© 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.
An error occurred while fetching the data.
Error details: Error: The field at path '/readnext/contents[5]/uri' was declared as a non null type, but the code involved in retrieving data has wrongly returned a null value. The graphql specification requires that the parent field be set to null, or if that is non nullable that it bubble up null to its parent and so on. The non-nullable type is 'String' within parent type 'Content': {"response":{"errors":[{"message":"The field at path '/readnext/contents[5]/uri' was declared as a non null type, but the code involved in retrieving data has wrongly returned a null value. The graphql specification requires that the parent field be set to null, or if that is non nullable that it bubble up null to its parent and so on. The non-nullable type is 'String' within parent type 'Content'","path":["readnext","contents",5,"uri"],"extensions":{"classification":"NullValueInNonNullableField"}}],"data":{"articleData":{"uri":"/2018/02/08/do-workers-saving-in-both-401ks-and-hsas-end-up-ca/","canonicalUrl":"https://www.benefitspro.com/2018/02/08/do-workers-saving-in-both-401ks-and-hsas-end-up-ca/","generatedId":"hef45glh","naturalId":"blogAndPostId/blog/post/412-384","type":"ARTICLE","postFormat":null,"kickerPresentedBy":null,"breadcrumb":[],"presentedBy":"","title":"Do workers saving in both 401(k)s and HSAs end up cannibalizing one account for the other?","readtime":"3","timeToRead":"3 minute","prettyModified":"","prettyDateTime":"February 08, 2018 at 07:33 AM","needToKnow":[],"byline":"Marlene Y. Satter","showDisclaimer":true,"authors":[{"name":"Marlene Y. Satter","description":"","imageLarge":"https://secure.gravatar.com/avatar/f16d6fc2845f417ea0e93a3f2b6cd37d?s=136&d=mm&r=g","webUrl":"/author/profile/marlene-y-satter/"}],"publication":"BenefitsPro","kicker":"","kickerNode":[],"prettyDate":"February 08, 2018","pubDate":"2018-02-08 07:33:00:000","modifiedDate":"","isDownload":"false","primaryCategory":{"channelName":"","sectionName":"","name":"","uri":"","slug":"","channelUri":""},"tags":[],"image":{"uri":"","width":"","height":"","alt":""},"embed1":"","embed2":"","summary":"Do workers who save to a 401(k) AND an HSA end up cannibalizing one account for the other?An Alight Solutions study came up with a surprising answer.","categories":[{"name":"","uri":"","channelName":"Benefits Manager"},{"name":"Defined Contribution","uri":"/retirement-advisor/defined-contribution/","channelName":"Retirement Advisor"},{"name":"Retirement","uri":"/benefits-manager/retirement/","channelName":"Benefits Manager"},{"name":"","uri":"","channelName":"Retirement Advisor"}],"bodyArray":["<p>As people struggle to set aside enough money to see them through <a href=\"https://www.benefitspro.com/2017/10/13/dol-fiduciary-rules-impact-on-hsas/\" target=\"_blank\">retirement</a> while they’re also hoping to head off today’s and tomorrow’s health care bills, a study shows that workers who put funds into both a 401(k) and a <a href=\"https://www.benefitspro.com/2017/11/15/5-facts-about-hsas-and-cafeteria-plans/\" target=\"_blank\">health savings account</a> are saving more overall than those who just put money into a single account.</p>","<p>In wondering whether contribution rates to one or the other are negatively impacted when workers have the option to save to both an <a href=\"https://www.benefitspro.com/2017/10/17/consumer-misconceptions-about-hsas/\" target=\"_blank\">HSA</a> and a 401(k), Alight Solutions conducted its <a href=\"https://ideas.alight.com/health-wealth-solutions/hsas-and-401-k-s-a-holistic-approach-to-health-and-retirement-benefits\" target=\"_blank\">2018 HSA and 401(k) Contribution Analysis</a> and found that on average, employees who contribute to both an HSA and a 401(k) save 8.9 percent of pay in their 401(k), plus an additional 2.9 percent in their HSA. That’s higher, it says, than the average for workers who save only in a 401(k).</p>","<p>But workers are losing out on a lot of opportunities, since just 20 percent of employees who are eligible for an <a href=\"https://www.benefitspro.com/2017/09/19/8-faqs-on-hsa-distributions/\" target=\"_blank\">HSA</a> contribute to one. In fact, 36 percent of employees enrolled in an HSA-eligible health care plan don’t contribute to an HSA.</p>","<div class=\"paywall-content\"><p>The question of whether saving to one type of account could cannibalize potential savings to the other drove the analysis, and uncovered additional findings.