Health savings accounts (HSAs) can be a valuable tax-advantaged savings account for people with high-deductible health plans. As an employer, boosting participation in your workforce requires collaboration among all parties to ensure employees have the financial knowledge to benefit from these accounts.
As Cat explained in her recent article, the combination of tax benefits with an HSA make it a compelling account for many. While HSA participation rates have grown over the years, there remains a "need for better employer understanding and promotion of HSA benefits." Cat argues that "it is essential to include HSA information not only during open enrollment but also in ongoing financial planning discussions" to help dispel misconceptions about the accounts.
"By fostering a financially literate workforce, organizations can enhance employee wellbeing and help ensure individuals are prepared for future health care expenses and retirement."
Interested in learning more? Check out the full BenefitsPRO article here.
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