High deductible health plans do a ton of good. They save money for employees and employers. They increase, to some extent, consumerism, and by virtue of an employer offering a high deductible plan, employees have the opportunity to enroll in a Health Savings Account which provides triple tax-free treatment of HSA contributions – tax free to contribute, tax free to withdraw and tax free on investment earnings! However, there are several problems:
Problem 1: Approximately 1 in 3 adults enrolled in an HDHP haven’t opened an HSA (SHRM, Nov. 2020)
Problem 2: Among those with an HSA, most had not contributed money into it in the past year (JAMA Network, July 2020)
Problem 3: The average balance is only $2,803 (EBRI, Jan 2020) and people with $3,000 or more in their HSAs (2016) were more likely to visit their primary care doctors or specialists
When an unexpected, unplanned medical expense is in your sights, what would you do?
Lane Health can help. Check, out www.lanehealth.com for information on our unique Advance feature.
Story to be continued…….