by Lexi Garcia | Nov 25, 2024 | Blog
In today’s competitive job market, offering attractive employee benefits is essential for attracting and retaining top talent. One effective way to enhance your benefits package is by providing low-cost Health Savings Account (HSA) investment options. NueSynergy stands out as a leader in this space, having been named among the top HSA providers by Morningstar. Our innovative solutions not only support employee health but also promote financial wellness. Let’s explore the key benefits of integrating low-cost HSA investment options into your employee benefits strategy.
1. Investment Growth Potential
NueSynergy offers a diverse range of investment options within its HSAs, allowing employees to grow their savings over time. With low expense ratios and a selection of high-quality investment choices, employees can benefit from potential market gains while preparing for future healthcare costs. As previously mentioned in Morningstar, NueSynergy’s investment offerings include no Neutral- or Negative-rated funds, and 64% of its menu was Gold-rated as of August 2024. This investment growth can significantly enhance their financial security.
2. Flexibility and Accessibility
NueSynergy’s HSAs are designed to be user-friendly and accessible. Employees can easily manage their accounts online, making it simple to track contributions, investments, and withdrawals. This flexibility empowers employees to take control of their healthcare spending and investment strategies, fostering a sense of ownership over their financial health.
3. Attracting and Retaining Talent
Offering low-cost HSA investment options can set your company apart in the eyes of potential employees. As more individuals prioritize financial wellness in their job search, providing a robust benefits package that includes HSAs can enhance your employer brand. NueSynergy’s commitment to affordable and effective HSA solutions makes it an attractive choice for companies looking to improve their benefits offerings.
4. Promoting Financial Literacy
By integrating HSAs into your employee benefits, you also promote financial literacy among your workforce. NueSynergy provides resources and support to help employees understand how to effectively use their HSAs for both immediate medical expenses and long-term investment growth. This education empowers employees to make informed decisions about their healthcare and finances.
Incorporating low-cost HSA investment options through NueSynergy into your employee benefits package is a strategic move that can enhance employee satisfaction and loyalty. With the potential for tax savings, investment growth, and increased financial literacy, HSAs represent a win-win for both employers and employees. By prioritizing these benefits, you can create a healthier, more financially secure workforce.
by admin | Nov 21, 2024 | Blog
The holiday season is a time for celebration, but it can also bring its share of stress—especially when it comes to travel. To help you stay healthy and prepared, here are the top five FSA (Flexible Spending Account) and HSA (Health Savings Account) eligible items you should pack for your holiday adventures.
A well-stocked first aid kit is essential for any traveler. Look for kits that include band-aids, antiseptic wipes, and other basic supplies. Many first aid kits are FSA/HSA eligible, ensuring you’re ready for minor injuries or ailments while on the road.
Protecting your skin is crucial, even in winter. Sunscreen is often FSA/HSA eligible and perfect for those sunny holiday destinations. Choose a broad-spectrum SPF to shield your skin from harmful UV rays, whether you’re skiing or lounging by the beach.
Over-the-counter pain relievers like ibuprofen or acetaminophen are must-haves for any trip. These items are typically FSA/HSA eligible and can help you manage headaches, muscle aches, or any discomfort that might arise during your travels, ensuring you can enjoy your holiday without interruptions.
A digital thermometer is a handy tool to have, especially during flu season. Keeping track of your health is easier with this essential item. Many thermometers qualify for FSA/HSA reimbursement, making it a smart addition to your travel kit.
If you suffer from allergies, packing your allergy medications is essential. Antihistamines and nasal sprays are often FSA/HSA eligible and can help you manage symptoms while traveling. Whether it’s pollen, pet dander, or dust, having your allergy meds on hand will keep you comfortable and ready to enjoy the festivities.
Traveling during the holiday season doesn’t have to be stressful, especially when you’re prepared. By packing these five FSA/HSA eligible items, you can ensure a healthier, more enjoyable trip. Remember, taking care of your health is the best gift you can give yourself this holiday season. Safe travels!
For a full list of FSA/HSA eligible items, click here.
by admin | Nov 1, 2024 | Blog
Health Savings Accounts (HSAs) are not just for covering medical expenses—they can also be a powerful tool for long-term investment. Recently named as one of the Top HSA providers in 2024 by Morningstar, NueSynergy offers unique investment opportunities that can help you grow your savings while enjoying significant tax benefits. In this blog, we’ll explore how NueSynergy’s HSAs can be leveraged for investment purposes, providing a dual benefit of healthcare savings and wealth accumulation.
Tax Advantages of HSAs
One of the most compelling features of HSAs is their triple tax advantage:
- Tax-deductible contributions: Contributions to an HSA are made with pre-tax dollars, reducing your taxable income.
- Tax-free growth: Earnings from interest, dividends, and capital gains within the HSA are not taxed.
- Tax-free withdrawals: Withdrawals for qualified medical expenses are tax-free.
These benefits make HSAs more advantageous than traditional retirement accounts like 401(k)s and IRAs.
Investing with NueSynergy’s HSAs
NueSynergy stands out for its investment-friendly features. Here are some key points to consider:
1. High-Quality Investment Options
NueSynergy offers an all-ETF lineup, which is the cheapest among its peers, with an average expense ratio of just 0.05%. This low-cost structure allows you to maximize your investment returns. Additionally, as stated in Morningstar, NueSynergy’s investment offerings include no Neutral- or Negative-rated funds, and 64% of its menu was Gold-rated as of August 2024. This high-quality selection ensures that your investments are in reliable and well-performing funds.
