Is Your HSA Knowledge Helping or Holding You Back?
By Jodie Norquist, CIP, CHSP
At the end of 2020, there were over 30 million health savings accounts (HSAs) holding $82.2 billion in assets—a 25 percent increase from 2019. Continued HSA growth is predicted as more employers look for ways to lower their healthcare expenses and consumers learn more about the HSA’s tax advantages. Offering HSAs can bring new clients to your organization and provide another avenue for reaching out to your existing business customers to share an expanded product offering.
But is misinformation about HSAs holding you back from this business growth opportunity? If you’re unaware or unsure of the benefits of an HSA, then your clients may not know about them either, especially the triple tax advantages: clients can contribute pretax money, defer taxes on the earnings, and withdraw the assets tax free to pay for qualified medical expenses now or in the future. What’s more, these accounts can be leveraged as a retirement savings vehicle.
While HSAs have been around for 17 years, common misconceptions persist. Take this short quiz to test your HSA knowledge.
Let Ascensus Help You Launch or Grow Your HSA Business
Ascensus has worked with HSAs since their inception. We continuously monitor new legislation and marketing trends. Our HSA Market Entry Consulting Team can work with you to create a business case and help you launch the best tax-advantaged savings product available to your clients.
Contact us to learn more.
