
As more employers offer high-deductible health plans (HDHPs), more people are opening health savings accounts (HSAs) to offset out-of-pocket spending. According to Devenir’s Year-End 2019 HSA Research Report, there has been a 348% increase in HSA ownership since 2011, going from 6.32 million to 28.32 million accounts in 2019. HSA owners can use pre-tax dollars to pay for eligible medical expenses, which is essentially like having a discount on all health care costs. They can also use the HSA as a savings and investment fund to create a solid nest egg for health care costs in retirement.
With so many new HSA owners on the scene, saving and spending patterns have emerged, and we want to talk about ways to use an HSA based on our own research and knowledge of the advantages of spending now or saving for later!
If you have an HSA but aren’t sure how to make the most of it, your main question may be: to spend or to save? We’ll give you the scoop on these options and let you decide what makes the most sense (or should we say cents?) for you!