Linking health care and wealth management; maximizing practice efficiency and cross-selling opportunities; addressing individuals' insurance and financial wellness needs—Hub’s new retirement plan specialist advisers hope to do all of this and more.
Increasingly, HSAs are being viewed, accepted, and treated in the industry, as a long-term investment strategy.
The IRS announced small increases to health savings account (HSA) contribution limits for 2020 and a new definition for a high-deductible health plan.
Clients with high-deductible health care plans can use the solution to put aside money on a tax-favored basis for eligible health-related expenses.
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.
For the Voya health savings account (HSA), Voya Investment Management is providing manager selection and oversight and has constructed the HSA investment menu that includes a mix of funds managed by Voya Investment Management as well as other well-regarded managers.
Advisers and providers in the defined contribution plan arena want to take a bite out of banks’ dominance in the health savings account marketplace, and they are building solutions to make it happen.
A look at some of the products and services retirement plan sponsors are requesting outside of 401(k) plans.
This year, the Practice Development column in PLANADVISER print explored various ways retirement plan advisers can expand their practices beyond 401(k)s, with the goals of adding new revenue streams, better serving participants and solidifying client relationships.
Vanguard reveals fund merge; Northern Trust creates reporting tool for hedge fund trades; and Lively removes HSA investment fees.
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.
It offers an open architecture HSA investment lineup.
The tool groups consumers into microsegments based on characteristics and behaviors, allowing employers to then create targeted communications for HSAs.
And, only 29% plan to use a health savings account (HSA) to cover medical costs in retirement, HSA Bank found.
In partnership with HealthEquity, Vanguard will offer plan sponsors the ability to provide an HSA solution to their employees that features low-cost Vanguard funds or the same investment options as their DC plan line-up.
Investment menu designs have also gotten better, according to a Morningstar analysis.