Health savings accounts (HSAs) are a great way to put aside money for expected (or unexpected) medical costs, save for the future, and plan for retirement. But, it can be hard to visualize how contributions will have an impact on retirement, especially when that feels so far away. We realized that many of the misunderstandings around HSAs are solved with a solid base level of education.
Enter My HSA Planner – a solution to this problem. Let’s take a dive into how the tool works, its unique benefits for employers and employees, and how you can access the tool.
What is My HSA Planner?
My HSA Planner is a personalized calculation tool to learn more about how an HSA can benefit a participant both now and in the future as they near retirement. Created by WEX, a user can simply enter basic information such as member age, gender, household income, and current HSA balance to receive a customized set of results that show how their current savings will grow to meet their needs and what their balance could be in retirement. My HSA Planner shows their projected HSA spending for the next year, how HSA contributions can make an impact, and their projected investment balance over time.
How does My HSA Planner benefit employers?
We’ve learned that many participants don’t use HSAs due to their lack of understanding and awareness about this unique benefit. When employees use My HSA Planner, employers can quickly and easily show the value of HSAs with a few clicks. My HSA Planner shows how HSAs support employees who may be in different stages of their life and how an HSA can benefit them no matter what.
If your company makes a yearly contribution to HSAs, My HSA Planner can also show how an employer’s contributions each year can take a bit of the burden off employees and how that money will benefit them in the long run. Or, if your company doesn’t contribute to HSAs, My HSA Planner can illustrate the impact of a yearly contribution to your leadership team.
How does My HSA Planner benefit employees?
An employee’s need (and usage) of their HSA changes as their life and goals shift. My HSA Planner is a great tool for employees to visualize their financial goals in action and how an HSA could benefit them. If an employee has never had an HSA, My HSA Planner is a straightforward way for an employee to calculate how much they could contribute monthly to their account. My HSA Planner is also a great way for employees to forecast how much their contribution could change due to a major life event, such as getting married or having children.
How can I use My HSA Planner?
You can use My HSA Planner in two different ways:
- Use this link to get started. This is a standalone, browser-based version of the calculation tool and can be used anywhere, at any time, on any device. As a bonus, you don’t need to be a WEX partner to use the tool – everyone is welcome!
- Enable My HSA Planner in the portal. If you’re a WEX partner, enabling My HSA Planner in your portal gives employees direct access to use the tool whenever they need to. The consumer portal version of My HSA Planner even factors in some of their data so they don’t have to spend as much time inputting information that doesn’t change.
As you can see, the benefits of My HSA Planner are endless. Interested in learning more about HSAs? Visit My HSA Planner to forecast for your future and read this blog post to learn more about how to personalize the experience for employees!
Be bold in support of your
employees’ retirement needs!
How? With an HSA.