More education is needed on how to best utilize HSAs

The results from a recent survey conducted by Optum Bank and Empower Retirement found although HSAs provide a variety of benefits for employees, they are in need of more education on how best to utilize this tool for long-term savings.  The results also showed that there is a significant knowledge gap on how an HSA can work for the participant on budgeting or understanding of how much health care will cost once they retire.  Actually the survey showed that more than a third of the respondents were “not very or not at all aware” of how much money they will need for health care in retirement , and less than a quarter have separate funds set aside for those expenses.  In Heather Nevitt’s article appearing on www.benefitpro.com she writes even if the employees did know, could they and would they use a health savings account for retirement? Read Ms. Nevitt’s article here…

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