The SEC says if investors plan to use the money in their HSA soon, different account features may be useful than if they plan to invest the money for the future.
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.
Of all factors, salary was found more likely to encourage savings both an HSA and 401(k).
An analysis also finds Millennials were especially eager to adopt health savings accounts (HSAs), nearly doubling their HSA participation from 2017.
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.
The portal for eligible products and services will help employees make smarter purchase decisions and understand what can be paid for with health savings account and health care flexible spending account savings, the company says.
UnitedHealthcare’s Hospital Indemnity Protection plans offer compatibility for people enrolled in consumer-directed health plans with health savings accounts.
The combined services of the firms are being rolled out in response to employers asking for a comprehensive investment strategy that ties health and retirement benefits together.
Respondents to a survey from Mercer reported preferences for policies to mitigate costs.
Lively’s integration with TD Ameritrade offers account holders access to an open-architecture set of investment options.
Of the HSAs with distributions, the average amount distributed was less than the average contribution, resulting in balance increases, EBRI finds.