The intersection of health and wealth are steadfastly becoming a hot button issue in the employee benefits world. With the cost of healthcare on the rise and the aging of the workforce, this causes a problem for both employer and employee. Ryan Tiernan, Senior HSA Consultant with Access Point HSA and speaker at our upcoming Employee Benefits Symposium takes a look at how Health Savings Accounts may be part of the answer to this issue.
To illustrate, here is an excerpt from his recent article, "Are You a Retirement Expert?" for Advisor Today:
The retirement expert keeps clients on the right path and implements strategies that are relevant to both the accumulation and distribution of funds. The retirement expert also sees the value in giving timely advice that may not be obvious to a client today, but in time will become a focal point of long-term success. With that in mind, study after study tells us that the largest deterrent to long-term success in a retirement plan is the rising cost of health care. In a recent Nationwide/Harris poll, 63% of affluent pre-retirees said that they are "terrified" of what health care costs may do to their retirement plan..."
So let's be clear: Health care costs is the biggest potential impediment to a successful retirement plan. Yet only 10% of clients are actually discussing this topic with their retirement advisor. If that is the biggest risk in retirement, why aren't we addressing it head on and in a manner that is effective and efficient for our clients?
To read the full article, click here.
This article was originally published in the March/April 2016 Issue of Advisor Today.
Learn more about Health Savings Accounts from Ryan Tiernan