2. No Minimum Balance Requirements
NueSynergy does not require a minimum balance to start investing, making it accessible for all account holders. This flexibility allows you to begin investing as soon as you open your HSA, without having to wait until you accumulate a certain balance.
Strategies for Maximizing Investments with NueSynergy
To make the most of your HSA as an investment tool with NueSynergy, consider the following strategies:
1. Maximize Contributions
For 2025, the maximum HSA contribution is $4,300 for individuals and $8,550 for families. If you’re 55 or older, you can contribute an additional $1,000. Maximize your contributions each year to take full advantage of the tax benefits and growth potential.
2. Invest Aggressively Early On
If you’re young and healthy, consider investing aggressively in your HSA. With a longer time horizon, you can afford to take on more risk, which can lead to higher returns.
3. Use Other Funds for Medical Expenses
To allow your HSA investments to grow, try to cover current medical expenses out-of-pocket if possible. This way, your HSA can continue to grow tax-free, providing a larger nest egg for future healthcare costs or retirement.
NueSynergy’s Health Savings Accounts offer a unique opportunity to combine healthcare savings with robust investment potential. By understanding the tax advantages and investment opportunities NueSynergy provides, you can maximize your financial health and secure a more prosperous future.
by admin | Oct 18, 2024 | Blog
NueSynergy was honored to be recognized by Morningstar as a Top HSA Administrator in 2024. This recognition highlights NueSynergy’s commitment to offering exceptional HSA services that help individuals and families manage their healthcare expenses effectively.
Why NueSynergy Stands Out
NueSynergy has earned its place among the top HSA providers by offering a range of features that cater to the needs of its users:
- Investment Options: NueSynergy was recognized for its extensive variety of value-based investment options, with the majority consisting of gold rated Morningstar funds.
- Competitive Interest Rates: Account holders benefit from competitive interest rates on their deposits, ensuring their money grows even as they use it for medical expenses.
- User-Friendly Platform: The intuitive platform makes it easy to manage accounts, track expenses, and make informed investment decisions.
National HSA Day
Earlier this week, we celebrated National HSA Day, which recognizes the importance of Health Savings Accounts (HSAs), raising awareness about their benefits. HSAs can be used not only for immediate medical expenses but also as a strategic tool for retirement planning. By understanding and utilizing HSAs, individuals can take control of their healthcare finances and secure a healthier financial future.
As we celebrate National HSA Day, it’s the perfect time to explore the benefits of HSAs and consider why NueSynergy is a top choice for managing your healthcare savings. With its competitive interest rates and robust investment options, NueSynergy stands out as a leader in the industry. Take advantage of this day to learn more about HSAs and how they can benefit you and your family.
What is an HSA?
A Health Savings Account (HSA) is a tax-advantaged savings account designed to help individuals with high-deductible health plans (HDHPs) save for medical expenses. HSAs offer a triple tax benefit: contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are also tax-free. This makes HSAs a powerful tool for both current healthcare spending and long-term savings.
About NueSynergy
NueSynergy is known for industry-leading service, innovative technology, and excellence in providing full-service administration of consumer-driven and traditional account-based plans to employers of all sizes and sectors. NueSynergy offers a fully integrated suite of administration services, which include Health Savings Account (HSA), Health Reimbursement Arrangement (HRA), Flexible Spending Account (FSA), Lifestyle Savings Account (LSA), and COBRAcare+ administration as well as SpouseSaver Incentive Account, Combined Billing, Direct Billing, and Specialty Solutions. For more information, visit https://nuesynergy.com/
About Morningstar
Morningstar is a leading provider of independent investment research and insights. The company offers a wide range of products and services for individual investors, financial advisors, asset managers, and institutional investors. Morningstar provides data and research on various investment offerings, including mutual funds, ETFs, stocks, and bonds. Additionally, they offer investment management services through their subsidiaries, managing approximately $286 billion in assets as of December 31, 2023. Morningstar operates in 32 countries, empowering investor success globally.
by admin | Aug 1, 2024 | Blog
As the back-to-school season approaches, parents and students are preparing for the new academic year. Beyond the usual school supplies, there are many health-related items eligible for purchase using your Flexible Spending Account (FSA) or Health Savings Account (HSA). These tax-advantaged accounts can help you save money on essential health products that support your child’s well-being throughout the school year.
1. First Aid Supplies
Accidents happen, especially on the playground or during sports activities. Stock up on first aid essentials like bandages, antiseptic wipes, and cold packs. These items are crucial for handling minor injuries promptly.
2. Contact Solution
If your child uses contact lenses, ensuring they have the right contact solution is essential for maintaining eye health and comfort. Both prescription glasses and contact lenses are eligible expenses, so make sure they have a clear view of the blackboard and their textbooks.
3. Over-the-Counter Medicines
Having a stock of over-the-counter (OTC) medicines can be a lifesaver for managing common ailments like colds, allergies, and headaches.
4. Acne Treatment
Managing acne is crucial for your child’s confidence and skin health. Various acne treatments, including creams, gels, and cleansers, are eligible for purchase with your FSA or HSA.
5. Sunscreen
Protecting your child’s skin from harmful UV rays is important year-round. Ensure you have an adequate supply of sunscreen, particularly if your child spends a lot of time outdoors.
Leveraging your FSA or HSA for back-to-school shopping not only ensures your child is well-prepared but also helps you save on essential health-related products. By planning ahead and purchasing these eligible items, you can take advantage of the tax benefits these accounts offer.
For a complete list of eligible FSA and HSA back-to-school items click here.
For more information on all FSA and HSA eligible items, visit the FSA Store.
