PLANADVISER - July/August 2020 - 34

servicing strategies //
Retirement Savings Optimization
HSAs can be a game-changer for retirees-advisers need to tell their clients
I
f any positives can come out of the
coronavirus
pandemic
sweeping
the globe, one is that more people
have realized the need to take care of
their health, says Kevin Robertson,
chief revenue officer at HSA Bank in
Milwaukee. Now is a great
time for
retirement plan advisers to be talking
about health savings accounts (HSAs)
with plan sponsors and participants, he
says. " The pandemic has raised awareness
among people of the critical need
to be able to cover health care costs, "
Robertson says.
If the millions of Americans who
have lost their jobs or been furloughed
would have had an HSA, the funds from
it could have paid for health insurance
premiums-including COBRA [Consolidated
Omnibus Budget Reconciliation
Act] health coverage, which enables
some newly unemployed workers to
retain health insurance.
Yet, many sponsors, and even
more participants, are unaware of the
financial benefits bestowed by these
accounts.
" Advisers need to be working closely
with plan sponsors and participants to
increase their awareness of the health
care and long-term care costs they will
face in retirement, " Robertson says.
" HSAs are just the vehicle that gives
advisers the opportunity to engage with
people about this critical need. "
Participants may also not know they
have access to an HSA; a study by the
Plan Sponsor Council of America found
that 87% of plan sponsor respondents
offer an HSA-capable health option, and
61% said educating employees was their
primary concern regarding HSAs.
Jason Cook, vice president of health
care emerging market sales at WEX
Health in Chicago, says the first thing
advisers should emphasize to sponsors
and participants about the accounts'
value is their usefulness in retirement
to pay for long-term medical expenses
and out-of-pocket expenses that Medicare
does not cover.
34 | planadviser.com July-August 2020
Art by Erick M. Ramos

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PLANADVISER - July/August 2020

Table of Contents for the Digital Edition of PLANADVISER - July/August 2020

Investing Against COVID-19
2020 PLANADVISER Recordkeeper Services Survey
Three Who Lead the Way
Prospecting in Turbulent Times
Retirement Savings Optimization
DOL Gives Private-Equity Guidance
Investment Advice Revisited
PLANADVISER - July/August 2020 - C1
PLANADVISER - July/August 2020 - FC1
PLANADVISER - July/August 2020 - FC2
PLANADVISER - July/August 2020 - C2
PLANADVISER - July/August 2020 - 1
PLANADVISER - July/August 2020 - 2
PLANADVISER - July/August 2020 - 3
PLANADVISER - July/August 2020 - 4
PLANADVISER - July/August 2020 - 5
PLANADVISER - July/August 2020 - 6
PLANADVISER - July/August 2020 - 7
PLANADVISER - July/August 2020 - 8
PLANADVISER - July/August 2020 - 9
PLANADVISER - July/August 2020 - 10
PLANADVISER - July/August 2020 - 11
PLANADVISER - July/August 2020 - Investing Against COVID-19
PLANADVISER - July/August 2020 - 13
PLANADVISER - July/August 2020 - 14
PLANADVISER - July/August 2020 - 15
PLANADVISER - July/August 2020 - 2020 PLANADVISER Recordkeeper Services Survey
PLANADVISER - July/August 2020 - 17
PLANADVISER - July/August 2020 - 18
PLANADVISER - July/August 2020 - 19
PLANADVISER - July/August 2020 - 20
PLANADVISER - July/August 2020 - 21
PLANADVISER - July/August 2020 - 22
PLANADVISER - July/August 2020 - 23
PLANADVISER - July/August 2020 - 24
PLANADVISER - July/August 2020 - 25
PLANADVISER - July/August 2020 - 26
PLANADVISER - July/August 2020 - 27
PLANADVISER - July/August 2020 - Three Who Lead the Way
PLANADVISER - July/August 2020 - 29
PLANADVISER - July/August 2020 - 30
PLANADVISER - July/August 2020 - Prospecting in Turbulent Times
PLANADVISER - July/August 2020 - 32
PLANADVISER - July/August 2020 - 33
PLANADVISER - July/August 2020 - Retirement Savings Optimization
PLANADVISER - July/August 2020 - 35
PLANADVISER - July/August 2020 - 36
PLANADVISER - July/August 2020 - 37
PLANADVISER - July/August 2020 - DOL Gives Private-Equity Guidance
PLANADVISER - July/August 2020 - Investment Advice Revisited
PLANADVISER - July/August 2020 - 40
PLANADVISER - July/August 2020 - C3
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