ENP Newswire -
Release date- 10072014 - A new survey on health savings accounts' (HSAs) financial activity shows that HSA plans are a valuable financial tool for consumers, providing flexibility to cover immediate medical expenses and to save for future health care costs.
More than half (52 percent) of all account holders spent more than 80 percent of their HSA funds for health care expenses during 2012, according to the survey conducted by
'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,'
Consumers rely on HSAs when planning for future medical expenses. More than half (55 percent) of all HSAs received personal contributions during 2012. While end of the year account balances varied, roughly 80 percent of accounts surveyed had a positive balance that could be carried over to the next year to help pay for future expenses.
'The health care needs of individuals and families are diverse, and HSA plans offer consumers important flexibility and support to make the spending decisions that are right for them,' AHIP President and CEO
Key findings from the
More than half (55 percent) of all HSAs received personal contributions during 2012 and 44 percent of the accounts received employer contributions. Of those accounts, the average personal contribution was
Fifty-eight (58) percent of all accounts had withdrawals during the year. Of those accounts, the average withdrawal during 2012 was
Nineteen (19) percent of all accounts had
To learn more about the value of HSA plans, visit the
To learn more about the
To view the full banking survey, click here.
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