Just 13% of the 1,100 respondents to WEX Health’s first-ever Clear Insights report identified a health savings account (HSA) as the employer benefit that provides the most pre-tax savings.
In addition, more than half (54%) were not aware that they could invest their HSA funds in stocks, mutual funds and other investment vehicles. And, three-quarters of respondents see their HSA as a way to pay for health care expenses this year, which indicates they may not be aware that funds can be carried over into the next year. WEX Health says all these findings add up to a significant opportunity for further education on the triple-tax advantages of HSA accounts.
More than three-quarters (82%) of those who participate in high deductible health plans (HDHPs) either somewhat or strongly agree that managing their health care spending account helps them make smarter health decisions. The survey found the ways to motivate employees the most to access resources and make better health care choices are financial incentives (64%), emails (43%), online tools and resources (38%) and online ability to track employees’ health care goals (33%).
The most challenging part respondents cited in using their HSA was making sure to have enough funds set aside to cover deductibles (29%) and figuring out how much money to put in the account overall (21%).