When you are ready to retire, you’re not just leaving your workplace behind. There’s a high likelihood you’re leaving your health and wellness benefits behind, too. As healthcare coverage becomes your responsibility, you’ll need to account for what may be your largest retirement expense — healthcare costs.
Contributing to a Health Savings Account (HSA) provides you with an additional opportunity to set aside those all-important extra dollars you may need. It’s a way to help ensure you can cover standard costs of living and the cost of living well.
When you log in to your plan website, it’s simple to switch how much you’re contributing back and forth between your retirement savings and HSA. Any money you contribute to your HSA is calculated as part of both your projected retirement income amount and retirement healthcare cost estimate amount.
Using intelligent contribution models, we’ll help you model how much you may want to put toward your retirement plan and toward your HSA.
If you’re not sure how much you want to save or should be saving, our concierge service can help. Based on your personal situation, our retirement professionals will help you determine how much to save and how to allocate between your retirement plan and HSA. They can also help provide point-in-time information on both your retirement plan and HSA.
1. Source: An Apple a Day: The Impact of Health Conditions on the Required Saving for Healthcare, February 2016
IMPORTANT: Healthcare costs and projections are provided by HealthView Services. Empower Retirement does not provide healthcare advice. Empower Retirement does not believe that HIPAA applies to the data obtained from plan participants using this new tool. It is important to note that the results from this tool are estimates based on what you input today. Results are not a guarantee of actual outcomes and will change as your inputs change. HealthView Services is not affiliated with GWFS Equities, Inc.
By electing Empower HSA, plan participants are contracting directly with OptumHealth Financial Services, Inc., and its affiliates (Optum) for this service. Great-West Life & Annuity Insurance Company (GWL&A), or its subsidiaries or affiliates, is not responsible for the services offered by Optum. GWL&A, including its broker-dealer subsidiary GWFS Equities, Inc., is not affiliated with Optum.
Not all features are currently available. Some features are under consideration and/or in development. Presented for discussion purposes, non-binding and subject to change without notice.
Health savings accounts (HSAs) are individual accounts offered or administered by Optum Bank®, Member FDIC, and are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. State taxes may apply. Fees may reduce earnings on account. The content of this communication is not intended as legal or tax advice.