Though reports have shown the steady growth of health savingsaccounts, in actuality, few consumers use the health savingsvehicle.

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Just 8 percent of Americans have an HSA, according to a newsurvey from InsuranceQuotes.com. That's despite the fact that 50percent say they recognize the benefits and would consider usingone.

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The reason for not doing so? Probably because most consumersremain confused over them: 86 percent say they don't understandHSAs, explaining they don't know how to qualify for one, whichmedical expenses can be paid for using the account or what theother financial benefits might be.

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Specifically, 52 percent incorrectly think they can use HSAs topay for over-the-counter medications, and 51 percent believe theycan use HSAs to pay for premiums. And only 14 percent know an HSAmust be paired with a high-deductible health insurance plan.

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Princeton Survey Research Associates International surveyedabout 1,000 Americans in February and the findings underscore theneed for more information about the value of HSAs, experts say.

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“With the advent of Obamacare, more Americans are eligible for ahealth savings account than ever before, but most unfortunatelydon't have the necessary information to take advantage of them,”said Laura Adams, InsuranceQuotes.com's senior analyst.

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She emphasized benefits of HSAs, including that unused fundsthat can roll over from year to year and its use as a potentialretirement savings vehicle.

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Investment consulting firm Devenir also recently reported HSAsgrew to an estimated $19.3 billion in assets and 10.7 millionaccounts by the end of 2013. Assets have since grown to more than$20 billion during January.

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Meanwhile, the percentage of employers contributing to theiremployees’ health accounts reached its highest level in years,according to the Employee Benefit Research Institute.

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