</p>","<p>While 61 percent of workers use employer-provided health care and also save in a 401(k), 10 percent of workers use neither. Fifteen percent opt for the 401(k) alone, while 14 percent go for just health care.</p>","<p>Salary has a lot to do with that, however; the analysis shows that the higher the employees’ salaries, the greater the likelihood that they’re contributing to both HSAs and 401(k)s.</p>","<p>The report finds that workers making more than $40,000—mostly salaried workers—are much more likely to participate in both, while those making less than $40,000—chiefly hourly workers—are more likely to choose one or the other, or even opt out of both.</p>","<p>Whether they were hourly or salaried, all workers in the study were eligible for both medical and 401(k) benefits.</p>","<p>There’s not that much gender difference in participation rates among those who participate in both 401(k)s and HSAs, although when people choose just one benefit, the men are more likely to choose health coverage while the women are more likely to choose 401(k) participation.</p>","<p>The study also finds that participation in both health care plans and 401(k) plans together is lower for people under age 26 and over age 65. In addition, whether people are married or not affects participation.</p>","<p>Among those making at least $40,000, single workers are more likely than married workers to use both benefits.</p>","<p>That could be chalked up to married workers opting out of health care coverage because they can be covered by their spouses’ plans.</p>","<p>But among workers making between $20,000–$40,000, only 61 percent of single workers are enrolled in health care coverage, compared with 74 percent of married workers.</p>","<p>Lower-paid single workers were also most likely to opt out of both, with 22 percent staying out of both health care and retirement coverage.</p></div>"],"slides":[],"video":null},"articlePackages":[],"youmightlike":[{"uri":"/2024/11/06/33000-boeing-workers-end-strike-no-pension-in-new-contract-but-401k-contribution-boost/","title":"33,000 Boeing workers end strike: No pension in new contract, but 401(k) contribution boost","byline":"Lynn Cavanaugh","prettyDate":"November 06, 2024","readtime":"4","image":{"uri":"https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/11/Boeing-Article-202411061105.jpg","width":"620","height":"372"},"summary":"Retirement plans were a hot button issue for union workers, who wanted Boeing to bring back their lost pension plans, however, Boeing said they were \"prohibitively expensive.\""},{"uri":"/2024/11/05/86-of-americans-say-all-workers-should-have-a-pension-not-just-public-workers/","title":"86% of Americans say all workers should have a pension, not just public workers","byline":"Lynn Cavanaugh","prettyDate":"November 05, 2024","readtime":"4","image":{"uri":"https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/09/Pension-Article-202409201330.jpg","width":"620","height":"372"},"summary":"While companies like Boeing and 3M are phasing out their pension plans, more and more employees see the pension as a way to restore the American Dream of retirement, according to the National Institute on Retirement Security."},{"uri":"/2024/11/04/80-of-plan-sponsors-rely-on-advisors-as-retirement-landscape-becomes-more-complex/","title":"80% of plan sponsors rely on advisors, as retirement landscape becomes more complex","byline":"Lynn Cavanaugh","prettyDate":"November 04, 2024","readtime":"6","image":{"uri":"https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/11/Financial-Data-Article-202409191057.jpg","width":"620","height":"372"},"summary":"With many plans expanding more investment options and educating participants now more important than ever, many plan sponsors are outsourcing advisory and fiduciary responsibilities, says new Morgan Stanley survey."},{"uri":"/2024/11/01/retirement-readiness-crisis-gen-x-and-boomers-fall-short-on-savings/","title":"Retirement readiness crisis: Gen X and boomers fall short on savings","byline":"Lucy Peterson","prettyDate":"November 01, 2024","readtime":"4","image":{"uri":"https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/10/pension-jar-Article-202410312448.jpg","width":"620","height":"372"},"summary":"The study found that only 11% of Gen X and 31% of boomers say they have saved the often recommended, 10 times or more of their current annual salary for retirement."