Share This Article:

What financial advisors need to know about Health Savings Accounts


 Clients can maximize HSAs as retirement accounts

The number of Americans with Health Savings Accounts (HSAs) has steadily risen over the last ten years. But not every consumer eligible for an HSA has one, and many who have these accounts aren’t fully maximizing their value.

In addition to providing a tax-free way to pay or medical costs, HSAs can also be used as retirement vehicles. Financial advisors are increasingly recognizing that this is an area in which clients want and need assistance.

If your clients have HSA questions, download our free e-book, The Financial Advisor’s Starter Guide to Health Savings Accounts, or read on for some tips. This guide covers HSA basics, as well as how clients can most effectively use these accounts.

Financial advisors can also partner with Bernard Health to provide clients access to a licensed noncomissioned advisor who provides healthcare in a support of significant financial concern, including HSA strategy.

HSA basics

HSAs are tax-advantaged savings accounts. HSA funds can be used for qualified medical expenses, or saved for retirement. Consumers with high-deductible health plans — sometimes called HSA-eligible health plans — can open an HSA.

Should my clients choose an HSA plan?

The first thing to do is to make sure clients understand their out-of-pocket liability with an HSA-eligible plan. In general, high deductible plans are better for healthier and wealthier people, and less valuable for people who expect to have a lot of medical expenses.

How much should clients contribute?

As much as possible, up to the contribution limit.

How can clients maximize HSAs as a retirement account?

Open HSAs at a bank with investing options. Learn more about this in our free e-book.

Download the e-book here.

Click below to speak with a Bernard Health representative to learn more about offering a Healthcare Extension to clients.

New Call-to-action

Share This Article:

Related Posts

Limits slightly increased The IRS has released the new Health Savings Accounts...

Remind employees to review healthcare when filing taxes It’s that time of year — W-2s...

What employees need to know Do employees have updated contribution limits for...

Submit a Comment