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Take charge of health care expenses through an HSA

This article provides some insight into a study analyzing the trends in health savings accounts recently released by the Employee Benefits Research Institute (EBRI).

In July 2017, The Employee Benefits Research Institute (EBRI) released a study analyzing the trends in health savings accounts (HSAs), including account balances, contributions, distributions and investments.

One of the key findings from the report states that ‘most account holders appear to be using the accounts to cover current expenses.’ In fact, the report states that 63 percent of HSAs had a distribution in 2016, which was, on average, $1,771.

The research shows that those with an HSA are using it to pay for and manage their health care. It’s clear that as health care costs continue to rise, more Americans want to take charge of their health care costs, just as they do with other purchases. And health savings account—with its triple tax advantage—is one way to do this.

As one of the top administrator of HSAs, our goal at SelectAccount is to make saving and spending for health care easy for our members. Education remains at the core of our work, not only to help those considering an HSA understand the benefits, but once an account is established, arming our members with easy to use tools so they can shop and spend wisely on health care expenses.

View the full EBRI report at ebri.org

Source: Paul Fronstin, “Trends in Health Savings Account Balances, Contributions, Distributions, and Investments, 2011‒2016: Statistics from the EBRI HSA Database,” EBRI Issue Brief, no. 434, (Employee Benefit Research Institute, July 11, 2017).

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