The 2023 Consumer Engagement in Health Care Survey surveyed 2,020 Americans ages 21–64 with private health insurance coverage. This Fast Fact reports on some of the results from the survey, including how health saving account enrollees use and view their account based upon behavior data.
Figure 3 Nearly One-Half Would be More Likely to Accumulate and Invest Unused Funds if They Were Prov Figur ided e 2 an Annual Review of Their HSA Two-Thirds View Their Balance HSA as a Savings Account Annual Review of HSA Balance 47% April 18, 2024, #499 70% Information About the Accou 64% nt Benefits and 35% How It Works Sent to You via Email 60% Access to an Online HSA Contribution The Disconnect: More View Health Savings Accounts 33% Calculator 50% (HSAs) as Investment Accounts Than Use Them This Way Ability to Add Wellness Dollars to the Account 30% 40% Reminders to Contribute via Email, Text, or 14% Mobile Push Notifications The Employee Benefit Research Institute (EBRI)/Greenwald Research Consumer Engagement in Health Care 31% Recommendations From Friends, Family, or Survey found 30% that the majority (60 percent) of health savings account (HSA) accountholders reported that they are 14% Colleagues using the account to take advantage of employer contributions. Similarly, 58 percent opened their HSA to save for future health care expenses and 52 percent to save on taxes. 20% Printed Informational Materials 12% 20% None of the Above 19% 9% 10% Figure 1 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Consumers Use Their HSAs for Various Reasons 0% Source: EBRI/Greenwald Research Consumer Engagement in Health Care Survey, 2023. Savings Account Investment Account Checking Account None of the Above To Take Advantage of Employer Contributions 60% Source: EBRI/Greenwald Research Consumer Engagement in Health Care Survey, 2023. More information about the EBRI/Greenwald Research Consumer Engagement in Health Care Survey can be found To H onlaiv ne e a.n Account That I Can Use to Save 58% for Future Health Care Expenses The 2023 Consumer Engagement in Health Care Survey is an online survey of 2,020 Americans ages 21-64 To Save on Taxes 52% with private health insurance coverage. It was fielded between October and December 2023. The survey is made possible with funding support from the following organizations: Blue Cross Blue Shield Association, HealthEquity, Inspira Financial, Segal, TIAA, and Voya Financial. To Have an Account That I Can Use Notably, there is a disconnect between how HSA accountholders report they are using and viewing the account, 52% Exclusively for Health Care Expenses and what we have learned from administrative data that are based on actual behavior. According to the EBRI The Employee Benefit Research Institute is a private, nonpartisan, and nonprofit research institute based in HSA Database, a repository of 13.1 million HSAs with $39.5 billion in assets as of Dec. 31, 2021, only 12 percent To Help Save for Health Care Expenses in 1 Washington, D.C., that focuses on health, savings, retirement, and economic security issues. EBRI does not lobby 35% of HSAs are invested. Retirement and does not take policy positions. The work of EBRI is made possible by funding from its members and sponsors, which include a broad range of public and private organizations. For more information, visit Some basic help from employers and/or providers could support accountholders’ desires to invest their balances. To Use the Investment Options to Grow My 25% www.ebri.org. Account Almost one-half of accountholders would be more likely to accumulate and invest unused funds if they were provided an annual review of their HSA balance, and one-third (35 percent) would be more likely to accumulate Greenwald Research is a leading independent custom research firm and consulting partner to the health and and invest unused funds if information about the account benefits and how it works were sent to them via email. To Help Save for Retirement 20% wealth industries that applies creative quantitative and qualitative methods to help companies stay competitive With HSAs offering triple tax advantages when used as a retirement vehicle, supporting investment efforts could and navigate industry change. Leveraging deep subject matter expertise and a consultative approach, Greenwald go far in helping workers amass suffi0% cient asse 10 ts f % or medi 20% cal and o 30t % her exp 40 ens % es once 50% they ret 60 ir% e. 70% offers comprehensive services to answer strategic business questions. For more information, go to Source: EBRI/Greenwald Research Consumer Engagement in Health Care Survey, 2023. www.greenwaldresearch.com ### While 31 percent viewed the account as an investment account, 20 percent viewed the account as a checking account. Most (64 percent) viewed the HSA as a savings account. 1 See https://www.ebri.org/publications/research-publications/issue-briefs/content/health-savings-account-balances- contributions-distributions-and-other-vital-statistics-2021-evidence-from-the-ebri-hsa-database. EBRI on Twitter @EBRI or twitter.com/EBRI LinkedIn: linkedin.com/company/employee-benefit-research-institute E EB BR RI I on on T Twitt witte er r: : @ @E EB BR RI I o or r twit twitte ter r..c com/ om/E EB BR RI I L LinkedI inkedIn: n: li linke nkedin. din.c com om/compa /company ny/e /empl mploye oyee e- -be bene nef fit it- -r re es se ea ar rc ch h- -ins insti titu tute te © 2024, Employee Benefit Research Institute, 901 D St. SW, Suite 802, Washington, DC 20024, 202/659-0670 | ebri.org 3 2