However, EBRI found plan participants who have owned a health savings account (HSA) for 10 or more years are very likely to report (71%) that having an HSA has empowered them to make better health and financial decisions.
Sara Caddy, benefits manager at Dimensional Fund Advisors, which won an Eddy Award for HSA usage, overall participation and communication strategy, shared its recipe for success.
The majority of respondents to a survey cited other approaches for converting passive patients into active health care consumers.
An analysis also finds Millennials were especially eager to adopt health savings accounts (HSAs), nearly doubling their HSA participation from 2017.
Researchers say more can be done to encourage consumer behaviors and make them more helpful for participants in high-deductible health plans.
The latest study from the Segal Group includes plan sponsors’ picks for the top five cost-management strategies.