“These figures – the additional $30 billion of deposits more than withdrawals and the average of more than $300 per account annually – represent medical equity. That term refers to tax-advantaged balances that owners can spend tax-free for eligible services and items in the future. This is a powerful asset that can fuel a more.. Read more
“[D]on’t be fooled by the fact that nearly half of all accounts had a balance of less than $500. This is a typical criticism of Health Savings Accounts – that only the wealthy have enough additional income after they’ve paid their bills to fund their accounts. This observation ignores the obvious: This balance figure is.. Read more
“They can match Health Savings Account contributions, but most don’t adopt this approach. If they matched the first $1,000 of employee contributions rather than giving $1,000 with no restrictions, companies would encourage employees to build their account balances of the inevitable medical, dental, vision, over-the-counter, and premium expenses that they’ll incur in the future –.. Read more
“[Y]ou don’t need a six-figure income to become a Conscious Accumulator. Workers who are diligently saving for retirement can fund their HSAs at or near the statutory maximum each year by shifting where they place their retirement contributions.” William G. (Bill) Stuart Director of Strategy and Compliance March 7, 2019 Different people use Health.. Read more
“HSAs help owners across the income spectrum pay their bills. . . . For even the poorest Americans, receiving a discount of 25% or so on a medical bill is better than receiving no discount. It’s no panacea, but it eases the financial strain.” William G. (Bill) Stuart Director of Strategy and Compliance February.. Read more
“Too often, companies introduce their HSA program during open-enrollment meetings. Usually, by the time presenters review the benefits of the medical options, there’s little time to discuss the medical account. Ideally, you start your HSA education program four to six months before the start of the new medical plan year. The goal is to teach.. Read more
“This strategy is particularly popular in the small-group market, where deductibles are high and employee claims experience isn’t factored into premiums. Groups that are healthier (either fewer total claims or high claims among only a handful of employees) can benefit from this approach.” William G. (Bill) Stuart Director of Strategy and Compliance May 24, 2018.. Read more
“I asked a prospective retirement advisor whether I should contribute the next $5,000 of retirement savings into my company’s traditional 401(k), a Roth 401(k) or my HSA. He proceeded to tell me . . . “ William G. (Bill) Stuart Director of Strategy and Compliance April 26, 2018 Sometimes we know when we’re right in the.. Read more
By William G. (Bill) Stuart Director of Strategy and Compliance Nov. 10, 2016 A dozen years ago, when HSAs were launched as part of the Medicare Prescription Drug, Improvement and Modernization Act of 2003, a number of banks applied to become HSA trustees and custodians. Lured by the prospect of new assets under management, banks.. Read more
By William G. (Bill) Stuart Director of Strategy and Compliance Sept. 1, 2016 We’ve reached the tipping point in Consumer-Driven Health, or CDH – even in Massachusetts, where adoption has been much slower than in the nation at large. More than a decade after IRS clarification on Health Reimbursement Arrangements, or HRAs (2002), and Health.. Read more
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