HSAs remain a mystery to half of Americans

[Insurance Forums Staff]

Insurance Forums Staff submitted a new article

HSAs remain a mystery to half of Americans

New joint study finds a big opportunity to educate consumers, employers and even advisors on the value of using Health Savings Accounts for tax-free asset growth and as a financial hedge against retirement health care costs.

Continue reading the Original Article.

 

[RGBC]

I would imagine that financial advisors/tax advisors and benefit advisors could be helpful in explaining HSA's.

However, not all HSA's are the same. They are integrated with different kinds of health plans, have different features, and have different maximums.

 

[yorkriver1]

I think it's a niche topic for at least some tax pros. One of my clients' long established accounting firm had no idea what an HSA was. CFP types would probably be more aware since they are trained to evaluate all aspects of their client's finances.

 

[yankee466]

Has anyone noticed that more and more Americans are clueless about a lot of things?

 

[Nicole Phillips]

Many people take in information and learn things on a need to know basis. Until they are affected themselves or maybe loved ones, the value of learning about something is less important so time is not invested in exploring options when it comes to HSA (Health Savings Accounts). I learned from selling a variety of Health Plans that there is a general confusion on what is being offered because some Large Companies offer HRA (Health Reimbursement Accounts) to Retirees where the company reimburses the Retiree for a percentage of Healthcare cost, including co-pays for Doctors Visits/prescriptions. With HSA (Health Savings Accounts) the individual is still working and contributing money in the account and the employer may also be contributing a % into the account to be used for eligible expenses. HSA's can rollover from year to year or not, depending on the terms of the account. Spouses may also use the account as long as they are not enrolled in Medicare. Individuals with high deductible plans will be offered a HSA to help with eligible expenses. Distinguishing between a HRA and a HSA is one of the most common challenges for Producers (Insurance Agents) and a common challenge that I myself had to address with prospects. Education is vital to consumers purchasing Health Plans and Ancillary Plans like Dental Coverage.