HSAs Still Misunderstood By (Many) Employees

HSA, health savings accounts, Bank of America

He's REALLY confused.

Employees say they have a good understanding of health saving accounts, HSAs, but do they really?

Bank of America took a look and discovered participants might not be as up-to-speed as they think.

For employees enrolled in a qualified HDHP—a health insurance policy with higher deductibles, but lower premiums—an HSA may be a powerful tool to help save for and manage healthcare expenses with the added benefit of being able to save additional funds in an HSA to cover healthcare costs in retirement,” the company notes.

Employees are not only using their HSAs it adds, but a majority also say they have a good understanding of how their HSA works.

However, a deeper analysis shows that a full understanding of the benefits are lacking.

By the numbers

The 2019 Bank of America Workplace Benefits Report found that:

Even more worrisome is that the employers’ understanding is lacking as well:

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