While 36 percent of advisors admit they don't really get how HSAs work, 40 percent claim that clients don't understand them either and close to half say clients see HSAs strictly as spending accounts. (Photo: Shutterstock)
According to a new survey of registered investment advisors from HealthSavings Administrators, despite the triple tax advantages of health savings accounts, the majority of RIA survey respondents—nearly 60 percent—are not offering HSAs to their clients.
In fact, 26 percent say they don't even talk to their clients about HSAs.
And even when they do offer them, 47 percent present them to clients as spending accounts, while 72 percent position them as savings accounts—relegating them to a short-term view rather than the long term that using them as investment accounts can provide.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
