Press Release: HSA Bank Launches First of its Kind Retirement Healthcare Calculator, Bringing Future Savings Top of Mind for Americans
Milwaukee, October 5, 2021 — HSA Bank, a division of Webster Bank, N.A., announced today that it has launched the Retirement Healthcare Cost Calculator to help employees plan for healthcare costs in retirement.
The new calculator, hosted by HealthView Services, is being debuted by HSA Bank as a tool to help employees understand the power of Health Savings Accounts (HSAs) and their ability to impact some of the most prevalent healthcare issues Americans face today, especially when it comes to preparing for healthcare costs in retirement.
The 2021 HSA Bank Health & Wealth IndexSM, found that future financial preparedness for older Americans is a serious concern. Ninety three percent of consumers over 55 years old are worried about current or future medical bills and of those consumers, more than one third reported they rarely save money for future healthcare expenses. This is a real problem for Americans and according to a recent study by HealthView Services, it is estimated that a healthy, average couple age 65, retiring in 2021, will spend $662,156 on healthcare expenses during retirement.
The Retirement Healthcare Cost Calculator is a simple, user-friendly, robust retirement planning tool that increases employee confidence by offering users a personalized recommendation for how to maximize their HSA savings that will allow them to better prepare for healthcare expenses in retirement.
"We are excited to launch this new employee tool," said Jason Kessler, Senior Vice President, Director of Product Management at HSA Bank. "There continues to be a gap in education around HSAs, especially around how employers can help their employees save for healthcare costs in retirement. It’s critically important that more Americans understand what they can expect to face in terms of healthcare costs not covered by Medicare. We believe that this new calculator will help provide peace-of-mind and financial security for consumers up to and into retirement."
The tool uses 530 million data points taken directly from medical claims, along with inputs from the employee , to provide an estimated healthcare cost projection for retirement, showing the long-term benefits of using an HSA as a retirement savings vehicle rather than just a spending account.
"Retirement healthcare costs are substantial, but HSAs are an excellent tool to help Americans prepare for future expenses while taking advantage of tax benefits." said Ron Mastrogiovanni, President & CEO of HealthView Services, Inc. "Recent studies have shown that over 90% of account owners do not invest their assets, but HSA Bank’s newest approach will educate and motivate participants to offset current and future healthcare costs through HSA investing."
The calculator will also benefit employers. Employees with greater satisfaction and engagement with their benefits are also more likely to be satisfied with their employer. Increased HSA usage also will increase tax savings for employers.
Learn more about working with HSA Bank here.
About HSA Bank:
At HSA Bank, we’re working toward a world where everyone is empowered to save for a healthy future. By providing the right tools and resources, we make it simple for our 3 million members nationwide to maximize their savings for healthcare and long-term goals. As a leader in health accounts for over two decades, we continue to innovate. Our offerings in the healthcare savings space drive down healthcare costs, increase access, and assist with decision-making for consumers, health plans, partners, and advisors. As of June 30, 2021, HSA Bank had $10.7 billion in total footings comprising $7.3 billion in deposit balances and $3.4 billion in assets under administration through linked investment accounts and is a division of Webster Bank, N.A., Member FDIC.