Press Release: HSA Bank White Paper Explains how Health Savings Accounts (HSAs) can be an Integral Part of a Holistic Retirement Strategy
Milwaukee, September 7, 2017 — HSA Bank, a division of Webster Bank, N.A., released a new white paper for employers, benefit consultants, and financial advisors entitled “Health Savings Accounts: Bridging the Retirement Savings Gap.” The white paper explains why Health Savings Accounts (HSAs) can be an integral part of a holistic retirement strategy.
A recent study by Health View Services estimates that total healthcare expenses for a healthy 65-year-old couple retiring today can reach over $400,000. The rising cost of healthcare has led to an increased focus on the need for both short- and long-term savings to fund these expenses. Employers, benefit consultants, and financial advisors are seeking additional tools that can be used to help employees plan for healthcare costs they will face throughout their lifetime, particularly during retirement years.
The white paper covers:
The retirement savings gap
The advantage of HSAs for employers and employees
The difference between HSAs and 401(k)s for healthcare spending
The five steps to maximizing an HSA
“The paper addresses the interest we’ve seen from employers and members around how HSAs can help with one of the largest expenses in retirement – healthcare,” said Chad Wilkins, executive vice president, Webster Bank and head of HSA Bank. “There has been a shift recently in how HSAs are viewed, from a short-term solution to a long-term savings vehicle, due to their triple tax advantage and ability to pay for Medicare and long-term care premiums.”
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 September 30, 2020, HSA Bank had $9.4 billion in total footings comprising $7.0 billion in deposit balances and $2.4 billion in assets under administration through linked investment accounts.