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A summary of the articles included in the January 2021 edition:
- The Changing Attitude Toward HSAs
- Employee vs. Individual HSA Contributions
- HSAs and the Employer’s Role in the Development of an Equitable Plan Environment
- Now is the Time to Get Smart on HSAs
- There Are Crucial Differences in How Working Families Think About and Use HSAs, HealthEquity Survey Finds
- Alegeus: 2021 Health Benefits Outlook
The Changing Attitude Toward HSAs
Health savings accounts (HSAs) have long been regarded as effective savings vehicles to pay for health care expenses in retirement, but the medical crisis of the COVID-19 pandemic has many employers rethinking HSAs for the future.
Employee vs. Individual HSA Contributions
One interesting HSA datapoint that our team has been tracking is the behavior of accountholders who are associated with an employer group versus accountholders who are not. Over the last three years, employer associated HSAs have seen the highest average contributions.
HSAs and the Employer’s Role in the Development of an Equitable Plan Environment
The COVID-19 pandemic has caused immense financial pressure among Americans of all walks of life, reinforcing the need for greater health and wealth engagement so working Americans can make informed decisions when it comes to their health care costs, especially around HSAs. Fortunately, employers have the opportunity to lead the way by supporting and educating all employees when it comes to their health and wealth.
There Are Crucial Differences in How Working Families Think About and Use HSAs, HealthEquity Survey Finds
The COVID-19 pandemic has been challenging for everyone, but it’s been especially difficult for working families, according to a new national omnibus survey from HealthEquity. The study found that nearly half of full-time workers had to make financial sacrifices in the past six months due to healthcare costs. The strain on workers with children at home is even greater – a full 63% of these respondents say they have gone without healthcare or cut spending in other areas to afford healthcare.
Alegeus: 2021 Health Benefits Outlook
CDH has historically faced two considerable challenges: a lack of the right tools to help consumers navigate their own health, benefits and healthcare finances; and a lack of consumer engagement with accounts. COVID-19 threw a wrench in the CDH industry, like it did for many others. However, we’ve also seen some surprisingly positive changes. Healthcare plans and providers have turned to tools and technology like never before, helping to narrow the gap in availability. We’ve also seen a steady return to normal healthcare spending levels.