Tag: HSAs

3 Things Employers Need to Know About FSAs and HSAs During Open Enrollment

This year’s open enrollment season just may be one of the most essential—and confusing—in recent history. The myriad legislative changes that were introduced for flexible spending accounts (FSAs) and health savings accounts (HSAs) in 2020 due to COVID-19 were designed to give employers and employees more flexibility and protection. While these changes were critically important […]

401(k)

401(k) Funds Are Being Diverted for Medical Expenses

The short-term financial impact of COVID-19 has been swift and damaging to many Americans. While we can’t yet calculate the long-term impact, early indications present a serious financial strain on future retirees’ retirement. We know that COVID-19 has increased the retirement gap, and new data from Kiplinger show the extent of this impact: 60% of […]

When Your Health Plan Serves Up More Financial Exposure Than Your Employees Can Handle

Considering that the vast majority of Americans live paycheck to paycheck and 40% struggle to cover a $400 emergency expense, it’s no wonder why so many employees consider themselves functionally uninsured despite being covered by their employer’s health plan. The standard employer-sponsored health plan comes with nearly an $8,000 out-of-pocket expense. And, when an employer’s price […]

HSA

HSA: Spending or Savings Tool? Depends on Whom You Ask

Is a health savings account (HSA) a savings tool or a tool to pay for today’s rising healthcare costs? It depends on whom you ask. While HSAs were originally introduced to employees as a long-term investment tool that can also be used to pay for eligible medical expenses along the way, employees’ usage of the […]

HSA

Help Employees Find the Best Strategy for Their HSAs

Financial wellness is becoming an increasingly important component of employee benefits packages and a common topic of conversation for human resources professionals nationwide. And with good reason! Nearly three-quarters (72%) of Americans report being stressed about finances and that anxiety can negatively affect their overall health. As a result, employers are expanding financial wellness programs […]

health

Employee Participation in High Deductible Health Plans Grew More Than 60% in 2017

Rising healthcare costs continue to plague employers and employees alike, so it should come as no surprise that participation in high deductible health plans (HDHP) grew by more than 60% last year. A new report reveals which areas of the United States are most impacted by rising healthcare costs and highlights the types of voluntary […]

healthcare

HSA Use Grew 23% Between 2016 and 2017, Report Finds

The number of health savings accounts (HSAs) surpassed 21 million, holding about $42.7 billion in assets, according to a research report by Devenir. The investment advisor firm noted that represents a year-over-year increase between June 30, 2016 and June 30, 2017, of 23% for HSA assets and 16% for the accounts.