What's the difference between an HSA and FSA? The majority of consumers don't know. (Photo: Shuttesrtock)

How well do consumers understand HSAs? About half of Americans think they do, according to the latest research from the LIMRA Secure Retirement Institute.

A survey of more than 2,000 Americans found that 51 percent said they were somewhat or very knowledgeable about health savings accounts, with younger generations being more confident in their knowledge (59 percent of millennials and 55 percent of Gen Xers) than older generations (44 percent of baby boomers and 28 percent of the silent generation). This discrepancy is most likely attributable to the popularity of high-deductible health plans among younger, healthier consumers.

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