How prepared are your employees for health care expenses in retirement?

Inflation and ongoing financial issues from the COVID-19 pandemic have hit many Americans hard. We can cut corners and curb spending, but what will our ability to save for health care expenses in retirement look like in the future?

There’s no better time than the present to encourage your employees to think about the future. National Financial Awareness Day on August 14 is a day dedicated to sharing financial principles and practices people can follow to boost their retirement savings. It’s a great time to look at what we’re spending — and saving. And health care takes the lead for costs in retirement.

According to the fifth annual HSA Bank Health & Wealth IndexSM, one-third of surveyed respondents expressed uncertainty in being able to cover health care expenses in the near term or their retirement. That’s an estimated third of your workforce.

As an employer, you play an integral role in helping your employees by sharing health care savings tools and resources with them. And with open enrollment approaching, this is an opportune time to reevaluate your employee benefits communication strategies. - Read entire article by Kevin Robertson BenefitsPRO.