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Friday, July 11, 2014

Survey: HSAs Rising in Value as Consumer Financial Tool

Consumers with health savings accounts are actively using them to manage their health spending, according to the third survey from ABA’s HSA Council and America’s Health Insurance Plans. The numbers indicate that HSAs offer bank customers the flexibility to plan for routine and unexpected medical expenses with tax-favored savings.

Tracking 1.4 million HSAs managed by five bank custodians in 2012, the survey found that 52 percent of account holders spent over 80 percent of their HSA savings for health care that year. HSAs have also been growing rapidly, with 64 percent of accounts open at the end of 2012 having been opened in the previous three years.

“This study confirms that HSAs are being used as they were designed: to pay for routine health care needs and to save towards future medical expenses,” ABA SVP Kevin McKechnie said. “HSAs have the advantage of offering consumers greater choice and control over their health care.”

View the results.

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