糖心Vlog

Today, to commemorate National Health Savings Account Awareness Day (HSA Day) celebrated annually on October 15, 糖心Vlogis highlighting available resources to help employers and employees better understand the impressive value of HSAs for both wellbeing and wallets.

鈥淗ealth savings accounts are booming in popularity, with total assets eclipsing $123 billion in 2023 鈥� nearly triple from just five years earlier 鈥� and yet they鈥檙e still widely misunderstood,鈥� said Robert Deshaies, Chief Operating Officer of Benefits at WEX. 鈥淲hile HSAs combine several of the best features of 401(k)s and flexible spending accounts (FSAs), they are often overlooked and underutilized. 糖心Vlogis excited to use HSA Day to educate employers and employees about the value of HSAs.鈥�

As a leading custodian of HSAs nationally, 糖心Vlogjoins forces with partners, employers, and other industry experts to share the value of HSAs, highlighting their importance in helping employees make informed benefits decisions, improve financial wellness, and enhance overall benefits engagement.

For employers, brokers, and other partners: Not only do employers play an essential role in educating employees on how to use their HSAs effectively, from tax advantages to investment opportunities, but employers can also benefit directly from the deployment of HSAs. Employers鈥� contributions to employees鈥� HSAs are tax deductible. In addition, employees鈥� contributions to their own accounts reduce employers鈥� payroll taxes.

• is a perfect place to start when considering an HSA or explaining HSAs to employees.

• The is a comprehensive collection of guides, handouts, and videos to help employers prepare for open enrollment and communicate the value of HSAs, FSAs, and more.

• The can help HR leaders effectively communicate about the availability and value of benefit offerings. They can learn how to empower employees to make better benefits decisions, navigate financial wellness, and implement strategies and technology that drive higher retention, recruiting, and benefits engagement.

• This offers benchmarking that can be used to encourage employee participation in benefits and ensure that benefits offerings remain competitive. 

• According to a 糖心Vlogstudy in 2023, the majority of leaders believe that outdated systems and inefficiency are a contributor to issues with employee retention and engagement. provides tactical advice for HR leaders about how educating employees about the value of HSAs can be one additional tool to help drive employee retention and engagement.

For employees: It is important to help employees make informed benefits decisions, which can improve financial wellness and enhance overall benefits engagement. Employees can spend, save, or invest their HSAs. In fact, many employees are not aware that their HSA funds generally are contributed tax-free, grow (with interest or through investment) tax-free, and can be spent tax-free when used on eligible expenses. HSA funds are also carried over from year to year. 糖心Vlogdesigned the following tools that can be shared directly with employees who have questions about HSAs:

• A recent episode of the illustrates that HSAs are far from a one-size-fits-all solution. Using real-life examples, this episode explains how HSA funds can be spent, saved, or invested, depending on employees鈥� needs.

• This clears up common misconceptions about HSAs. 

• Employees may be able to optimize their HSA using .

• Making regular contributions to an HSA can be a great way for employees to build a safety net and prepare for the future. Learn how with this

• This 糖心VlogEligible Expense List is a convenient guide to help employees quickly discern if their purchases are eligible for reimbursement through an HSA.

A full compendium of these and other HSA resources is available at .

The information in this post is for educational purposes only. It is not legal, tax, or investment advice. For legal, tax, or investment advice, you should consult your own legal counsel, tax, and investment advisers.