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A summary of the articles included in the November 2020 edition:
- Reasons to Sign Up for a Health Savings Account
- KFF: 2020 Employer Health Benefits Survey – HDHPs with Savings Option
- Machine Learning HSA Personas Reveal Industry’s Over-Generalization of Consumer Needs
- Vive and Avidia Bank Expand Their Partnership
- Alegeus Survey: Consumers Primed for HSA Education
- Assessing the Top HSA Providers for Spending and Investing
Reasons to Sign Up for a Health Savings Account
The money grows tax free, and can act as a sort of 401(k) for future health needs if invested. But just 6 percent of account holders do invest the savings. If you’re eligible for a health savings account, now may be a good time to open one.
KFF: 2020 Employer Health Benefits Survey – HDHPs with Savings Option
This Kaiser Family Foundation annual survey of employers provides a detailed look at trends in employer-sponsored health coverage, including premiums, employee contributions, cost-sharing provisions, offer rates, wellness programs, and employer practices. The 2020 survey included 1,765 interviews with non-federal public and private firms.
Machine Learning HSA Personas Reveal Industry’s Over-Generalization of Consumer Needs
Lively released its first HSA Persona Report, giving a view into how consumers are using their HSA funds. Findings show that the industry’s perception of the average HSA holder is vastly misunderstood, as a majority of people who use HSAs have just $1,050 in assets and are primarily motivated to save in case of unexpected healthcare costs. This indicates that account holders do not utilize an HSA for its long-term benefits and may need more offerings and education to start saving.
Vive and Avidia Bank Expand Their Partnership
Vive Benefits and Avidia Bank have expanded their partnership, securing a $5 million revolving credit facility to fund loans that will be advanced to Vive members. The additional support from Avidia follows their partnership with Vive in September 2019 that included sponsoring Vive’s debit card and Health Savings Account (HSA).
Alegeus Survey: Consumers Primed for HSA Education
Alegeus unveiled the results of its 2020 Consumer Pre-Open Enrollment Survey, which covers consumer preparedness for open enrollment, their knowledge of HSAs and the ongoing effects of the pandemic. The survey results indicate both positives and negatives in CDH during a year marked by a global health crisis, with many consumers feeling unprepared for open enrollment (44%) but a majority thinking more about their healthcare than in previous years (60%).
Assessing the Top HSA Providers for Spending and Investing
An in-depth evaluation of 11 health savings account providers finds signs of industry progress, though fees and transparency remain hurdles. Overall, Morningstar’s fourth annual study of HSAs finds that HSA providers improved in quality over the last year, with a number of plans cutting fees, enhancing the design of their investment menus and lowering investment thresholds.