To Create an HSA Saver Mindset, Draw from the 401(k) Playbook

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Presenter: Brian M. Hutchin, UMB Healthcare Services

View live: August 25, 2021, 2 p.m. ET / 11 a.m. PT (available for on-demand viewing through December 2021)

Program length: 60 minutes

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Defined contribution plans like 401(k)s have become workers’ principal savings vehicle, replacing traditional pensions our grandparents once relied on for their retirement. To encourage saving, organizations may match employee contributions. Some bump up annual employee contributions automatically; others offer discretionary contributions based on the company’s performance. While each of these tactics do help, the onus is on workers to save for their futures.

Longer life expectancies, less help with retirement funding, and economic and global circumstances are making it more difficult for people to retire. By some estimates, just to cover their cost of healthcare in retirement, an average couple may need $300,000—after taxes. That’s above and beyond what they’ll need to pay for everything else—like life’s necessities and anything on their bucket list. Fortunately, in addition to 401(k) plans, many employers offer medical plans that are paired with health savings accounts (HSAs). Thirty-one percent of employees with employer-sponsored health coverage are enrolled in these plans; and 24 percent of those enrolled in the plans also contribute to an HSA. But, unbeknownst to too many employees, their HSA could be their ticket to a financially secure retirement.

The good news is that employers are uniquely positioned to help employees use their HSAs to fuel their retirement savings. In this program, Brian M. Hutchin, of UMB Healthcare Services, will describe how, by borrowing a page from the 401(k) playbook, companies can shift their workforce to a saver mentality and build a culture in which long-term financial wellness is a priority for everyone.

You will learn the importance of:

  • Ensuring your medical plan design supports saving (attainable deductibles, seed funding, matching contributions)
  • Doubling down on employee education, including regular communication about the advantages of saving vs. spending, the power of compound interest—and investing.
  • Taking advantage of policy shifts that support long-term saving (e.g., lower annual deductibles and OOP maximums, future legislation for new generations of workers)

Learn about our speaker About the Presenter: Brian M. Hutchin is executive vice president, manager of sales and strategy for UMB Healthcare Services. He has more than 25 years of financial industry experience and is responsible for driving national sales strategy across the footprint and leading the healthcare services sales team. Hutchin is a recipient of the 2018 UMB Leadership Award and is a former recipient of Ingram Magazine’s "40 Under 40" distinction.

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This Event Eligible for Recertification CreditRecertification Credit

SHRM Certification has approved this webcast for 1 PDC toward SHRM-CP and SHRM-SCP recertification. A program code will be provided at the end of the webcast. The program also meets recertification credit standards set by the HR Certification Institute and other HR certifying bodies, but candidates must manually enter their activity into their records.

Webcast Sponsor

This webcast is sponsored by UMB Healthcare Services

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