Approximately 20% of respondents didn't know that an HSA is portable when losing or leaving a job.Health Savings Accounts are increasingly being positioned as part of a holistic retirement savings approach rather than an account to fund current health care expenses, according to the Plan Sponsor Council of America's (PSCA) 5th Annual Health Savings Account (HSA) survey, which polled more than 500 employers about trends in design and administration as well as participant usage. More than 40% of employers indicated they present HSAs to employees as a retirement savings tool, up by 27% over two years.
HSA popularity grows
The survey found nearly 90% of eligible employees had an HSA in 2022, and 80% of those reported they contributed to their HSA, up from 72.8% in 2021. The average participant contribution in 2022 was $2,323, a decrease from the past several years, which could be a result of the pandemic and recent economic challenges, according to PSCA.
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