitation on HSA contributions for an individual with family coverage under an HDHP would impose numerous unanticipated administrative and financial burdens.
The latest Retirement Confidence Survey from the Employee Benefit Research Institute shows confidence in specific factors for retirement readiness is lower, and sources offer suggestions for how retirement plan sponsors and advisers can help.
For an individual with self-only coverage, nothing has changed since the IRS announced limits in 2017.
The Summit platform allows TPAs to be more efficient by keeping all administration together in one system.
Nearly 45% of respondents to a ConnectYourCare survey chose to enroll in a health savings account (HSA) as a savings vehicle for future health care needs, up from 40.5% in 2017.
An analysis also finds Millennials were especially eager to adopt health savings accounts (HSAs), nearly doubling their HSA participation from 2017.
WEX Health and dailyVest form collaboration for HSA consumers, and FIA promotes consultants and analysts within the firm.
Even among employees who invest their HSA assets, only 17.7% indicate they will save and grow their assets for future health care needs in retirement.