NEW YORK, April 6, 2021 – TIAA, the leading provider of financial services in the academic, research, medical, cultural and government fields, today launched its Health Savings Account (HSA) Resource Center,Opens in a new window developed to engage and educate people on how to make their health savings work for them at different life stages.
The new site offers helpful information on HSA ownership, HSA use as a component of a retirement savings strategy and helpful tips to optimize account contributions.
The site is open to all, but those who already own an HSA can also take advantage of a fast and easy quiz to find out their HSA personality typeOpens PDF: spenderOpens in a new window, saverOpens in a new window or investorOpens in a new window. The quiz is designed to help users better understand how their contribution strategy aligns with their personality type and offers actionable steps that can help maximize the impact of savings. By following suggested advice, users can graduate from one personality type to the next, with "HSA investor" being the optimal personality to help with saving for medical expenses in retirement.
"HSAs are becoming increasingly popular as more Americans realize they can use them to pay both out-of-pocket medical expenses today and in their long-term retirement savings strategy," said Rich Ward, Head of TIAA Health Solutions. "Amid the ongoing COVID-19 pandemic and an upward trend of health care costs, this new resource can help Americans save money and get the most out of an HSA in a way that works best for them at each life stage."
Within the siteOpens in a new window, people can explore robust resources, including:
An explanation of HSAs, qualifications for ownership, contribution limits, and screen tips that can help users more easily understand concepts
- A user-friendly tax savings calculator, demonstrating the potential tax savings for the first year and through to retirement
- A comparison chart to show the differences between Health Reimbursement Accounts (HRAs), Flexible Spending Accounts (FSAs) and retirement health care savings plans
- A calculator to demonstrate the impact of withdrawing from an HSA vs. a retirement plan for qualified medical expensesOpens PDF
- An overview of the benefits of investing HSA balances for potential growth
Consumers can visit https://vision.tiaa.org/public/vista/hsaOpens in a new window for more information.
With an award-winning1 track record for consistent investment performance, TIAA (TIAA.org) is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $1.3 trillion in assets under management (as of 12/31/20202) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services.