},{"uri":"/2024/11/01/its-official-irs-announces-401k-contribution-limits-for-2025/","title":"It's official! IRS announces 401(k) contribution limits for 2025","byline":"Lynn Cavanaugh","prettyDate":"November 01, 2024","readtime":"2","image":{"uri":"https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/11/irsInternal-Revenue-Service-Building-Article-202405131211.jpg","width":"620","height":"372"},"summary":"The IRS announced today it will increase 401(k) contribution limits to $23,500 (from $23,000 in 2024), the same increase as last year, while limits for employees over 50 remains unchanged."},{"uri":"/2024/10/31/national-financial-planning-month-time-to-help-workers-pay-down-student-debt/","title":"National Financial Planning Month: Time to help workers pay down student debt","byline":"Lynn Cavanaugh","prettyDate":"October 31, 2024","readtime":"3","image":{"uri":"https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/10/studentPaid-education-Article-202401231442.jpg","width":"620","height":"372"},"summary":"Employer payments of principal or interest on an employee's \"qualified education loan\" may be eligible for tax-free treatment up to the $5,250 annual maximum, as part of an employer's \"educational assistance program.\""}],"readnext":{"contents":[{"uri":"/2024/11/04/independent-pharmacies-sue-goodrx-over-price-checking-strategy/","title":"Independent pharmacies sue GoodRx over price-checking strategy","byline":"Allison Bell","summary":"The pharmacies have accused the discount provider of using an automated algorithm to fix reimbursement rates.","prettyDate":"November 04, 2024","kicker":"News","image":{"uri":"https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/05/GoodRx-Card-and-App-Article-202405091420.jpg","width":"620","height":"372"},"breadcrumb":[],"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""}},{"uri":"/2024/10/07/navigating-cancers-financial-strain-a-guide-for-benefit-and-health-plan-leaders/","title":"Navigating Cancer's Financial Strain: A Guide for Benefit and Health Plan Leaders","byline":"Color Health (Sponsored)","summary":"Join this webcast to discuss the economic challenges faced by cancer patients and explore how entities that manage their care and wellbeing can mitigate these burdens and downstream effects.","prettyDate":"October 07, 2024","kicker":"","image":{"uri":"","width":"","height":""},"breadcrumb":[],"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""}},{"uri":"/2024/11/06/what-the-election-results-mean-for-employer-health-plans/","title":"What the election results mean for employer health plans","byline":"Allison Bell","summary":"Some large health insurers have backed federal efforts to crack down on potential rivals to fully insured group health insurance, but the Trump administration seems likely to end efforts to restrict the major medical insurance alternatives.","prettyDate":"November 06, 2024","kicker":"Analysis","image":{"uri":"https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/08/2024-8-20-green-numbers-crystal-ball-104239992_Thinkstock_620x372.jpg","width":"620","height":"372"},"breadcrumb":[],"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""}},{"uri":"/2024/11/05/how-the-presidential-election-will-impact-ichras-and-the-health-insurance-market/","title":"How the presidential election will impact ICHRAs and the health insurance market","byline":"Jack Hooper","summary":"There are significant differences in how Kamala Harris and the Democrats or Donald Trump and the Republicans plan to tackle a range of issues — including health care.","prettyDate":"November 05, 2024","kicker":"Commentary","image":{"uri":"https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/10/2024-Presidential-Election-Healthcare-MI.jpg","width":"620","height":"372"},"breadcrumb":[],"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""}},{"uri":"/2024/11/01/aca-individual-health-enrollment-launches-fueled-by-ichra-interest/","title":"ACA individual health enrollment opens, fueled by ICHRA interest","byline":"Allison Bell","summary":"As Medicare plans vanish and group health drifts, the cash-for-coverage market offers brokers and insurers some hope.","prettyDate":"November 01, 