Health care can be the most financially draining item during retirement — yet it's a fact of life most employees don't adequately plan for. It is estimated that a couple in retirement will spend approximately $220,000 on health expenses according to Fidelity Investments.
That's a huge burden and one that people should start planning for early. Empowering employees to save money for future health care needs is one way that employers can leverage benefits to help employees plan ahead.
Enter health savings accounts, which have the potential of making a huge difference as a valuable supplement to standard retirement savings. You can help your employees understand the value of an HSA by comparing it to a 401(k), but for health care.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
