Using HSAs to cope with health and financial crises
As the COVID-19 global pandemic moves into its next phase, the financial implications of the crisis are becoming more apparent and more pressing.
By E. Craig Keohan|June 23, 2020 at 10:30 AM
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According to a survey by the National Association of Plan Advisers, 60% of plan sponsors say education about health savings accounts (HSAs) is a pressing need. In fact, 50% of Americans say they are not knowledgeable about HSAs, and 40% believe HSA funds are lost if not spent by end of year. The primary reason cited for so much confusion is lack of education. Employees struggle to understand what an HSA is and how it can help them save money tax-free for medical expenses now and in retirement.
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