A free live-streamed panel discussion aimed at educating Americans on the uses, benefits, and tax advantages of health savings accounts (HSAs) highlights the first-ever “National HSA Awareness Day” on Tuesday, Oct. 15.
The Health Division of financial technology service provider WEX announced earlier this year that the new awareness initiative was being launched, and will take place on Oct. 15 each year, to spread the word about the power (and triple tax advantages) of HSAs.
The date was chosen for its proximity to open enrollment season for most employer benefits plans.
“HSAs will be top of mind for consumers as they make important and impactful decisions during the enrollment process,” Wex said in a statement announcing HSA Day. “And in an industry made unnecessarily complex by jargon and dogged by consumers’ long-held misconceptions about their health benefits, the idea is to dispel some of the common misunderstandings about HSAs.”
That’s where Chatzky comes in, as the founder and CEO of HerMoney has partnered with WEX to serve as 2019 educational ambassador for HSA Day.
The live-streamed panel discussion she will lead at 3 p.m. EDT Tuesday will cover best practices for building financial preparedness for unexpected healthcare costs and debunking myths and misconceptions about HSAs, which can only be opened by people with high-deductible health plans.
“I am thrilled to team up with WEX’s Health division on this educational mission,” Chatzky says. “The larger goal is to encourage people to ask questions, engage in dialogue with their employers or providers, and make smart healthcare benefits choices that will not only save them money, but also set them up for success should something unexpected happen at any stage of life.”
In addition to preparing for unexpected healthcare costs, WEX also intends to use HSA Day help Americans understand the many ways that an HSA can be used to save money using pre-tax dollars to pay for out-of-pocket medical expenses.
Debunking common myths and misconceptions about HSAs is another goal. In its recent consumer research report, “Paying for Healthcare in America,” WEX found that:
- 30% of consumer-directed healthcare plan (CDHP) enrollees believe HSAs are “use-it-or-lose-it” accounts (they’re not).
- Many consumers think of an HSA as a healthcare spending account only, not as a savings account for the future. (Other consumers—though aware of the potential to use an HSA as a retirement planning tool—spend down their account balances every year out of necessity, with aspirations to become investors at some point.)
- Many people say HSAs and FSAs are “not for someone like me.” Two distinct counter-comparisons came through during interviews and focus groups: the indestructible (“Those accounts are for older, sicker people”) group and the timid (“Those accounts are for smarter, richer or more organized people”) group.
For more information, visit www.HSAday.com, and follow along on social media by tracking the hashtag #LoveMyHSA.
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