The Voya Financial analysis assumes employers are contributing to workers' health savings accounts.
Health savings accounts offer a powerful way to save for healthcare costs now or in retirement, yet many employees overlook them during their annual open enrollment period.
Nonetheless, the option is plagued by misconceptions. “‘High-deductible plan’ is the worst branding,” says Nate Black, vice president of health solutions product at Voya Financial. For one, the name obscures the fact that high-deductible plans have lower monthly premiums than traditional, lower-deductible plans.
In that way, HSAs are similar to 401s, but with more favorable tax treatment: money is contributed tax-free, grows tax-free, and can be withdrawn tax-free to pay for qualifying medical expenses, now or in retirement. By contrast, contributions to retirement accounts are taxed on the way in or the way out, depending on the type of plan. There’s no need to use HSA money by a certain time or lose it, as is the case with a flexible spending account.
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