As part of an effort to develop more comprehensive strategies for clients, HUB Retirement and Private Wealth (HUB RPW), a division of HUB International, announced the launch of a new health savings account (HSA) solution.
According to the announcement, the HUB HSA Investment Account will provide HUB clients in the U.S. the opportunity to leverage the unique tax benefits of an HSA to save for future qualified medical expenses, which in turn will help to bridge the retirement healthcare savings gap. The offering will also provide clients with the opportunity to invest in HUB selected funds.
Citing Fidelity’s 2022 Retiree Health Care Cost Estimate, HUB notes that an average retired couple age 65 may need approximately $315,000 saved (after tax) to cover health care expenses in retirement. There are several factors behind this escalating cost challenge, including that people are living longer and health care inflation continues to outpace the rate of general inflation.
“There is a growing imbalance between the number of individuals saving for future healthcare expenses and the rising cost of healthcare in retirement,” explains Joe DeNoyior, President of HUB RPW. “With HUB HSA Investment Account, we are helping individuals, employers and partners simplify health and financial wellness decisions and drive stronger retirement outcomes.”
HUB HSA Investment Account works in partnership with HSA Bank, a leader in health savings account administration, services and support. With HSA Bank, the HUB RPW team will provide employers and employees access to a full-service HSA and customized fund lineup.
For more information on HUB HSA Investment Account, click here.
