Of the 13 million HSAs in the Employment Benefit Research Institute’s (EBRI) database, only 12% of the account holders invested their HSAs in assets other than cash. The disparity in benefits is stark.
can be a vital part of retirement savings, but many workers aren’t using them to their maximum benefit.
“HSAs are in really early days, so people are not familiar with them,” Jake Spiegel, an EBRI research associate with the organization’s health and wealth benefits research department and co-author of the study, said. “If employers provide more educational seminars, that may lead more people to invest in HSAs.”Health savings accounts are only available to individuals enrolled in a high-deductible health care plan .
Spiegel also noted that account holders also don’t want to invest in assets other than cash because they want to use the HSA funds more frequently for medical expenses. Another interesting difference among invested HSAs versus uninvested ones is the employer contribution. The average employer contribution is $281 more for HSAs with invested assets than ones without.
Spiegel noted that younger workers don’t contribute to their HSAs as much because they may not be as informed about the value of the accounts and they don’t have as many health issues as older account holders.Another barrier to HSAs may be confusion with another type of health savings account called flexible savings accounts , Spiegel said. Flexible savings accounts are similar to HSAs in that savings in those accounts can be used to offset medical expenses.
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