Benefits Blog

HSA vs 401(k)

Posted by Sean Kadel on Thursday, February 14, 2019 @ 03:01 PM

HSA vs 401(k)

If your company has decided to offer a high deductible health plan, don’t worry, you are not alone. Recent studies show that an increasing number of employers have elected to offer high deductible health plans (HDHP) either to completely replace or be offered in conjunction with a more traditional Preferred Provider Organization (PPO) plan or Health Maintenance Organization (HMO) plan. When sponsoring a HDHP, employers typically offer their employees the ability to contribute to a Health Savings Account (HSA) to help offset the increased deductible associated with the HDHP. In 2017, 19 percent of all workers were enrolled in a HDHP with a HSA savings option. This is a dramatic rise since 2007 when just over 4 percent were covered under such plans. 

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Tags: Retirement Planning, IRS, 401(k), Healthcare, HSA, TPA, tax savings, financial planning

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