Workers under age 35 are realizing they need to start saving now, according to Ascensus.
To help employees achieve their savings goals, 82% of sponsors are making changes to plan design, and 83% are updating their investment menus.
“Although budget pressures have put limits on some reforms and the Senate outlook this year is dim, the proposed changes indicate the direction that many Republicans and more than a few Democrats would like to take,” writes Tracy Watts, Mercer’s leader on health care reform.
The health care plan and the health savings account are not the same thing; while the employer has some administrative responsibilities, the HSA belongs wholly to the employee and is portable.
This is a 50% increase from 2017.
Health savings accounts are often described as the 401(k) of health care—so it is only natural that retirement specialist advisers can play an important role in educating the public about these important savings vehicles; survey data shows more education and advice is desperately needed.
Furthermore, only 37% are contributing to an IRA, and 18% to a HSA, Edward Jones learned in a survey
Devenir finds HSA assets grew to an estimated $45.2 billion, spread across some 22 million accounts, at the end of 2017; as more account owners are investing their HSA dollars, the demand for advice is clear.