health savings accounts
When it comes to Health Savings Accounts (HSAs), one of the most common questions we hear is, “Can people aged 65 and older contribute to an HSA?” Many people would answer no to this question, but that is not always the case.
The fact that someone turns 65 does not automatically disqualify him from making contributions to an HSA, but enrollment in Medicare does.
Flexible Benefit Service LLC (Flex) has been administering Health Savings Accounts (HSAs) since the beginning. These ten years have gone by fast, and every year more and more people are starting to take notice of them. They have been celebrated as popular, consumer-driven and a great tool for retirement planning.
Moreover, HSA participants themselves have received the reputation of being cost-savvy and more involved overall in their health care spend. While HSAs are not for everyone, these plans offer consumers a triple tax advantage – which is not very common in the tax code.
Between lengthy meetings at the office, frantic shoppers and frenzied holiday music, it can be hard to stay focused on the fact that the year is coming to a close. In fact, with all the water cooler talk about the world ending it is even anticlimactic.
Opportunity's always knocking. Just open the door.
If everyone knows that a bird in the hand is worth two in the bush, then why isn’t cross-selling a universal practice? Cross-selling is a great tool for client retention, as well as prospecting. Your clients and prospects may not be aware of the full portfolio of your offerings.
So, don’t think twice about reviewing all options during the renewal/enrollment process. This is your opportunity to suggest how they can enhance their benefits program. And yes, even if they feel satisfied with what they offer currently.
According to an estimate by Kaiser Health News, a couple retiring in 2012 will spend $240,000 on health care expenses. Statistics also indicate that a majority of employees (consumers) save virtually nothing on their own for retirement, other than through employer-sponsored plans (i.e., 401(k) plans).
There is an elephant in the room and people are starting to take notice. Flexible Benefit Service LLC (Flex), in a nod towards National Save for Retirement Week (a congressionally endorsed, national event that takes place from October 21 – 27, 2012) is featuring the capabilities of a health savings account (HSA) repurposed as a smart way to begin to save for retirement.
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