If your company has decided to offer a high deductible health plan, don’t worry, you are not alone. Recent studies show that an increasing number of employers have elected to offer high deductible health plans (HDHP) either to completely replace or be offered in conjunction with a more traditional Health Maintenance Organization (HMO)plan or Preferred Provider Organization (PPO) plan. When sponsoring an HDHP, employers typically offer their employees the ability to contribute to a Health Savings Account (HSA) to help offset the increased deductible associated with the HDHP. In 2015, 24 percent of all workers were enrolled in a HDHP with an HSA savings option. This is a dramatic rise since 2009 when just 8 percent were covered under such plans.
There has been a large amount of upheaval in the retirement world as of late and it centers around the "F" word. And by "f" word, I mean "fiduciary." The New Fiduciary Rule means that many professionals in the finance world that weren't previously considered fiduciaries will now have to take on that title. So, why is that such a bad thing? Well, it's not per se, but the implications of how this may change the way the retirement financial business and its institutions function may have many cursing its name for a myriad of reasons. But before we get too bent out of shape, let's break it down and see what we're truly looking at.