According to the latest report from lively, 96 percent of HSA savings are going to spending on care, leaving precious little to form a foundation for long-term retirement savings. (Photo: Shutterstock)
You can thank (or curse) the rising cost of health care. But health savings accounts aren't doing much to augment workers' savings toward retirement, although they have that capability.
And while some of that lack is certainly due to another lack—that of understanding by workers that HSAs can be used to boost long-term savings for retirement—the primary cause, according to data from Lively, Inc.'s second annual HSA Spend report, is that rising health care costs are eating up pretty much whatever workers are able to save.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
