It helps users quantify the value of their high deductible health care plan, both in the present and the future, and select investments.
However, those who have a health savings account are more certain about how they will cover future health care costs.
“The whole world runs on smartphones,” says Alex Cyriac, co-founder and CEO of Lively.
Seventy-six percent of those who are financially independent think retiring earlier will help them live longer, yet top concerns about retiring early are outliving their money and health care costs, according to a survey by TD Ameritrade.
More than 60% of employers want to keep retirees in their plan, and 33% prefer that terminated employees keep their balances in the plan, Alight Solutions found.
Among those that do offer financial literacy programs, 51% say workers increase their contributions to supplemental savings plans, 43% say workers become more engaged with compensation issues, and 41% say they see cost savings for the jurisdiction that at least partially offset the expense of offering the program.
They also have many characteristics equated with greater financial stability than those not in a HDHP.
They are centered around three key themes: 1) Secure your foundation, 2) Achieve greater prosperity and 3) Inspire confidence.
Workers younger than 35 are realizing they need to start saving now, according to Ascensus; however, only 30% are on track to meet their retirement savings goals.
For those learning about HSAs for the first time, one of the keys is to understand there is one set of rules for money going into the accounts, and another set of rules for money moving out.
Many people are unaware of their triple tax advantages, that balances can be carried forward and that the money can be invested.
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%).
A new survey shows many Americans are flatly unaware that they can use their health savings account assets accumulated in their working years to pay for health care and long-term care expenses in retirement—believing erroneously the money must be spent or be forfeited each year.
Employers are introducing more convenient and high-quality health care options.
Growing contributions and a strong equity market helped propel HSA investment assets up 53% year over year during 2017; data shows employees increasingly want advice on how to invest and eventually spend HSA dollars.
The firm's analysis found participants who also had HSA savings were more retirement ready than those who did not.
Employers can manage HDHPs, promote enrollment and satisfy compliance requirements through a single partner.