Three quarters of sponsors require a minimum balance of at least $1,000 to invest assets beyond money market funds or cash.(Photo: Shutterstock)
Employees still don't really get the potential of health savings accounts as a retirement planning tool, and 60 percent of plan sponsors say that employee education is a dominant concern.
That's according to Plan Sponsor Council of America's inaugural survey on HSA plan design and use, which finds that while assets in HSAs are quickly increasing, workers still don't understand how they can use those accounts to save for retirement.
While 56.6 percent of sponsors rely on “how-to” guides and 59.9 percent use group presentations to school employees on the ins and outs of HSAs, only one out of five sponsors offer multiple education outreaches multiple times a year. Instead, 76.4 percent say their HSA education is offered during open enrollment.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
