A Health Savings Account (HSA) is one of the new must-haves for employees.
Beyond the expected standbys like medical and dental insurance, most employees now also expect a Health Savings Account (HSA), and it’s a trend that’s gaining momentum.
Why? An HSA, offered alongside a High Deductible Health Plan, provides a triple tax advantage. Employees can use pre-tax dollars to pay for qualified healthcare expenses and enjoy tax-free asset growth for future needs, like retirement healthcare expenses.
Right now, the addressable market for HSAs is poised for growth: 86% of employees are interested in their employer providing an HSA, an increase of 5 percentage points over just two years ago.
Yet the number of employers offering an HSA has fallen.
Over the past three years, the number of employers reporting that they offer an HAS to employees has fallen by 3 percentage points. This is where the opportunity exists for employers and benefits consultants to understand employee benefits expectations and how HSAs can benefit their employees and their business.