Financial advisors don't have to look far for the next big growth opportunity: It's right in clients' health-care plans.
Say hello to the health savings account, which works in tandem with high-deductible health insurance.
HSAs offer a triple-tax benefit: Assets in them grow free of taxes. Savers can contribute to them on a pretax or tax-deductible basis. Finally, account holders can tap the assets free of taxes, provided the money goes toward qualified medical expenses.
Used wisely, HSAs are a new tool in retirement planning — and advisors can help with that.
"If you're expected to spend $275,000 on health care in retirement, where can you get the most bang for your buck?" said Tom Vipond, sales consultant for TD Ameritrade Self Directed Plan Services.
He led a Thursday session on using HSAs at TD Ameritrade's National LINC conference in Orlando.
Here's where you can find the best opportunities for health savings accounts.