Taking an HSA From ‘Money In, Money Out' to ‘Stow It and Grow It' OAK BROOK, IL / ACCESSWIRE / August 14, 2024 / National Financial Awareness Day provides an opportunity to look at how health and wealth solutions come together to create meaningful impact for individuals. Today's workforce depends on employers to provide thoughtful and effective benefits. And health savings accounts (HSAs) are an ideal example of how employers can combine support for employees' health care needs with retirement support.
Inspira Financial Inspira Financial The beginning of HSAs Since HSAs were introduced in the early 2000s, they have helped millions of Americans save and pay for their health care costs. But the transition to using HSAs was an unexpected change for some at first. Take Giovanna Donato-Reyes, senior director head of strategic accounts at Inspira Financial , for example.
In 2005, Donato-Reyes' employer switched to a high deductible health plan (HDHP) and HSA-only offering for employee health care. At the time, Donato-Reyes was also seven months pregnant. So, it's no surprise that this transition felt unstable at first for Donato-Reyes and her family.
But as someone in the health and benefits industry, Donato-Reyes was confident that HDHPs and HSAs could work for her. She decided to be proactive with her HSA. She called her doctor's office and hospital to explain her new health care plan and set up payment arrangements.
Luckily, her employer also put money into her HSA every mon.