An HSA is a great way to manage health-care costs, says the CEO of ConferenceBoard. investinyou (In partnership with acorns.)
div > div.group > p:first-child"> Today, that adage should also include rising health-care costs.
As young adults start saving for the future, the ever-growing price tag of health care can throw a wrench into their plans. They should consider using a health savings account – it's not the right choice for everyone, though it is an option with much to like.This simple banking move can multiply your moneyAn HSA is a personal account that the owner can use to pay for health care. Benefits include tax-free withdrawals to help finance medical expenses.
Since younger people use less care, the HSA/high-deductible combination appeals to them. In 2018, more than 7 in 10 eligible millennials were enrolled in one.So, if they want to pursue this route, then they — and if possible, their company — should contribute funds on an ongoing basis. This would be their best opportunity to have enough cash to cover their medical needs while having money left over down the road, for other retirement purposes.
Ultimately, the U.S. can substantially lower the cost of health care only by reforming its public policies. The system needs more market-based, bipartisan reforms that increase value and decrease cost. In the meantime, HSAs are one of the prescriptions available to help individuals take matters into their own hands.
— Steve Odland is president and CEO of The Conference Board, a global, independent business membership and research association.
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