With open enrollment season approaching, it's essential to discuss health benefits like Health Savings Accounts (HSAs) with employees. Proper education on HSAs can help employees maximize their benefits, save for the future, and improve their financial wellness. Employers should focus on providing updated information about HSAs, how they can assist with COBRA premiums, and contribute to long-term financial security. click here for article.
Educate on HSAs: Provide employees with information about HSAs, their benefits, and how employer contributions can encourage adoption. Highlight features like ownership, triple tax advantage, and future savings options.
Highlight COBRA Premium Assistance: Inform employees that HSA funds can be used to pay for COBRA premiums, offering a safety net during uncertain life events like job loss or divorce.
Emphasize Long-term Savings: Explain how HSAs can be a valuable long-term savings option, including tax-free deposits, earnings, withdrawals, and catch-up contributions for those aged 55 or older.
Promote Financial Security: Encourage a holistic approach to financial wellness by integrating health care savings, retirement funding, and understanding the benefits of HSAs in employees' financial planning.
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