Expanding HSAs Could Help Fix America’s Broken Health Insurance Model

ANNEMARIE SCHIEBER | June 27, 2019 | 241 views

A recent survey revealed only one in five people currently enrolled in an employer-sponsored health plan have a health savings account (HSA). More unsettling, few use them to save money for future health expenses.There could be a variety of reasons why people dont use HSAs, but lack of a tax perks cant be one of them. Unlike 401ks, Roths or traditional IRAs, HSAs offer a double savings bonus.  They are pre-tax, meaning contributions from salary or wages are exempt from income and social security tax and money in the account grows tax-free. There is no timetable for withdrawals.

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Illinois Mutual

Founded in 1910 by the same family that leads the company today, Illinois Mutual is a trustworthy, experienced and caring provider of life insurance, disability insurance and voluntary worksite insurance products. Committed to serving the middle market, we help people achieve and safeguard their financial security.

OTHER ARTICLES
Insurance Technology

How InsurTech-Insurance Partnership Delivers New Product Innovations

Article | July 20, 2022

In 2019, InsurTech funding reached $6 billion, acknowledging the pace that technology can bring to overcome the age-old Insurance problems, the State of AI in Insurance 2020 says. While Incumbents are known for their core competencies in end-to-end insurance processes (from underwriting to claims settlement and reinsurance), InsurTechs are enticing millennials with fully digital innovative products and solutions.

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Insurance Technology

The role of AI in enhancing claims experience for Insurance customers

Article | July 13, 2022

Insurance customers are most vulnerable when they file a claim. Be it life or general insurance, claims are filed in distress. This is also a critical moment for Insurers. The claims experience they deliver determines customer loyalty, which also influences referral customers in the long run. In the Insurance industry, where products and pricing among the competitors are almost the same, customer experience becomes the main differentiator.

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Core Insurance, Risk Management

5 Deep Learning Use Cases for the Insurance Industry

Article | August 4, 2022

In 2010, with the launch of the Image Net Competition, a vast dataset of about 14 million labeled images was made open-source to inspire the development of cutting-edge image classifiers. This was when Deep Learning technology got it’s a real breakthrough and since then there’s been no looking back for advancements in this field.

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DOES YOUR INSURANCE COMPANY ACTUALLY NEED BLOCKCHAIN RIGHT NOW?

Article | February 10, 2020

Blockchain has great potential to create value for insurance organizations. But these are the three questions to ask before you make the investment. In my last post, I spoke about why teamwork is the key to unlocking blockchain’s true value. Today I want to talk about the key things to consider before pulling the trigger on investing in blockchain. Not because I want to deter you, but because it might not be the right solution for you at this time.

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Spotlight

Illinois Mutual

Founded in 1910 by the same family that leads the company today, Illinois Mutual is a trustworthy, experienced and caring provider of life insurance, disability insurance and voluntary worksite insurance products. Committed to serving the middle market, we help people achieve and safeguard their financial security.

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