Health savings accounts, or HSAs, have become a significant and growing part of American workers’ benefit programs, and, increasingly a significant component of their retirement savings strategy.
To better understand how these programs are designed and administered, the Plan Sponsor Council of America (PSCA), a part of the American Retirement Association (ARA), has opened its first annual HSA benchmarking survey.
Enrollment in high-deductible, HSA-eligible health plans covered nearly 3 in 10 employees in 2017, and more than three-quarters of HSAs, 77%, were created since 2014, according to the non-partisan Employee Benefit Research Institute (EBRI). “Due to the growing importance and prevalence of HSA plans since their creation in 2003, PSCA has identified this as a key area for plan sponsors,” said Hattie Greenan, Director of Research and Communications. “We rely on input and participation from the plan sponsor community in order to continue to highlight significant trends and innovations with regard to HSAs plans and their role as retirement savings vehicles.”
Sponsored by Empower Retirement, the survey is designed to benchmark plan sponsors’ use of HSA plans and measure their perceptions of HSAs as a retirement savings vehicle. The deadline for participation is March 8.
Plan sponsors can participate in the survey at https://www.cvent.com/d/mgq04w. Participating plan sponsors will receive a copy of the full results.
Advisors and providers that successfully refer clients to the survey will also receive a free copy of the survey report – those interested can request a sample solicitation e-mail at email@example.com.
Questions regarding the survey can be directed to firstname.lastname@example.org.