Employees in plans serviced by Bank of America's retirement business are increasing their use of health savings accounts and boosting their retirement savings, the bank said Thursday.
The Bank of America Merrill Lynch 401(k) Wellness Scorecard found that not only are these employees increasingly taking advantage of workplace benefits, but automated features and mobile participation are both helping with employee engagement.
HSA usage grew 33 percent during the first six months of the year, with more than 384,000 workers in these plans utilizing these tax-advantaged vehicles to prepare for their medical expenses.
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