Consumers that are already enrolled in HSAs are more fluent, more engaged, and make savvier health and financial decisions than the general public, Alegeus finds.
The marketplace connects account holders to cost-effective and convenient qualified medical expense products and services.
A new interactive interface allows employees to think about retirement and health savings together and visualize the best way to allocate limited assets.
The new plan sponsor site calls for employers to “commit, collaborate, and communicate to drive engagement and adoption.”
For those who need more knowledge about health savings account (HSA) rules and benefits, a Congressional Research Service report can help.
Those who have HSA assets invested have a $16,007 average total balance, more than eight times larger than a non-investment holder’s average account balance, Devenir finds.
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.
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.