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.
HSAs need to offer equities, multi-asset classes and fixed income, Devenir says.
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.
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.