HSA Awareness and Knowledge
Of the 28% of eligible employees surveyed (those who have a high-deductible health plan), only 17% have opened an HSA. This low rate of adoption could relate to lack of awareness about HSAs, considering only half of those surveyed reported that their employer offered the option to enroll. This means that employers need to do a better job of educating employees about the key benefits of an HSA and how it works.
Among those who have an HSA, 44% say they know a little or nothing about what their HSA is and how to use it, while 84% of non-users say they know little or nothing about HSAs. There are also major knowledge gaps among users and non-users related to critical aspects of the HSA, including eligibility, qualified HSA spending, contribution limits, whether funds roll over year to year, and if the account goes with them when they change jobs.
Despite the lack of awareness among employees, there is a silver lining. Almost all HSA owners say they would like to learn more about how the savings account works, and 36% would like to learn this information directly from their employer. Non-owners would also like to learn more and say they’d consider opening an HSA account if they know more about how it will save them money, if they qualify, how easy it is to use, if it offers tax savings, and if funds roll over year to year.