2024","kicker":"News","image":{"uri":"https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/11/2024-11-1-healthcare-gov-2025_ALM_620x372.jpg","width":"620","height":"372"},"breadcrumb":[],"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""}},null]}},"extensions":{"DateTime":"2024-11-07T09:20:49.071067576","ResponseTime":"?","AuthorizedUser":false,"AlmContext":"AlmContext{clientIP='10.0.253.254', internalIP='true', origin='', authorizedUser='false', Chinchilla, userAccount='null', UCID=null, ipAccount='null'}","NavServiceResponse":{"message":"Show a wall","action":"show wall","data":"WelcomeWall","placResultsPublic":{"overallContentType":"FreeWithRegContent","userState":"DENYFREEWREGNOTLOGGEDIN","showWall":"WelcomeWall","userAccess":"0","referrer":"","userAccessCookie":null,"productList":"","contentMetaData":"<?xml version='1.0' encoding='UTF-8'?><ARTICLE><TYPE>ARTICLE</TYPE><ID>/2018/02/08/do-workers-saving-in-both-401ks-and-hsas-end-up-ca/</ID><SOURCE>BenefitsPro</SOURCE><PUBLICATION-DATE>2018-02-08 07:33:00</PUBLICATION-DATE><PUBLICATION-NAMES><PUBLICATION-NAME>BenefitsPro</PUBLICATION-NAME></PUBLICATION-NAMES><PRACTICE-AREAS /><CHANNELSECTIONS><CHANNELSECTION><CHANNEL>Benefits Manager</CHANNEL></CHANNELSECTION><CHANNELSECTION><CHANNEL></CHANNEL><SECTION>Defined Contribution</SECTION></CHANNELSECTION><CHANNELSECTION><CHANNEL></CHANNEL><SECTION>Retirement</SECTION></CHANNELSECTION><CHANNELSECTION><CHANNEL>Retirement Advisor</CHANNEL></CHANNELSECTION></CHANNELSECTIONS><REFERRER></REFERRER></ARTICLE>","numberOfViewsLeft":0,"numberOfFCFViewsLeft":0,"decisionEngine":"RidgeRunner","rulesFiredString":"[]","contentProductCodes":"[\"regonlypubcontent\"]"}},"DebuggingData":null,"UsedCache":"true","DataUrl":"http://ml.alm.com:9016/bff-services/content/get-you-may-like-for-content.xqy?naturalId=/2018/02/08/do-workers-saving-in-both-401ks-and-hsas-end-up-ca/&site=www.benefitspro.com&total="},"status":200,"headers":{}},"request":{"query":"\n####\n####\n# QUERY\n# ROUTE:/2018/02/08/do-workers-saving-in-both-401ks-and-hsas-end-up-ca/\n####\n\n\nquery BenefitsPro__view_article_no_sitedir{articleData:\n getContent(naturalId: \"/2018/02/08/do-workers-saving-in-both-401ks-and-hsas-end-up-ca/\", site:\"benefitspro.com\") {\n uri\n canonicalUrl\n generatedId\n naturalId\n type\n postFormat\n kickerPresentedBy {\n \t\t label\n \t\t value\n \t\t}\n breadcrumb{\n name\n \t\turi\n }\n presentedBy\n title\n readtime\n timeToRead\n prettyModified\n prettyDateTime\n needToKnow\n byline\n showDisclaimer\n authors {\n name\n description\n imageLarge\n webUrl\n }\n publication\n kicker\n kickerNode {\n name\n slug\n uri\n sectionName\n }\n prettyDate\n prettyDateTime\n pubDate\n modifiedDate\n isDownload\n primaryCategory {\n channelName\n sectionName\n name\n uri\n slug\n channelUri\n }\n tags\n image {\n uri\n width\n height\n alt\n }\n embed1\n embed2\n summary\n categories {\n name\n uri\n channelName\n }\n bodyArray\n slides {\n title\n image\n caption\n height\n width\n }\n video\n\n }\n articlePackages:\n getPackagesForArticle(docId: \"/2018/02/08/do-workers-saving-in-both-401ks-and-hsas-end-up-ca/\", limit: 3, publication:\"benefitspro.com\") {\n title \n slug\n type \n summary\n cssFile\n navigations {\n name\n link\n }\n articles {\n title\n kicker\n uri\n image {\n uri\n }\n }\n\n \n }\n youmightlike:\n getYouMayLikeForContent(naturalId: \"/2018/02/08/do-workers-saving-in-both-401ks-and-hsas-end-up-ca/\", site:\"benefitspro.com\") {\n uri\n title\n byline\n prettyDate\n readtime\n image {\n uri\n width\n height\n }\n summary\n }\n readnext:\n getStatsList(site:\"benefitspro.com\", topic: \"\", limit: 5, timeframe: \"3days\" ) {\n contents {\n uri\n title\n byline\n summary\n prettyDate\n kicker\n image {\n uri\n width\n height\n }\n breadcrumb{\n name\n \t\turi\n }\n primaryCategory {\n name\n uri\n channelName\n channelUri\n }\n breadcrumb {\n name\n uri\n }\n }\n\n }\n }"}}
© 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.
Report
Sponsored by New Benefits
This report reveals the top non-insured benefits that not only reduce costs but also address the rising challenges of burnout, financial stress, and work-life balance. Give your clients the edge they need to support their employees while driving business growth. Download the report now to learn more!
Cheat Sheet
Sponsored by ArmadaCare
Benefits By The Numbers: Fast Facts for Busy Brokers
In the world of benefits, knowledge is power, and numbers tell the story.
Guide
Sponsored by RxBenefits
Get actionable steps to help your clients lower their pharmacy spend, improve plan performance, and increase employee satisfaction.