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Health Care Plan Selection Can Hamper Retirement Savings


Health Care Plan Selection Can Hamper Retirement Savings
Voya finds that HDHPs paired with HSAs are often a more optimal choice for participants than PPOs.
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In “Retirement at Risk: The Relationship Between Overspending on Health Care and Retirement Readiness,” produced by Voya’s Thought Leadership Council and SAVVI Financial LLC, the two companies report that the average time employees spend enrolling in benefits, including health plan selection, voluntary benefits and more, is a mere 17 minutes. They say that the selection of a health care plan is critical and can impact what funds participants have remaining to invest in a retirement plan. ....

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