It’s bracket time!

No, not that bracket, although some of us may fill that one out as well. Here at HealthEquity we’re more excited about our HSA March Happiness Bracket.

We’ve taken 16 benefits of HSAs (our Savvy Sixteen, if you will) and placed them in a bracket so you can decide which HSA benefit you appreciate the most.

Share this with your friends, family and co-workers so they can fill out the bracket as well. The winning benefit they choose may be different than the one you choose. And that’s okay, because unlike that other bracket you fill out this month, you can’t lose with the Savvy Sixteen.

Download and complete your bracket here.

One aspect of health savings accounts (HSAs) that may be less understood is the ability to invest HSA funds, the gains of which are tax-free¹. Some retirement advisors are even recommending maxing out HSAs before 401(k)s because of the ability to use funds tax-free¹ for qualified medical expenses even into retirement. Savvy HSA users are taking advantage of this little-known fact to plan for continually rising healthcare expenses during their golden years.

A 2016 survey by Deloitte found that Millennials (those born between 1981 and 1997) “value work/life balance higher than any other job characteristic.” While the definition of “work/life balance” may mean different things to different people, one millennial in a Forbes article said, “It’s about my life goals aligning with my work goals so I focus on doing what I enjoy the most.”

Striking that balance between work and other pursuits can be tricky, but the good news is that a health savings account (HSA) can be a way for millennial employees to manage the balance between their work and personal lives, both now and in the future. 

The cost of healthcare continues to steadily rise year over year. In an environment of escalating premiums, many employers are in search of alternatives to the status quo. Whether the solution is a lower cost plan or increased premium share with employees, decision makers are doing the best they can to retain employees and remain profitable.

Consumer directed health plans (CDHPs), paired with a health savings account (HSA) are trending higher among many employers with growth of 11.2% from 2017 to 2018. These plans with lower premium costs are coupled with a new philosophy which brings comparison shopping and savvy consumerism into the healthcare space. If healthcare consumers have “more skin in the game,” i.e. paying more of their out-of-pocket costs, they will shop around for the best deal on doctor visits, prescription medicines and more. It sounds good in theory, but does it really work? Some actuaries say yes.

“In this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin

Historically, April 15 isn’t the best day. Abraham Lincoln died on April 15, 1865. The Titanic sank on April 15, 1912.

And, of course, April 15 is usually Tax Day in the United States — the day when individual income tax returns are due to be submitted to federal and state governments. This reason alone makes April 15 a day that many Americans dread.

While filling out your tax forms may not be the most fun thing to do, there is a silver lining:

You can still contribute to your health savings account (HSA) for 2018 before April 15, 2019 (or before you file your taxes, whichever comes first) and count the contribution as a last-minute tax deduction toward your 2018 income tax filing.