People simply don't think of health savings accounts as a long-term option. As a result, they overlook HSAs' value as a long-term savings tool.
That's one finding in a study from UMB Healthcare Services, which found that not even one percent of people in the study maxed out their allowable contributions. People are so used to using HSAs the same way they use their flexible spending accounts (FSAs)—which are bound by use-it-or-lose-it rules—that they overlook the long-term nature of HSAs.
The study builds on an HSA Consulting Services white paper recently released that pointed out the benefits of long-term investing within an HSA as a potential retirement savings tool.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
