HSA use on the Rise, but not for Retirement Savings

HSA use on the Rise, but not for Retirement Savings

More Americans are using Health Saving Accounts for medical expenses, but few are using them as retirement savings tools, finds a study from the Employee Benefit Research Institute. At the same time, HSA balances have been growing even as they’re being used to cover medical expenses.

According to the report, 77 percent of HSAs with a 2017 contribution also had a same-year distribution and the average amount distributed was $1,724, which was less than the average contribution, resulting in balance increases.

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Medicare Beneficiaries Health Expenses Rise up to 9 Percent

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