What Have We Learned About HSA Education?

Amidst a growing convergence of health concerns and retirement savings, the Plan Sponsor Council of America, part of the American Retirement Association, today launches its second annual employer survey of health savings account practices and experience. 

In last year’s inaugural survey, employee education was identified as the primary concern regarding HSAs by more than 60% of respondents. In fact, as a relatively “new” option, many workers – and even some employers – are not well versed in HSA-capable health coverage requirements and options. This year’s survey will further explore employer concerns and barriers they face regarding employee education.

Sponsored by Empower Retirement, the survey is designed to gather HSA design and administration practices of plan sponsors and measure their perceptions of HSAs as a retirement savings vehicle. The survey is the only one of its kind – providing independent benchmarking data not found anywhere else.

“Employers vying for talent in an increasingly competitive labor market have found that today’s HSAs can be a valuable component of an employer’s total rewards strategy,” notes Principal Researcher Jack Towarnicky.  “The 2019 HSA Survey confirmed the growing perception of HSAs as a key component of a holistic retirement savings strategy and we expect that this year’s survey will illustrate the continued evolution of this benefit”.

The survey can be accessed at https://www.psca.org/research - the deadline for participation is March 20th.   

Preliminary results from the second annual HSA Survey will be shared at the Plan Sponsor Council of America’s National Conference in New Orleans, Louisiana, May 14-15.  Details about that event are available at https://pscalearn.org.