HSA confusion with employees continues...

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.