401k Plan Participant Beneficiaries are Difficult to Keep Current. During a recent Fiduciary Education Program at NOVA Southeastern University Health Savings Accounts were discussed a relief mechanism for 401(k) plan participants. The topic was raised by Lizabeth Gehrke, Senior Vice President of Human Resources at Mercantil Bank, an international banking concern.
The Health Savings Account (HSA) is a tax-advantaged medical savings account that permits working Americans to set aside money for qualified medical expenses on a pre-tax basis. Health Savings Accounts are available to U. S. taxpayers who are enrolled in high-deductible health plans.
Ms. Gehrke described the HSA as an add-on employee benefit that works well for 401k plan participants and other employees.
