Dec 08, 2021
Fifty-four percent of enrollees are very or extremely satisfied with their high deductible health plan (HDHP) after three years or more on the plan compared to 30% in the plan less than a year, according to a study by the Employee Benefits Research Institute and Greenwald Research.
Most people in traditional plans and HDHPs place great importance on the provider network, prescription drug coverage, low out-of-pocket costs, low premiums, and a simple to understand program. However, HDHP enrollees say that low premiums are more important than low out-of-pocket costs.
HSAs are being used in a variety of ways:
- 47% ─ Cover unexpected medical expenses
- 44% ─ Save for health care expenses in retirement
- Nearly 40 percent ─ Minimize taxes
- About one-third ─ Pay for a mix of short-term and long-term health care expenses or reimburse themselves for out-of-pocket expenses
- 28% ─ Invest
Many survey respondents say they would be more likely to accumulate and invest unused funds if they had an annual review of their HSA balance. One-quarter say they would be more likely to accumulate and invest unused funds if they had online information about the account benefits and how the plan works.
Enrollment in health savings account (HSA)-eligible health plans and health reimbursement arrangements dipped one point to 18 percent in 2021, after reaching a record high in 2020. Enrollment fell modestly from 15 percent to 13 percent in health plans with high deductibles that were not eligible to be paired with an HSA account.
