Speakers at the virtual PLANSPONSOR 2021 HSA Conference touted the benefits of health savings accounts and explained what HSA rules plan sponsors should know.
One notable feature is that account holders can deduct from their own income the amount of HSA contributions made to their account by other people—but not the employer.
Education is vital for all benefits, and especially now for health insurance coverage, says Fidelity Investments.
However, excess deferrals made by participants in 2019 must still be paid to participants by April 15.
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Chad Wilkins, president of HSA Bank, says the new relationship will provide a useful tool for customers, uniting health and wealth planning.
The TIAA HSA will be administered by HealthEquity Inc. and will work in concert with TIAA retirement plans.
The integration will give participants the ability to view and manage their retirement and health savings accounts holistically.
Increasingly, HSAs are being viewed, accepted, and treated in the industry, as a long-term investment strategy.
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The IRS announced small increases to health savings account (HSA) contribution limits for 2020 and a new definition for a high-deductible health plan.
The aim is to make the tax-advantaged savings vehicle more accessible and easier to use
Named Fidelity Works, the package will also be available to third parties working with these employers, including advisers, employee benefits brokers, banks and certified public accountants (CPAs).
While Fidelity’s estimate is for a couple retiring in 2019, the firm says it’s also a call-to-action to younger generations.
Just over half think health care will be the biggest expense in retirement, a Nationwide Retirement Institute survey found.
It is expanding its retirement plan advice and consulting platform to HSAs and other non-ERISA employer-sponsored plans.
Notably, more than 60% of employers want to keep retirees in their plan, and they are looking to change their targeted communications to inspire action, Alight Solutions found.