A recent survey found significant disconnects between employers and advisors when it came to the use of health savings accounts for retirement. This week, we’d like to know how – or if – HSAs are fitting in with your practice.
The survey of 270 benefits professionals and employers found that 90% of surveyed employers, benefit consultants, benefit brokers and financial advisors said HSA account holders are either “somewhat or very knowledgeable” about using HSAs as a means of saving for retirement. Yet, only 16% of benefit professionals said they actually counsel account holders to invest their HSA funds. In addition, more than 30% of respondents admitted that they do not know if their HSA account holders are investing their HSA assets. Among other things, respondents also were at odds with the goal of HSAs and how to leverage them as part of a retirement strategy.
Indeed, there has been a growing interest in the convergence of health and wealth, both in the context of an expanding focus on financial wellness, and growing concern about preparing for the costs of health care in retirement.
Consider that more than half of respondents educate employees on allocating assets between their 401(k) or 403(b) plan and an HSA – but employee education remains the dominant concern of plan sponsors, according to the Plan Sponsor Council of America’s first-ever survey on HSA design and usage.
And so, we’d like to know how – and if – this savings option is part of your practice focus – and how recent is that shift?
REPLY to this week’s NAPA-Net Reader Poll at https://www.research.net/r/KJJLKZ3.
And yes, we’ll have this all sorted out for you by Friday!
