HSA consumers make thoughtful choices when it comes to healthcare spending.
A recent survey of over 1,400 participants revealed that HSA participants are more savvy healthcare consumers as it relates to healthcare concepts and savings. This includes healthcare terms and documentation. Basically, navigating the jargon in the health space to find better (and more efficient) savings.
Healthcare Saving Report
Two key highlights from this health savings analysis. HSA consumers are more likely to:
- Research their healthcare choices
- Make cost-based healthcare decisions.
These spending behavior shifts lead to more practical healthcare decisions for HSA participants.
The Surprise: HSA Investing
In contrast to this positive cost savings behavior, only 13% of participants invested their HSAs and 11% maximized their yearly HSA contributions.
Outside factors like income, spending and healthcare premiums costs are likely influencing these results. It is surprising none the less. The access and the high cost of HSA accounts fees and investing are playing a role in skewing these results as well. This is why Lively is free for individuals and families and free to invest through TD Ameritrade.
The confidence HSA accounts create for participants enables more efficient healthcare spending habits. HSA participants often take a longer-term savings view. They understand the value of health saving for today, tomorrow and well into retirement. Modern HSA providers will only increase these results, and HSA savings, in the years to come.
If you need more help with health account decisions, check out our blog. We will make you a healthcare benefits expert in no time, without any extra work or effort on your end.
Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.