HSA Calculator

Genivity a financial service company, founded to complement the relationship between financial advisors and their clients, so they can provide a well-planned and secure financial future. Genivity developed a tool “HALO which” is health analysis and longevity optimizer that helps users to Plan for active and healthy years in retirement, determine how many years of additional daily care person may need and what the estimated costs could be, and estimate out of pocket care costs throughout lifespan.

As people prepare for their retirement, they will come across different saving plans which could be confusing. One of the major expenses during retirement is healthcare expense. HSA is a great tool to save in a triple-tax advantage to cover medical expenses that high-deductible health plans do not cover. However, many people don’t know that much about HAS and taking an advantage of it

Methods

Secondary Research

The purpose of secondary research is to get initial understanding of HAS account, and to collect some facts about HSA users.

Competitive Analysis

Compared four institutions (website/Tool):

Nerd Wallet: https://www.nerdwallet.com/investing/roth-ira-calculator

HSA Bank: https://www.hsabank.com/hsabank/Learning-Center/HSA-Savings-Calculator

Health Equity: https://www2.healthequity.com/calculator/hsa-contribution

HSA Store: https://hsastore.com/Help/HSA-Tax-Savings-Calculator.aspx

Compared based on:

Type of institution
Type of solution
Information provided to users
Interactive solution?

User Interviews

The target users in our study are people age between 30 and 70, men and women that have or had jobs

The study participants as follow:

P1 Female Mid 40s Web Developer Don't has Saving Account

P2 Male Mid 60s Marketing Manager Has Saving Account

P3 Male Late 20s Nurse Don't has Saving Account

P4 Female Late 30s Accounts Manager Has Saving Account

P5 Male Late 50s College Instructor Has Saving Account

Interview protocol was prepared that consist of an introduction Questions and outro.

Findings

Recommendations

Many employees are not educated on how to save for retirement and mostly keep their money in a regular saving account without investing
Majority of employees heard of HSA but they don’t understand how it work
Employees trust their employers’ recommendations, so employers can play an important role in educating employees about different saving accounts
Employees think about saving for retirement, but they don’t save specifically for healthcare expenses and not aware of the money needed for healthcare service during retirement

Recommendations

Build an app or web-based tool that help employees on projecting their yearly contribution and expected balance
The tool should be interactive and include graphs illustrating the saving balance
Work with employers on promoting tools for educating employees on how to start investing for retirement
Provide the needed tools and information for employees about health care expenses in retirement
The tool should include some facts about HSA’s that people may not know.

Mai Nakhala

Mai Nakhala

Objectives

Research Questions

Research Questions

Research Questions

Research Questions

Research Questions

Methods

Secondary Research

Competitive Analysis

User Interviews

Findings

Recommendations

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Design

Downloads