Health Savings Accounts or HSAs, are more than just useful for paying medical expenses. According to leading HSA provider, Devenir, “HSAs are one of the most tax advantaged accounts there is, and are often called a ‘triple-tax advantaged’ account.”
RewardExpert had the opportunity to speak with SVP of Research & Technology at Devenir, Jon Robb, who discussed how the company is committed to helping HSA consumers save for their future.
The Beginning of HSA
HSAs came about in 2004, and Robb said that they’ve grown dramatically since their inception. According to their latest HSA research report, at the end of 2017, there was an estimated 22.2 million accounts holding $45.2 billion in assets. “Devenir has been offering HSA investments since 2004 when they were first offered, and is a national leader in assets managed, as well as a thought leader through our ongoing research, newsletters and ViewPoints in the marketplace.”
Products and Services
As Devenir’s website states, they are “driven to deliver real-world solutions and resources to make investing health care dollars easy and effective.” Robb explained that it’s not just thinking about today, but also about what’s in store in the long run. He said that the company is committed to helping HSA consumers save for their future health care expenses, and it offers an assortment of products and services to help consumers.
“In addition to powering HSA investment products, we offer a variety of HSA tools and education resources, to help accountholders get the most out of their HSA,” stated Robb.
One of those products, specifically, is HSA Search. “This allows consumers the ability to look up HSA providers and compare them side by side to help determine the best one for them,” noted Robb.
Two other solutions Devenir offers are myHSAinvesments and HSAPlanner. The myHSAinvesments tool provides account holders with a multitude of mutual fund investment options at their fingertips, and the HSAPlanner is a suite of tools and calculators that help HSA account holders determine how they’d like to make decisions about health care.
Investing in an HSA
The ability for tax free earnings within an HSA is often what makes investing in one particularly attractive. HSA contributions are tax deductible, and if they are made via payroll, Robb notes, “they’re actually pretax, they have tax-free interest and investment earnings, and withdrawals are tax free if used for qualified medical expenses.”
According to Fidelity Investments’ annual retiree health care cost estimate, a couple retiring in 2018 would need an estimated $280,000 to cover health care costs in retirement. Robb said, “Investing in an HSA can be an effective tool in order to help meet some of those healthcare costs later on in life.”
Devenir delivers investment solutions to many industries and customers including: banks and credit unions, technology providers and third-party administrators.
Why Choose Devenir
With many companies offering various HSA solutions, there are a few reasons why Robb said Devenir stands out from the rest. “We built our expertise around delivering sound HSA investment solutions.” He said as the consumer-driven health care industry grew, so did the company’s reputation for industry research and innovative investment tools. Robb also stated that it’s all about staying ahead of the competition.
“Today, Devenir continues to lead the way in the rapidly growing HSA market. Our passion and unique perspective make us the go-to investment provider and the ideal partner for financial institutions, banks, administrators and leading health care technology providers.”
The company’s website features a solutions chart that compares the myHSAinvesments solution to a Custom-Branded solution. It also details the three solutions, myHSAinvesments, HSAPlanner, and HSA Search, and offers a blog and monthly HSA newsletter to help stay on top of the latest HSA news.
Through Devenir’s partner HSA providers, the company typically offers accountholders 15 to 25 mutual funds across a variety of asset classes that allow HSA accountholders to put together an asset allocation that meets their needs.
For more information on HSAs and how to get started with Devenir visit www.devenir.com.