HSA Enrollees Manage Their Health Better

Employees who contribute to health savings accounts (HSAs) generally become more engaged in managing their health after enrolling, according to a survey by Buck Consultants, A Xerox Company. In fact, respondents had greater engagement with each of 11 health management activities measured. For example, 51% of respondents set aside more money for potential medical costs than what they had set aside before they had an HSA. Twenty-nine percent have more discussions with their doctors about the cost of care and 13% are more active in managing their chronic disease.

In fact, respondents had greater engagement with each of 11 health management activities measured. Travis Klavohn of BenefitWallet said, “Remarkably, these results are consistent across our three surveys conducted over a five-year period. The researches polled more than 23,000 members of BenefitWallet.

Ninety percent of HSA members get medical coverage through their employer. More employers are contributing to HSAs (75%) than not (25%). When ranking important HSA product features, 44% of respondents ranked the ability to view claims as most important. They ranked paying medical claims on the HSA member portal second at 35%

Klavohn said, “HSA members are making wiser health care decisions. They are evaluating costs more closely before receiving care, shopping for lower priced drugs, and choosing less costly services. They attribute their changed behavior to owning an HSA.” Forty-two percent are undecided about whether they will get health insurance through exchanges while 35% are unlikely to do so, and 23% are likely to do so. Forty-six percent expect the ACA to  increase the cost of medical insurance; 14% say it will decrease costs; and 12% say it will have no effect.

Forty-six percent of respondents say that the ACA will increase their out-of-pocket medical costs; 13% say it will decrease their costs; and 13% say it will have no effect. “HSA members’ concern about ACA-driven cost increases aligns with their heightened consumerism since the top eight out of 11 actions that occurred after enrolling in an HSA involved saving, monitoring costs and shopping wisely,” said Ruth Hunt, a principal and health engagement leader for Buck Consultants. For more information, visithttp://www.buckconsultants.com.

Last Updated 12/02/2020

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