Half of Americans Don't Understand Health Savings Accounts
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.