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In the midst of trying to understand health insurance options during open enrollment, employees often miss a powerful benefit – health saving accounts (HSAs). Based on Conduent data from 200,000 employees, 43% of eligible employees don't participate in HSAs. And of those that do, 57% aren't capturing the full savings because their contributions are significantly less than the maximum ($3,650 for individuals and $7,300 for families, increasing to $3,850 and $7,750 respectively in 2023). And like a 401(K), there is a $1,000 catch-up provision for participants who are age 55 or over.
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