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Press Releases by Date   |   Press Releases by Company Name


View More Press Releases by HSA Bank

Press Release

HSA Bank Launches First of its Kind Retirement Healthcare Calculator, Bringing Future Savings Top of Mind for Americans

Issued by HSA Bank

Oct. 5, 2021

Milwaukee, October 5, 2021 — HSA Bank, a division of Webster Bank, N.A., announced today that it has launched the Retirement Healthcare Cost Calculator to help employees plan for healthcare costs in retirement. 

The new calculator, hosted by HealthView Services, is being debuted by HSA Bank as a tool to help employees understand the power of Health Savings Accounts (HSAs) and their ability to impact some of the most prevalent healthcare issues Americans face today, especially when it comes to preparing for healthcare costs in retirement.

The 2021 HSA Bank Health & Wealth Indexâ„ , found that future financial preparedness for older Americans is a serious concern. Ninety three percent of consumers over 55 years old are worried about current or future medical bills and of those consumers, more than one third reported they rarely save money for future healthcare expenses.  This is a real problem for Americans and according to a recent study by HealthView Services, it is estimated that a healthy, average couple age 65, retiring in 2021, will spend $662,156 on healthcare expenses during retirement. 

The Retirement Healthcare Cost Calculator is a simple, user-friendly, robust retirement planning tool that increases employee confidence by offering users a personalized recommendation for how to maximize their HSA savings that will allow them to better prepare for healthcare expenses in retirement. 

“We are excited to launch this new employee tool,” said Jason Kessler, Senior Vice President, Director of Product Management at HSA Bank. “There continues to be a gap in education around HSAs, especially around how employers can help their employees save for healthcare costs in retirement. It’s critically important that more Americans understand what they can expect to face in terms of healthcare costs not covered by Medicare.  We believe that this new calculator will help provide peace-of-mind and financial security for consumers up to and into retirement.”

The tool uses 530 million data points taken directly from medical claims, along with inputs from the employee, to provide an estimated healthcare cost projection for retirement, showing the long-term benefits of using an HSA as a retirement savings vehicle rather than just a spending account. 

“Retirement healthcare costs are substantial, but HSAs are an excellent tool to help Americans prepare for future expenses while taking advantage of tax benefits.” said Ron Mastrogiovanni, President & CEO of HealthView Services, Inc. “Recent studies have shown that over 90% of account owners do not invest their assets, but HSA Bank’s newest approach will educate and motivate participants to offset current and future healthcare costs through HSA investing.” 

The calculator will also benefit employers. Employees with greater satisfaction and engagement with their benefits are also more likely to be satisfied with their employer. Increased HSA usage also will increase tax savings for employers.

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