Getting most out of HSAs

ADVISING THE ADVISERS: Ryan Tiernan, owner of Access Point HSA LLC, is seen in his Smithfield office. Access Point HSA is a startup that advises financial advisers and asset managers on how to best help workers save for health care costs in retirement. / PBN PHOTO/MICHAEL SALERNO
ADVISING THE ADVISERS: Ryan Tiernan, owner of Access Point HSA LLC, is seen in his Smithfield office. Access Point HSA is a startup that advises financial advisers and asset managers on how to best help workers save for health care costs in retirement. / PBN PHOTO/MICHAEL SALERNO

Access Point HSA advises financial advisers and asset managers on how to best help workers save for health care costs in retirement.

HSAs, or health savings accounts, do not just hold cash but serve as investment vehicles whose value can carry over from year to year. Moreover, the tax implications for retirees are significant, says founder Ryan Tiernan.

In HSAs, contributions are tax free, money inside the account grows tax free, and the money comes out for qualified health care costs tax free. But financial advisers and asset managers aren’t always up to speed on the array of providers available or the ways to best use HSAs to advantage, Tiernan says.

That’s where the Smithfield startup comes in. Tiernan will advise clients, including individuals, employers, banks and asset managers around the country. He also offers a proprietary subscription database of providers that clients can access to compare HSA offerings, he said.

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The business was launched as a limited-liability corporation in March 2015.

“We catalogue providers of all sizes and help financial advisers select the best provider for a given client,” he said. •

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