As the oldest members of the Baby Boom generation reach their 80s in the next few years, the number of Americans needing assistance with the challenges of aging is, not surprisingly, on the increase.
In a recent study of persons nearing retirement age conducted by Bank of America affiliate Merrill Lynch, two of the top worries of respondents were health concerns and the cost of healthcare.
Health Savings Accounts (HSAs) were established by federal law in December 2003 when President Bush signed the Medicare Prescription Drug Improvement and Modernization Act of 2003. HSAs are tax-free financial accounts that offer another way to help individuals save for future health care expenses. To open an HSA, you must have a high deductible health plan (HDHP).
This year marks the 10th anniversary of the creation of Health Savings Accounts (HSAs) tax-advantaged savings vehicles created as part of the Medicare Prescription Drug and Modernization Act that allow individuals with High-deductible Health plans (HDHPs) to save money for health-care expenses.
The annual Mercer Workplace Survey of retirement plan participants who receive health benefits found that although folks are more optimistic about the economy they are planning to save slightly less during the upcoming year. Interestingly respondents over the age of 50 have lowered their savings targets most significantly by about 18 percent.
Consumer-directed health plans (CDHPs) which include Health Savings Accounts (HSAs) have been part of the benefits landscape for more than a decade. According to the United Benefit Advisors’ 2012 survey of more than 17000 health plans nearly 15% of employers offer CDHPS with HSAs.
Do men and women plan and save for retirement equally? The 21st annual Retirement Confidence Survey (RCS) provides some answers. The RCS found men and women are equally likely to save for retirement. Also women are statistically as likely as men to report they are offered (43 percent vs. 49 percent) and contribute to (34 percent vs.