In 2020, the COVID-19 pandemic changed every aspect of our lives, including how employers and employees view healthcare benefits, especially Health Savings Accounts (HSAs). 2020 underscored the need to be better prepared for health expenses and the significant financial benefits that HSAs can offer for both emergency health care spending and retirement savings for employees. When combined with a high-deductible health plan, HSAs offer savings and tax advantages that a traditional health plan can't duplicate.

Unprecedented demand for HSAs

In 2020 there was unprecedented demand for robust HSA programs as employers look for ways to control costs in 2021 and help their employees make the most of their health care dollars. Because an HSA stays with the employee, not the employer, it's also very attractive for employees worried about paying for health care costs if they are furloughed or laid off.