Cyber-attacks have become the fastest-growing crime in the United States, and, according to Hiscox Insurance, in 2016 “cybercrime cost the global economy over $450 billion.” Unfortunately, that number is expected to rise to over $6 trillion by 2021. To do their part to combat this crime, individuals and companies must take preventative measures to protect their personal information.
With the Affordable Care Act and the increasing costs of medical expenses, employees are more pre-occupied with securing health benefits to avoid tax penalties. Providing these benefits to employees is a great way for small business owners to recruit and retain the best workers. But how can small businesses compete when every other company is also seeking the best talent? One answer may, in fact, come from health savings accounts (HSAs).
What are my investment options?
Investing HSA funds can be a powerful way for accountholders to increase the earning potential of their savings. When evaluating an HSA as a long-term savings option, investments are typically an important consideration. Many HSA providers offer access to investments of some kind, but the fees and investment platforms can vary significantly. Employers who offer HSAs through a provider with a well-designed investment option can benefit from stronger employee engagement.
The right HSA provider
Selecting the right HSA provider can be a challenge for employers. Service, features and cost are all factors to evaluate. In this article, we discuss some of the ways HSA providers make money, so you have a better idea of how to determine cost and value for your employees.