What’s Holding You Back from Growing a Thriving HSA Program?
There’s nothing like health savings accounts (HSAs) on the market today. Your clients can use HSAs to save money for current and future healthcare costs and as a long-term investment vehicle in their overall retirement savings strategy.
HSA growth continues to improve each year, even during challenging economic times. For example, despite the stock market volatility during the first half of 2022, HSA investments rebounded in the second half of the year. By the end of 2022, there were $104 billion in HSA assets held by 35.5 million accounts, a 6 percent increase in assets and a 9 percent increase in accounts, according to Devenir Research’s 2022 Year-End HSA Market Statistics and Trends Executive Summary, released March 30, 2023.
Employers are contributing to the steady, healthy growth in HSAs. More employers are offering HSA-eligible high deductible health plans as an option, and in some cases, as the only option for their employees’ health insurance plan.
HSAs are designed to cover medical expenses incurred by the HSA owner and the HSA owner’s family. Similar to Traditional IRAs, HSA contributions are tax-deductible and earnings grow tax-deferred. But HSAs have another advantage: if used for qualified medical expenses, HSA distributions are tax-free. It’s known as the HSA triple tax advantage.
If your financial organization doesn’t offer HSAs or has experienced minimal growth in product sales, what’s holding you back from this business growth opportunity? Is it a lack of experience and knowledge about HSAs? Are you unsure where to begin?
Let Ascensus help you launch a successful and compliant HSA program. We have the educational tools and experienced staff to help you hit the ground running in offering one of the best tax-advantaged savings products available to your clients.
Our new HSA Market Entry Consulting Service will provide a one-day, on-site assessment. During this time, we will
review your current business model and determine how HSAs can be integrated into that model, and
review your current operations to determine how best to handle HSA administration.
Your Ascensus regional director will lead you and your staff through a discussion of HSA sales strategies to expand your customer base through an HSA product launch. You’ll learn what your organization will need to meet the requirements for HSA administration, forms and documents, and compliance. We can also help educate and train your support staff.
You’ll also receive one day of expert instructor-led training on HSA fundamentals and compliance, six months of HSA support through our 800 Consulting Service, and a one-time copyright license for two HSA marketing brochures, one for employers and one for your clients.
Would you like to learn more about what Ascensus can do to help you develop your HSA business plan? Call us today at 800-346-3860 or email at sales.support@ascensus.com.
