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The Daily Brief
Charles Schwab office

Schwab Integrates With HSA Providers

Advisors will be able to manage clients’ HSA assets, via new integrations with Optum Bank and Discovery Benefits.

As assets in Health Savings Accounts continue to climb, tools are coming to market to make it possible for advisors to manage these assets.  Charles Schwab just announced it will integrate with HSA providers Optum Bank and Discovery Benefits, a Wex company, to help advisors do just that.

The new programs use Schwab’s Health Savings Brokerage Account, a brokerage window within an HSA, with access to various investment options including mutual funds, ETFs, REITs, individual stocks and bonds, and more.

Contributions to an HSA are not taxed, assets accrue tax-free, and distributions for qualified medical expenses are not taxed. According to Devenir, a consulting firm that works with HSA providers and employers, there are currently 28 million HSAs with $66 billion in assets as of the end of 2019, $15.7 billion of which is in investments.

“Paying for health care in retirement is a top concern for Americans. This HSA program offers advisors a powerful tool to address this challenge, and can also help them deepen client engagement, increase referrals, and achieve a competitive advantage,” said Mark Coffrini, senior vice president, Schwab Retirement Business Services.

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