An HSA is unlike any other savings account because it's both a spending and savings account and can cushion the blow during financial emergencies.

The program includes an HSA, a retiree HRA and an educational assistance program, as well as a 401(k) plan.

The IRS notice instructs employers planning to provide matching retirement contributions to employees making student loan payments, aligning with the new SECURE 2.0 provision.

A 65-year-old retiring this year can expect to spend an average of $165,000 in out-of-pocket health care expenses throughout retirement, according to Fidelity's annual Retiree Health Care Cost Estimate.