Greetings loyal PLANADVISER readers. The focus of this weekend’s mailing is health care and retirement—a topic that is clearly on many peoples’ minds. Even before the outbreak of the coronavirus pandemic earlier this year, retirement plan advisers were growing increasingly focused on the links between physical wellness and financial wellness. Collected below is a series of articles and reports on just that. We hope you find our reporting useful and consider sharing some of what you read with a client or colleague. Stay well!
One overlooked benefit of HSAs is that people can actually spend money on qualified health care expenses out of pocket and then reimburse themselves tax-free via the HSA once they enter retirement.
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Mark Waterstraat, president of consumer solutions at Alegeus, offers simple steps to coach clients through managing their health care finances after a layoff. For example, did you know that individuals can use HSA funds to pay COBRA premiums tax-free?
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Kevin Boyles at Millennium Trust says companies have been responding to the pandemic with exceptional agility—driven in no small part by the expectations of their Millennial workers.
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To start off the panel, attendees were asked whether they currently offer a high-deductible health plan (HDHP) with an added HSA feature in their plan design. Seventy percent answered yes, while 10% said no but that they are considering one, and 19% stated they do not and are not planning on adding one.
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Financial wellness has taken on a new relevance in the midst of the COVID-19 pandemic. Experts share tips on how advisers can figure out how to offer access to best-in-breed programs to enrich overall benefits programs and participant outcomes.
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