An Advisors HSA Solution

Advisors

Advisors are getting more and more questions about Health Savings Accounts (HSA) from the employers and employees that they work with. As the cost of healthcare continues to rise and the projected financial cost for retiree medical expenses grows, HSAs are becoming more popular. According to the Devenir Research 2018 Midyear HSA Market Statistics & Trends Executive Summary, by the end of 2018 there will be over 23 Million HSA accounts, and by the end of 2020 they estimate that there will be close to $75 Billion in HSA assets. EPIC RPS has two HSA solutions available for advisors. The first is our MyHSA retail program and the second is an Advisors HSA solution.


By the end of 2018 there will be over 23 million HSA Accounts.


Why the MyHSA Retail Solution

MyHSA is a 401(k) look-a-like HSA investment account. For our MyHSA retail program the investment options come from multiple mutual fund families. There are no up-front or back-end sales loads so account holders can make investment changes when they need to. With the MyHSA Health Savings Account account holders only have one account that holds both cash and investments. This means contributions are automatically allocated between cash and investments, with a maximum cash threshold of $200. For distributions, getting access to the account balance has never been easier. There is no need to transfer funds between investments and cash. Simply use the debit card, request a direct deposit, or have a check mailed directly to the account holder and let MyHSA do the rest. Quarterly, MyHSA will send the account holder an account statement showing their year to date contributions, distributions and investment performance. Account holders have access to their MyHSA online account from this website where they will find balance, performance, contribution and distribution information at their fingertips. Online account holders have access to many resources to help them get the most out of their MyHSA experience.

What an HSA offers:

  • An investment option that currently pays a fixed interest rate of 2.75% (through August 31, 2020).
  • An HSA that automatically starts investing your contributions after you have deposited just $200 in cash.
  • An HSA that is only one account. There is no transferring of funds between cash and investment accounts.
  • A debit card that gives you access to 95% of your total account balance, including both cash and investments.
  • Investment options from multiple mutual fund families.
  • Five Asset Allocation Portfolios that you can choose from.

By the end of 2020 an estimated total $75 billion in HSA Assets.


Why the MyHSA Advisor Solution

MyHSA Advisor Solution

As a financial advisor MyHSA offers you the unique ability to offer your own HSA program using the same administration platform that our retail MyHSA account holders use. Your account holders will have the same low cash threshold, automatic investing and access to invested dollars on their debit card that make owning and investing in an HSA easy and seamless. However as a Registered Investment Advisor you have the ability to create your own investment menu and asset allocation portfolios and for that you can charge a quarterly asset based fee. With the power of your own HSA solution you can talk to employers and employees about the benefits of contributing to both their 401(k) and their HSA. Because EPIC is both an HSA recordkeeper and an employer sponsored retirement plan recordkeeper you can offer your employer groups an integrated HSA and 401(k) solution.

What the MyHSA Advisor Solution offers:

  • An HSA that automatically starts investing your contributions after you have deposited just $200 in cash.
  • An HSA that is only one account. There is no transferring of funds between cash and investment accounts.
  • A debit card that gives you access to 95% of your total account balance, including both cash and investments.
  • The Advisor selects and manages the investment options offered in the HSA.
  • The Advisor is creates and manages the asset allocation portfolios offered in the HSA.
  • The Advisor gets paid a quarterly asset based fee.
  • With the MyHSA you have the ability to offer an HSA/401(k) integrated solution.

For more information on working with EPIC RPS please contact us.

About MyHSA

MyHSA is a different kind of HSA, it’s a better HSA. MyHSA is designed for the long term while making it easy for you to access your money to pay for medical expenses that you have today. (More)