HUB Retirement and Private Wealth (HUB RPW), a division of HUB International Limited (HUB), announced today the launch of HUB HSA Investment Account, which will provide HUB clients in the U.S. the opportunity to save pre-tax dollars for future qualified medical expenses and invest in HUB selected funds.
According to the 2022 Fidelity Retiree Health Care Cost Estimate, an average retired couple age 65 may need approximately US$315,000 saved (after tax) to cover health care expenses in retirement. There are several factors behind this escalating cost challenge. In general, people are living longer, and health care inflation continues to outpace the rate of general inflation.
“There is a growing imbalance between the number of individuals saving for future healthcare expenses and the rising cost of healthcare in retirement,” said Joe DeNoyior, President of HUB RPW. “With HUB HSA Investment Account, we are helping individuals, employers and partners simplify health and financial wellness decisions and drive stronger retirement outcomes.”
HUB HSA Investment Account helps clients leverage the unique tax benefits of a Health Savings Account (HSA) to plan for future healthcare expenses, which in turn will help to bridge the retirement healthcare savings gap.
HUB HSA Investment Account works in partnership with HSA Bank, a leader in health savings account administration, services and support. With HSA Bank, the HUB RPW team will provide employers and employees access to a full-service HSA and customized fund lineup.
For more information on HUB HSA Investment Account, click here.
HUB RPW continues to strengthen its services with the addition of talent and resources, such as HUB HSA Investment Account, to develop more comprehensive strategies for clients. HUB RPW works to help plan sponsors create an offering that aligns with their business strategy, navigates fiduciary risk and helps employees pursue their financial goals. The several registered investment advisory affiliates in HUB RPW provide investment advisory services to clients whose total assets are approximately $148 billion.
