Happy Friday, readers! It’s hard to believe, but this will be the last edition of PLANADVISERweekend for 2018. It is fitting that the subject is health care and financial wellness, seeing as the holiday season offers for many a time to reflect on what really matters in our busy lives. Everyone has their own traditions to welcome the New Year, but few would argue that good physical and emotional health are among the most important elements of happiness. In that spirit, we offer below some new ways that advisers and their plan sponsor clients can help workers take charge of their physical, mental and financial health in the next year.
The frequency of withdrawals prevents HSA account holders from building a meaningful balance to use for health care expenses in retirement, and individuals are unlikely to allocate their assets to investment products if their primary goal is to fund short-term medical expenses, Cerulli says.
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Few employers surveyed by the Employee Benefit Research Institute currently consider the financial wellness initiatives as “holistic” programs, and they noted challenges to offering these programs.
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Health savings accounts have been used largely like checking accounts, so cash is the largest component of most HSAs, Jamie Greenleaf, lead advisor/principal at Cafaro Greenleaf, told attendees of PLANSPONSOR’s 2018 HSA Conference in New York City.
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Willis Towers Watson suggests portals integrated with financial planning tools can help employees make strategic decisions about where to best save their money based on their unique financial situation.
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A new “Cost of Long-Term Care” analysis published by Moll Law Group underscores the fundamental difficulty of planning for the health care unknowns faced by all retirement savers.
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However, only 8% of respondent to a ConnectYourCare survey are seeking advice about how much to contribute to a tax-advantaged health savings account.
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