Cetera announced it is expanding its retirement plan advice and consulting platform to offer advice to health savings account (HSA) plans and other non-Employee Retirement Income Security Act (ERISA) employer-sponsored plans.
Citing data from the Employee Benefits Research Institute (EBRI), in 2016, nearly 30% of all employees were enrolled in HSAs. EBRI estimates there are between 20.2 million and 22.6 million HSA policyholders and dependents. Denevir Research says that in 2018, HSA assets reached $51.4 billion as of the end of June 2018, up 20.4% from the year before.
“As the cost of health care continues to skyrocket, the ability to couple high-deductible health plans with HSAs is important,” says Kaci Skidgel, president, retirement plans, at Summit Financial and an adviser with Cetera Advisor Networks. “For advisers who already act as investment fiduciaries on the 401(k), it will be natural to capture the HSA assets and add value to the employers they serve.”