INDIANAPOLIS — Although health savings accounts (HSAs) have been around since 2005, they're an often under-used tool for managing health care costs. Many employees don't understand their value or how to use them effectively.
But employers should consider positioning health savings accounts as another wealth-building tool to help employees save for retirement, suggested Cris Ruiz, vice president, UMB Healthcare Services. Ruiz presented a session, "Using a Health Savings Account to Build Long-Term Wealth" at the annual BenefitsPRO Broker Expo.
As Ruiz explained, an HSA is an individually owned, tax-advantaged account that you can use to pay for qualified medical expenses, save for retirement and long-term care expenses, or invest. A major benefit of the HSA is that the funds can carry over from year to year, and any funds not spent can accumulate, like any other savings account. Many HSA providers offer investment options, in addition to simple savings accounts, Ruiz pointed out.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
