HealthSavings Survey Finds Deep Divide In How Employers & Benefits Professionals View HSAs
Once seen primarily as just a way to save money on current medical expenses, health savings accounts, or HSAs, are increasingly being understood as a powerful way to build tax-free wealth for future medical expenses. However, even as industry research continues to laud the advantages of using HSAs as investment vehicles, not everyone is taking action.
A recent HealthSavings survey of more than 270 employers and benefits professionals revealed a profound division in the way each party views HSA benefits and how to best leverage their value.
The survey found that while 65% of employers felt that focusing on investing HSA funds was important, only 16% of benefit professionals said they counsel account holders to invest their HSA dollars. In addition, while nearly 40% of employers said they encourage HSA account holders to invest as a retirement option, 74% of benefit professionals simply encourage account holders to save their HSA funds.
“When it comes to navigating the benefits landscape, benefit professionals serve as a critical bridge between employer and employee,” noted E. Craig Keohan, chief revenue officer at HealthSavings. “However, while employers are taking a long-term view in support of their employees’ healthcare needs into retirement, benefits consultants and brokers haven’t yet grasped the value of a health savings account beyond a spend or save mentality. That approach can severely restrict the long-term potential for an account holder’s HSA.”
To see the full survey results, view or download the infographic below.
With 5x higher account balances than industry average and over $900 million in administered assets, HealthSavings is a perfect fit for employers and benefit professionals looking to add an investment-focused HSA to their benefits packages. With a comprehensive education and onboarding solution, white-glove account management, and over 15 years of HSA investing expertise, we can ensure an easy, seamless experience.