Half of Americans Don't Understand Health Savings Accounts

Half of Americans Don't Understand Health Savings Accounts

Only 51 percent of Americans say they are knowledgeable about Health Savings Accounts, or HSAs, finds a report from the LIMRA Secure Retirement Institute and Insured Retirement Institute.

According to the study’s findings, many Americans don't realize they can use their HSA assets to pay for healthcare and long-term care costs in retirement. According to the survey, 2 in 5 Americans mistakenly think HSA balances must be spent by the end of the year, or they’ll be forfeited. And, only 7 in 10 financial advisors have specifically addressed the use of an HSA to cover healthcare or long-term care costs.

Researchers say the survey shows there is much more that needs to be done to educate consumers, advisors and employers about HSAs and their benefits. The LIMRA/IRI study surveyed about 2,140 Americans, 130 financial advisors and nearly 1,500 private employers.

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