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stylized green HSA card with bandage (Photo: Shutterstock)

Health savings accounts (HSAs) have taken a heavy hit from the pandemic, unemployment and the worry caused by both. Investing fell sharply for the 80 percent of account holders who do not already heavily invest in their HSA funds, according to the second annual HSA Account Holder Insight report from Lively.

“We knew that Americans were withdrawing funds from their IRAs and 401(k)s due to the pandemic,” said Shobin Uralil, COO and cofounder of Lively. “But this sharp decline in HSA investing shows just how much COVID-19 has threatened the confidence of the millions of people currently saving for retirement. People need more personalized and consumer-friendly tools in their hands to help them get back on track and prepare for future health events.”

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