Subscribe to Devenir’s monthly newsletter and stay up to date with the latest HSA news! Each month Devenir highlights a selection of articles to keep you abreast of the latest trends and developments in the HSA marketplace.
A summary of the articles included in the October 2020 edition:
- Employer Matching is Common in 401(k)s – and May Even Be Better in HSAs
- Top 20 HSA Market Concentration
- Employees Who Overpay For Health Insurance Tend To Under-Save For Retirement: TIAA
- BLS: High Deductible Health Plans and Health Savings Accounts
- Can You Save Too Much in a Health Savings Account?
Employer Matching is Common in 401(k)s – and May Even Be Better in HSAs
The employer-matching component of 401(k)s is designed to limit costs and incentivize participation. Why not do the same for HSAs? Employer matching worked because it dialed into some fundamental truths in behavioral economics: left to their own devices, most people don’t build savings for either retirement or health care.
Top 20 HSA Market Concentration
The HSA marketplace consists of providers from a variety of backgrounds from health plans, banks & credit unions, to technology providers. In addition to the wide range of business models, HSA providers come in many sizes as well. One of the ways we measure the impact that provider size has on the concentration in the industry is the Herfindahl-Hirschman Index (HHI).
Employees Who Overpay For Health Insurance Tend To Under-Save For Retirement: TIAA
Employers have an opportunity to help employees avoid making common mistakes in health insurance and retirement savings choices, thereby improving employee well-being and maximizing their long-term financial stability, according to a new study by TIAA Institute.
BLS: High Deductible Health Plans and Health Savings Accounts
Healthcare expenditures are a large component of the average household budget in The United States. While household healthcare insurance expenditures nearly doubled between 2010 ($1,831) and 2018 ($3,405), employer healthcare costs increased by 22.3%. This factsheet highlights HDHP and HSA estimates for private industry workers from the National Compensation Survey (NCS).
Can You Save Too Much in a Health Savings Account?
Health savings accounts were far from an overnight sensation. George W. Bush signed the legislation that allowed for HSAs in 2003, but by the end of that first decade, the accounts had still gained only about $10 billion in assets. But HSA assets have taken off since then, mirroring the growth of high-deductible healthcare plans at large.