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What are your employees' priorities?

Life Priorities - Health

While the idea of retirement may bring up images of relaxation, pursuing favorite leisure activities, or focusing on a long-ignored passion, retirement should also bring to mind the very real possibility that without appropriate planning, a retirement budget could take a direct hit from healthcare-associated costs.

Longevity has helped to dramatically reshape our view of retirement — and many of us are concerned about the associated healthcare cost implications. If your employees are not realistically factoring in potential healthcare costs, their financial security in retirement could be quickly eroded.

Watch a brief video about the challenge of health expenses as told by individuals.

What's on your employees' minds:

  1. What are some of my options for covering health-care costs?
  2. Are there certain types of insurance I should consider?
  3. What are some ways I might think about meeting potential health care costs in retirement?

Actions employers can take to help:

  • Promote Health Savings Accounts (HSAs). These tax-advantaged accounts are portable, are owned by the employee and are paired with a qualifying high-deductible health plan. The balances in an HSA have the ability to grow tax free and roll over each year. With an employer-sponsored HSA, employees can continue to contribute after they retire until they qualify for Medicare or another health plan. Read more here about Bank of America's HSAs and other health account solutions to learn how they can help your employees.
  • Talk with your Bank of America Merrill Lynch representative about the needs of your workforce and how a Financial Wellness program can help address questions they may have about future healthcare costs and their other priorities.
See how Retirement & Benefit Plan Services can expand the possibilities of your employee benefit solutions.
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