While employers are turning to furloughs and paycuts and suspending 401(k) matching, one area they're not touchingis health savings account contributions. (Photo:Shutterstock)
The COVID-19 pandemic has hit U.S. businesses hard, and manycompanies are struggling to keep the doors open while also dealingwith new compliance issues, remote workers and rising costs. Whilelooking to cut unnecessary spending from their budgets, employeehealth care is one area for potential savings. But according to areport from Aite Group, health benefits accounts mightbe safe–for now. "The COVID-19 Pandemic's Impact on the HealthBenefit Account Industry" compiles the results of interviewsconducted in April 2020 with 25 HR executives across smallbusinesses, middle-market and large-market employers, healthbenefit brokers, and benefit administrators.
"COVID-19's economic impact has prompted employers to takedecisive cost-saving measures, impacting group insurance plans andhealth benefit accounts," says Inci Kaya, senior analyst at AiteGroup.
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