A new survey shows many Americans are flatly unaware that they can use their health savings account assets accumulated in their working years to pay for health care and long-term care expenses in retirement—believing erroneously the money must be spent or be forfeited each year.
Employers are introducing more convenient and high-quality health care options.
Growing contributions and a strong equity market helped propel HSA investment assets up 53% year over year during 2017; data shows employees increasingly want advice on how to invest and eventually spend HSA dollars.
The firm's analysis found participants who also had HSA savings were more retirement ready than those who did not.
Employers can manage HDHPs, promote enrollment and satisfy compliance requirements through a single partner.