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  Drew's Corner

Employee Benefits & Finance

HSA confusion with employees continues...

3/14/2017

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A recent study done by Employee Benefit Research Institute illustrates the continued confusion surrounding the health savings account. 

Here are some of the most alarming stats from the study:
  • 63% of employees said they don’t know the benefit of an HSA
  • 50% don’t know how to predict current or future out-of-pocket healthcare expenditures and can’t select the best savings vehicle or rate
  • 46% of HSA accountholders don’t know they can use HSA funds beyond the immediate plan year, and
  • 61% of HSA accountholders were unaware they could invest HSA funds.​​
The study also highlighted some of the contradictions between what employees said they wanted or needed, and how they acted.
For example, although 70% of employees said they’d like to take a more active role in their healthcare decisions, just 50% intend to conduct more due diligence when purchasing healthcare in 2017.
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