Collaboration extends tax-advantaged health savings accounts to Upwork’s talent marketplace via free Starship mobile app
Starship, the health savings account (HSA) app built for independent workers, has teamed up with Upwork, the world’s largest work marketplace, to make it easy for its network of independent talent nationwide to reap tax advantages and healthcare perks available through an HSA.
HR Technology: Study Shows Social Media FOMO Actively Hurts Job Performance, According to American Accounting Association
“More people than ever are embracing the flexibility and freedom of freelance work,” said Mike Paylor, VP Engineering & Product, Upwork. “Through Starship, independent talent can enjoy the benefits and security that will empower them to focus on what they do best. We’re excited to offer this fantastic tool to our users through our resource center alongside the many other programs we offer our talent, which helps them to unlock their full potential.”
“Every freelancer deserves health and financial security, now more than ever,” said Starship CEO Sean Engelking. “We’re thrilled to be joining forces with Upwork, which realized years ago that the idea of work was changing and that freelancers need access to the best tools to manage both their health and their income in ways uniquely beneficial to freelance workers.”
HR Technology: Adam Gerhart Named Mindshare Global CEO
A recent Upwork study found that 36 percent of U.S.-based workers over age 18—nearly 59 million people—made some or all of their income from freelance work. That number represents an increase of nearly 4 percent since 2019, which shows the impact that the COVID-19 pandemic has had already on the nature of work.
Through partnerships with companies like Upwork, Starship has provided independent workers with similar tax-free spending, saving, and investing tools to those that have historically been largely limited to full-time employees. Independent professionals can set up an account with Starship in three minutes, enabling them to spend tax-advantaged dollars on hundreds of healthcare expenses, including COVID-related tests and treatments. They can also invest with the same tax treatment as a traditional IRA or 401(k), and withdraw invested funds at any time to pay for eligible health care expenses.
“The definition of work is changing,” added Engelking. “But where and how you work shouldn’t determine what you get for your health and your future. Everyone deserves to feel covered and financially secure.”