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HSA Headlines - 10/26/18 - New ways to look at retirement planning
As we mentioned last week, HSA users are doing a lot more spending than saving these days, which highlights the central question facing most HSA users:
"Am I doing enough with my funds for retirement?"
This week, we'll cover an increasingly popular workplace perk you can cover with HSA funds, alongside a radical rethinking of how you might want to use your retirement funds in the future.
HSA or 401(k) - Which should come first? - Alessandra Molito, MarketWatch
Any discussion that comes up around retirement planning in America will most likely involve the 401(k), which allows workers save and invest a piece of their paycheck before taxes are taken out. If that sounds a lot like an HSA, it is, and considering healthcare is one of the largest expenses in retirement, opting to fund an HSA before a 401(k) seems like the right choice? Or does it?
According to a survey of more than 2,000 full-time employees, 25% of respondents prioritized their HSAs for retirement, while the majority were more interested in contributing to a 401(k). However, that very same survey found that 82% of employees believe healthcare will be the biggest challenge in retirement. There's probably no better way to illustrate the consumer education issues around HSAs.
More companies turning to onsite clinics - Nick Otto, Employee Benefit News
But how you can use those HSA dollars every day? For many working professionals, it's not far from where they get their morning coffee. Large employers have started to explore the cost-saving potential of onsite health clinics and partnerships with local health systems to give employees an in-house solution to their healthcare needs.
And the trend is really starting to take off. According to a Mercer and National Association of Worksite Health Centers (NAWHC) survey, in 2017, 33% of employers provided general medical clinics, up from just 24% in 2012, according to the report.
Even smaller employers are getting in the act, with 16% of firms offering a clinic with between 500-4,999 employees, and another 8% planning to add one by 2019. The hope is that by improving convenience for employees, this will ultimately bolster productivity, improve health outcomes and reduce the price of healthcare.
HSA Headlines is a weekly roundup of the latest, most relevant news and conversations about your health savings. It appears every Friday, exclusively on the HSA Learning Center. And for more about your physical and financial well-being, be sure to follow us on Facebook and Twitter.