• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

  • COVID-19
  • Opinion
  • Health IT
    • Behavioral Health
    • Care Coordination
    • EMR/EHR
    • Interoperability
    • Patient Engagement
    • Population Health Management
    • Revenue Cycle Management
    • Social Determinants of Health
  • Digital Health
    • Artificial Intelligence
    • Blockchain
    • Mobile Health
    • Precision Medicine
    • Telehealth
    • Wearables
  • Startups
  • M&A
  • Value-based Care
    • Accountable Care (ACOs)
    • Medicare Advantage
  • Life Sciences
  • Research

4 Common Misconceptions About Health Savings Accounts (HSAs)

by Jasmine Pennic 10/29/2019 Leave a Comment

  • LinkedIn
  • Twitter
  • Facebook
  • Email
  • Print

4 Common Misconceptions About Health Savings Accounts (HSAs)

– Alegeus report uses participant data to debunk four common misconceptions about health savings accounts (HSAs) that consumers have about HSAs.

Alegeus, a provider of consumer-directed healthcare (CDH) solutions unveiled part two of its research series on health savings account (HSA) participants, the 2019 Alegeus HSA Participant Profile. For the report, Alegeus conducted a survey of more than 1,400 U.S. healthcare consumers in order to:

• Measure the general understanding of HSAs among participants

• Gain perspective on real (versus perceived) account holder characteristics

• Understand how participants are using their accounts for current and future expenses

The premise of healthcare consumerism is that, if given more financial responsibility for healthcare and empowered to make more informed decisions, consumers will make better choices that lead to improved health outcomes and decreased overall healthcare costs. 

Debunking 4 Common HSA Myths

The research report reveals HSA participants to be America’s savviest healthcare consumers and uses the same data to debunk four common misconceptions about health savings accounts (HSAs) that include:

HSA-qualified health plans are only for the healthy and wealthy: HSAs support a diverse group of participants who have middle-class incomes ($72.4k is the average household income), families (52 percent have children), and even chronic conditions (10 percent consider themselves to be unhealthy).

HSAs lead consumers to avoid seeking care: Most HSA participants (80 percent) claim to make healthy lifestyle choices and smart healthcare decisions. In fact, only four percent of HSA participants say they avoid care.

HSAs are for short-term expenses, not long-term/retirement savings: Many consumers don’t realize that HSAs are more flexible and offer greater tax benefits than a 401(k). An optimized healthcare savings strategy will include both a 401(k) and an HSA.

Saving and investing in an HSA is not a top priority for account holders: Today, only 13 percent of participants say they invest their HSA dollars for growth; however, their balances are growing and nearly 60 percent say they may start investing soon. These are signs that HSA participants are beginning to understand the importance of saving for the future.

What The Key Findings Mean for Consumers

The report confirms that HSA participants are engaged in their healthcare decisions, and they will continue to get better value for every dollar they spend or save as they contribute and use their accounts. In addition, education, and guidance continue to be a central theme to drive HSA adoption and participant use.

HSAs Are The Foundation for Healthcare Dollars

“Health savings accounts are the foundation for Americans to get better value for their healthcare dollars,” said Steven Auerbach, Alegeus CEO. “That is why, earlier this year, we unveiled the industry’s first Smart Account that uses artificial intelligence (AI) and machine learning to meet consumers where they are – guiding them to save for the future and ultimately unlock the full tax advantages these accounts offer.”

  • LinkedIn
  • Twitter
  • Facebook
  • Email
  • Print

Get in-depth healthcare technology analysis and commentary delivered straight to your email weekly

Reader Interactions

Primary Sidebar

Subscribe to HIT Consultant

Latest insightful articles delivered straight to your inbox weekly.

Submit a Tip or Pitch

Knowledge Hub

 How Top Health Plans Use AI to Save Money and Work Smarter How Top Health Plans Use AI to Save Money and Work Smarter

 How to Build Hybrid Care Models Around Remote Patient Monitoring How to Build Hybrid Care Models Around Remote Patient Monitoring

Trending

Metriport Launches Open-Source API to Instantly Pull Medical Records from Any EHR

Metriport Launches Open-Source API to Instantly Pull Medical Records from Any EHR

Nearly Half Of Consumers Report Their Healing has Been Directly Impacted by Difficulty Paying Medical Bills

Consumers Cite Healthcare Affordability as Biggest Concern to Paying Medical Bills

Mayo Clinic, GE HealthCare, Partner on Medical Imaging and Theranostics Innovation

Roundups: 16 Recent Strategic Digital Health Partnerships

How Telehealth Can Combat Clinician Burnout

How Telehealth Can Combat Clinician Burnout

Q/A: DocStation CEO Shares How AI Will Help Pharmacies Use the DIR Fee Changes to Their Advantage

Q/A: DocStation CEO Shares How AI Will Help Pharmacies Use the DIR Fee Changes to Their Advantage

Debunking Myths About Virtual Care to Drive Health Equity

Debunking 3 Myths About Virtual Care to Drive Health Equity

Provider AI Strategy Moves From The IT Dept. To The C-Suite

Notable Launches ChatGPT-Like Assistant for Patients

Notable Launches ChatGPT-Like Assistant for Patients

Intermountain to Replace Cerner with Epic Enterprise EHR by 2025

Intermountain to Replace Cerner with Epic Enterprise EHR by 2025

M&A: PE Firm Acquires NextGen Healthcare EHR for $1.8B

M&A: NextGen Healthcare EHR Acquired by PE Firm for $1.8B

Secondary Sidebar

Footer

Company

  • About Us
  • Advertise with Us
  • Reprints and Permissions
  • 2023 Editorial Calendar
  • Submit An Op-Ed
  • Contact
  • Subscribe

Editorial Coverage

  • Opinion
  • Health IT
    • Care Coordination
    • EMR/EHR
    • Interoperability
    • Population Health Management
    • Revenue Cycle Management
  • Digital Health
    • Artificial Intelligence
    • Blockchain Tech
    • Precision Medicine
    • Telehealth
    • Wearables
  • Startups
  • Value-Based Care
    • Accountable Care
    • Medicare Advantage

Connect

Subscribe to HIT Consultant Media

Latest insightful articles delivered straight to your inbox weekly

Copyright © 2023. HIT Consultant Media. All Rights Reserved. Privacy Policy |