However, employers that are positioning HSAs as an investing option should make sure to choose an HSA provider that aligns with that strategy. (Photo: Getty)

For employers struggling to contain rising health care and health insurance costs, as well as provide employees with attractive retirement savings options, HSAs and qualified consumer-driven health plans (CDHPs) are a powerful, comprehensive solution. In 2018, nearly one in three employers offered a consumer-driven health plan option, according to the Kaiser Family Foundation's most recent Employer Health Benefits survey.

However, employee understanding of HSAs and CDHPs is woefully behind. According to a recent report by the LIMRA Secure Retirement Institute and Insured Retirement Institute (IRI), half of respondents considered themselves either "not at all knowledgeable" or "not very knowledgeable" about HSAs' features and benefits. In addition, 40 percent of respondents incorrectly believed HSA funds must be spent by the end of the year to keep them from being forfeited, like a flexible spending account (FSA).

Related: HSAs: Moving from spending to saving to strategizing