MILWAUKEE, Nov. 28, 2018 /PRNewswire/ -- HSA Bank, a
division of Webster Bank, N.A., released a report today that
addresses how consumers are saving for healthcare expenses in
retirement. According to the report, consumers underestimate how
much money they will need for healthcare expenses in retirement. In
fact, two-thirds (67 percent) of consumers believe they will need
less than $100,000. In addition to
not being prepared financially to pay for healthcare expenses in
retirement, consumers also remain unclear about the benefits of
health savings accounts for their future retirement plan.
Although there are many benefits of an HSA, there is still low
utilization of this option. HSA Bank's survey revealed that only 29
percent of consumers plan on using an HSA to pay for healthcare
expenses in retirement and the reason for such low use is that 42
percent of consumers don't know they can invest HSA funds.
"Today's consumer still requires guidance when it comes to their
approach to their health and financial wellness," said Chad Wilkins, president of HSA Bank. "Many
consumers don't understand the benefits of an HSA and how this
triple tax-advantaged account can help prepare them for the
significant expenses they will incur during their retirement
years."
While some consumers simply don't have an HSA, many consumers
aren't using them to save for healthcare expenses in retirement
because they just don't understand how they work. This offers an
opportunity for financial advisors and employers to further educate
consumers on the primary benefits of an HSA, including: tax
benefits, investment opportunity, qualifying expenses and fund
rollover.
To learn more about how consumers are preparing for retirement,
download the report.
About HSA Bank:
HSA Bank is a trusted leader in
consumer-directed healthcare (CDH), focusing on Health Savings
Accounts (HSAs) for over two decades and serving as both the bank
and administrator. Discover how we can support your benefits
strategy with our comprehensive account-based health benefit
solutions that include HSAs, Flexible Spending Accounts (FSAs),
Health Reimbursement Arrangements (HRAs), and Commuter Benefits.
With a reputation for outstanding service and thought leadership in
the CDH space, we offer one platform and one portal for all of our
members. HSA Bank inspires 2.7 million members and more than 35,000
employer groups to own "your" health by making it easy to access,
understand, and afford healthcare. As of September 30, 2018, HSA Bank has $7.2 billion in total footings comprising
$5.6 billion in deposit balances and
$1.6 billion in assets under
administration through linked investment accounts, and is a
division of Webster Bank, N.A.,
Member FDIC.
Media
Contact: Alice Ferreira Webster Bank (203) 578-2610 acferreira@websterbank.com
|
Media
Contact: Jennifer Dean HSA Bank (920)
453-5286 jedean@hsabank.com
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SOURCE HSA Bank