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How to help workers of all ages use—and gain value—from HSA accounts
- Employees are looking to build confidence in their financial literacy, with 81% stating employers can provide more help.
- Health savings accounts (HSAs) offer significant financial perks and are important for financial wellness programs.
- HSAs have triple tax advantages, including reducing taxable income, accruing tax-free savings, and withdrawing funds tax-free.
- HSAs appeal to all demographics, with features like account portability, year-over-year growth, and easy accessibility.
- Younger employees can benefit from contributing to HSAs early, despite having fewer healthcare expenses.
- Mid-career employees can leverage HSAs for long-term investment and financial independence.
- Individuals at peak earning levels can maximize HSA contributions to shield their earnings.
- Communication strategies for boosting HSA savings include tracking balances, educating about eligible expenses, and managing receipts.
- Employers can alleviate employee stress about healthcare costs by promoting HSA utilization and financial literacy.
- HSAs provide tax advantages, flexibility in fund usage, and long-term accumulation benefits for employees of all generations.
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