Bend Financial, an industry-leading health savings account (HSA) provider, recently announced the expansion of its HSA investment platform to now include a fully integrated investment offering that provides HSA investors seamless access to fractional trading, multiple investment models, exchange-traded funds (ETFs) and a host of other modern features.
“The latest market research data shows just how much interest in HSA investing is growing,” said Tom Torre, CEO of Boston-based Bend. “Bend has always championed HSA investment potential, and our new, fully integrated investment platform is just another example of the commitment we have to staying on the leading edge of our industry and offering our accountholders and partners the best, most modern tools to maximize every aspect of an HSA.”
For people who have a high-deductible health insurance plan, a health savings account can help not only pay medical bills, but can be a great way to create a tax-free pot of money for retirement or other long-term goals. Heath savings accounts offer a rare triple tax break: contributions are deductible, the money grows tax-deferred and withdrawals aren’t taxed for qualified medical expenses.
The number of health savings accounts in the U.S. now exceeds 30 million, holding an estimated $82.2 billion in assets at the end of 2020, according to the latest HSA report from Devenir released in early April.
For the calendar year 2022, the IRS has announced the annual limitation on deductions for an individual with self-only coverage in an HSA is $3,650, a $50 increase over 2021 limits. For families, it will be $7,300, or a $100 increase of 2021 limits.
Backed by DriveWealth, a pioneer in fractional investing and embedded finance committed to transforming the investment landscape, Bend’s new investment experience is fully integrated into the Bend HSA platform and allows accountholders to manage all their HSA investing without being redirected to a partner site.
The company said this new investment integration aligns with Bend’s approach to provide accountholders and partners the ability to manage multiple functions through a single platform and keeps it on the leading edge of helping accountholders optimize not only tax benefits and healthcare saving and spending through their HSA, but also investing for better long-term financial health.
“At Bend, we’re focused on providing a complete vehicle for improved financial wellness—not just a transactional HSA,” Torre added. “We’ve recognized the trends and expanded our investment offering accordingly to be able to best help healthcare consumers maximize all their HSA benefits both short and long-term.”
Bend’s expanded investment offering is available now to employers and partners.
SEE ALSO:
- ‘Modern’ HSA Investment Solution to Be Launched by Alegeus
- Standout Strategies for HSAs
- IRS Releases 2022 HSA Contribution Limits
- HSA Investment Growth Soars in 2020
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
