Health Savings Accounts (HSAs) continue to make headlines in business and trade publications alike and the overarching theme is consistent: HSAs help you save money! Yet, HSAs are often underutilized by participants, particularly when it comes to investing and saving for retirement.
Since you might not have time to scroll through various new outlets, we’ve done it for you—highlighting five articles that do a great job of outlining how to take advantage of an HSA to save money in the coming year and in the future.
1) 9 Ways to Help Your 401(k) Grow Faster (U.S. News & World Report): This article goes well beyond focusing on 401(k)s to provide individuals with advice on how to boost retirement savings overall. Our own Jody Dietel—WageWorks’ Chief Compliance Officer—shines a light on how an HSA is an important part of a smart retirement strategy.
2) How to Use an HSA to Save for Retirement and Reduce Your Taxes (About Money): If you’re looking for last-minute tax savings, this piece has some helpful tips. Here’s one: You have until the tax filing deadline (April 18, 2016) to contribute additional funds to your HSA if you didn’t already max out contributions for the current tax year. Did you know that you can make direct contributions outside of your automatic payroll deductions? Act fast.
3) Health Savings Accounts: Unloved, but Worthwhile (The New York Times): HSAs are often underutilized by employees due to a lack of understanding about how they work—among spenders and savers, alike. This article sheds light on the triple-tax advantage of HSAs and the investment potential that comes with active, strategic participation.
4) HSA or 401(k)? (The Huffington Post): Check out what this blogger has to say about why individuals should be maximizing both a 401(k) and an HSA if possible.
5) How an HSA Saves You Money (Wisebread): For employees already enrolled in or weighing the benefits of a high-deductible health plan (HDHP), this article is for you. Personal Finance reporter, Matt Bell, walks readers through the basics of an HSA and why it pairs well with a HDHP.