The 2024 EBRI/Greenwald Research Consumer Engagement in Health Care Survey found that among private health plan enrollees with an HSA, individuals often chose more than one reason as to why they opened an HSA. This Fast Fact dives into the data to uncover the habits of consumers in HSA utilization.
Figure 2 The Employee Benefit Research Institute is a private, nonpartisan, and nonprofit research institute based in Two-thirds view their HSA as a savings account. Washington, D.C., that focuses on health, savings, retirement, and economic security issues. EBRI does not lobby a nd does not take policy positions. The work of EBRI is made possible by funding from its members and June 12, 2025, #535 How do you view this account? sponsors, which include a broad range of public and private organizations. For more information, visit Has an HSA 70% 66% www.ebri.org. 60% Greenwald Research is a leading independent custom research firm and consulting partner to the health and Tax Savings Drive Enrollment in wealth industries that applies creative quantitative and qualitative methods to help companies stay competitive 50% a nd navigate industry change. Leveraging deep subject matter expertise and a consultative approach, Greenwald Health Savings Accounts (HSAs) 40% offers comprehensive services to answer strategic business questions. For more information, go to 36% www.greenwaldresearch.com The Employee Benefit Research Institute (EBRI)/Greenwald Research Consumer Engagement in Health Care 30% Survey found that among private health plan enrollees with a health savings account (HSA), individuals often ### 19% 20% chose more than one reason as to why they opened an HSA. 11% 10% More than one-half reported opening it to save on taxes. Similarly, 53 percent opened their HSA to save for future health care expenses and 52 percent to take advantage of employer contributions. Four in 10 opened the account 0% Savings account Investment account Checking account None of the above to save for health care expenses in retirement. Only one-quarter opened the account to invest, and the same share opened the account to help save for retirement more generally. Source: Employee Benefit Research Institute and Greenwald Research, 2024 Consumer Engagement in Health Care Survey Two-thirds reported using the account to pay out-of-pocket expenses incurred this year or in the near term. Only 39 percent said they were using it to save for health care expenses in retirement, and only 38 percent reported using it to minimize taxes or to reduce taxable income. Figure 1 Consumers opened their HSAs to save Figure 3 on taxes and to save for future expenses. Two-thirds of enrollees with an HSA were using it to pay for current or Why did you decide to open a health savings account? near-term out-of-pocket expenses. Has an HSA How are you using your account? Has an HSA To save on taxes 56% To pay for out-of-pocket expenses incurred this year or in To have an account that I can use to save for future health 65% the near term 53% care expenses Saving for health care expenses in retirement 39% To take advantage of employer contributions 52% Minimizing your taxes or reducing taxable income To have an account that I can use exclusively for health 38% 50% care expenses To cover unexpected medical expenses, so that I can save 32% more in other accounts To help save for health care expenses in retirement 41% To pay for a mix of short-term and long-term healthcare 25% expenses To use the investment options to grow my account 27% Investing account funds in stocks, bonds, or mutual funds 24% To help save for retirement 27% Reimbursing yourself for out-of-pocket health expenses 0% 10% 20% 30% 40% 50% 60% 23% when you need the money Source: Employee Benefit Research Institute and Greenwald Research, 2024 Consumer Engagement in Health Care Survey 0% 10% 20% 30% 40% 50% 60% 70% Source: Employee Benefit Research Institute and Greenwald Research, 2024 Consumer Engagement in Health Care Survey More information about the EBRI/Greenwald Research Consumer Engagement in Health Care Survey can be found online. Enrollees can view their HSA multiple ways at the same time. Most enrollees (66 percent) viewed the HSA as a savings account. Just over one-third (36 percent) viewed the account as an investment account, while 19 percent The 2024 Consumer Engagement in Health Care Survey is an online survey of 2,011 Americans ages 21 –64 viewed the account as a checking account. with private health insurance coverage. It was fielded between October and November 2024. The survey is made possible with funding support from the following organizations: Blue Cross Blue Shield Association, CareFirst, The Cigna Group, HealthEquity, Inspira Financial, Johnson & Johnson, Segal, TIAA, and Wex. © 2025, Employee Benefit Research Institute, 901 D St. SW, Suite 802, Washington, DC 20024, 202/659-0670 | ebri.org 2 3