spons Notabl oy, t rs, wh herie i ch s a inc dliude sconne a br ct oad betrw ang eee of n how publ HSA ic an ac d p cou rivat ntho e lor der gani s repor zation t ts. For hey ar e m us orie i ng an nford vi matewing ion, vitsi he t account, and www w .ebr hat w i.oe rghav . e learned from administrative data that are based on actual behavior. According to the EBRI H SA Database, in a repository of 13.1 million HSAs with $39.5 billion in assets as of Dec. 31, 2021, only 12 1 per Gree cent nw a of ld R HSA esea s a rch re iinve s a st leed. ading independent custom research firm and consulting partner to the health and April 20, 2023, #466 wealth industries that applies creative quantitative and qualitative methods to help companies stay competitive Some and na b vas iga ic he te indu lp fst rorm y ch em an pl ge. Leve oyers and rag /or ing d prov ee ide p sub rs coul jectd suppo matter expe rt acco rtiunt se ah nd old a c ers on ’ d sul estiat reis ve to app inve roac st th, G heir b real enw anc al es d . N ofea fer rs ly com 40 p pr er ec hens ent i of ve H se SA rvi ac cecoun s to an tho swer lder s st r repo ategi rtc bus ed the ines y ws q oul ues d b te m ions. Fo ore lr ikel mor y t e oi a nfcc orum maul tion ate , go and to invest unused m ww on w ies .gr iee f tnw hey w aldrer ese e pr arch. ovico ded m w ith an annual review of their HSA balance. One-third would be more likely to The Disconnect: More View Health Savings Accounts i nvest if information about the account benefits and how it works were sent to them via email. One-quarter would be more likely to accumulate and invest unused funds if### they wer e able to access an online HSA contribution (HSAs) as Investment Accounts Than Use Them This Way ca lculator or if they had the ability to add wellness dollars to the account (Figure 3). With HSAs offering triple tax advantages when used as a retirement vehicle, supporting investment efforts could go far in helping workers The Employee Benefit Research Institute (EBRI) and Greenwald Research Consumer Engagement in Health Care amass sufficient assets for medical and other expenses once they retire. Survey found that the majority (62 percent) of health savings account (HSA) accountholders reported that they are using the account to pay for out-of-pocket expenses. And most (69 percent) viewed the HSA as a savings account. Figure 3 However, 24 percent of HSA accountholders reported using their account to invest in stocks, bonds, or mutual Four in Ten Would be More Likely to Accumulate and Invest Unused funds (Figure 1). One-third (32 percent) viewed the account as an investment account (Figure 2). Funds if They Were Provided an Annual Review of Their HSA Balance Figure 1 Annual Review of HSA Balance 39% Consumers Use Their HSAs to Pay for Current Expenses TIn o P forma ay fo tio r n A Out- bo of-P ut th oc ek A et E ccou xpe nt ns Bes en In efic ts urr aed nd 32% 62% HoT w I hit s W Ye oar or rks S ie n t nt hto e Ne Yoar T u Via erm Email Ability to Add Wellness Dollars to the Account 25% Saving for Health Care Expenses in Retirement 46% Access to an Online HSA Contribution 25% Minimizing Your Taxes or Reducing Taxable Calculator 43% Income Reminders to Contribute via Email, Text, or 15% To Cover Une Mob xip leec Pted ush Me Nod tiifi cc al a E tio xn ps enses, so 30% That You Can Save More in Other Accounts Recommendations From Friends, Family, or 13% Colleagues Investing Account Funds in Stocks, Bonds, or 24% Mutual Funds Printed Informational Materials 12% To Pay for a Mix of Short-Term and Long-Term 22% Health Care Expenses None of the Above 30% Reimbursing Yourself for Out-of-Pocket Health 22% Expenses When You Need the Money 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0% 10% 20% 30% 40% 50% 60% 70% Source: EBRI/Greenwald Research Consumer Engagement in Health Care Survey, 2022. Source: EBRI/Greenwald Research Consumer Engagement in Health Care Survey, 2022. Figure 2 More information about the EBRI/Greenwald Research Consumer Engagement in Health Care Survey can be Seven in Ten View Their HSA as a Savings Account found online. 80% 69% 70% The 2022 Consumer Engagement in Health Care Survey was an online survey of 2,015 Americans ages 21– 64 with private health insurance coverage. It was fielded in October and November of 2022. The survey is 60% made possible with funding support from the following organizations: Blue Cross Blue Shield Association, 50% HealthEquity, Millennium Trust Company, Segal, TIAA, UMB Financial, and Voya Financial. 40% 32% The Employee Benefit Research Institute is a private, nonpartisan, and nonprofit research institute based in 30% Washington, D.C., that focuses on health, savings, retirement, and economic security issues. EBRI does not lobby 18% 20% and does not take policy positions. The work of EBRI is made possible by funding from its members and 11% 10% 0% 1 Savings Account Investment Account Checking Account None of the Above See https://www.ebri.org/publications/research-publications/issue-briefs/content/health-savings-account-balances- Source: EBRI/Greenwald Research Consumer Engagement in Health Care Survey, 2022. 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 © 2023, Employee Benefit Research Institute, 901 D St. SW, Suite 802, Washington, DC 20024, 202/659-0670 | ebri.org 2 3