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Survey Says … What Advisors Think About HSAs

With healthcare costs continuing to rise, health savings accounts (HSAs) are a powerful way for registered investment advisors to help clients maximize their tax advantages and save money on future medical expenses. However, for many advisors, confusion about HSAs’ usage and benefits is prevalent, leading to HSAs being underutilized among clients.

To dig deeper into what advisors know about HSAs and how they leverage HSAs for their practice, HealthSavings recently conducted a survey of more than 230 advisors.

The survey found that nearly 60% of advisors surveyed are still not offering HSAs to clients, despite the unmatched tax savings and multi-billion-dollar investment opportunity. In addition, the survey revealed that 22% of advisors are not aware they can earn revenue by offering an HSA.

And of the advisors who do offer HSAs, nearly half still position them as spending accounts. Those findings reveal a deep-seated belief among advisors and clients alike that HSAs are short-term financial vehicles, despite industry research lauding the extensive benefits of investment-focused HSAs.

To see the full survey results, view or download the infographic below.

With 5x higher account balances than industry average and over $875 million in administered assets, HealthSavings is a perfect fit for advisors looking to add an investment-focused HSA to their retirement package. We offer comprehensive education and onboarding, flexible compensation opportunities, and over 15 years of HSA investing expertise to ensure an easy, seamless experience.

Learn more about HealthSavings’ investment-focused HSA offering here.

Author: Craig Keohan