NAPA Net - Polling Places 042922

(How) Have HSAs Changed?

Last fall the Plan Sponsor Council of America published its third annual HSA survey identified some interesting trends in the development and deployment of heath savings accounts – this week we’d like to know how they’re fitting in with your practice(s).

So we all know – and have likely touted – the “triple tax” advantages of health savings accounts, perhaps discussed strategies to maximize their utilization alongside the 401(k), and counseled on the opportunities for these accounts to blunt what remains one of the biggest concerns of those in, or planning for retirement – health care costs.

That said, despite gains in other areas, employers’ main concern regarding their HSA program remains…participant education. In fact, more than 80% of employers cited employee education as their top HSA concern. The top education priority for more than 60% of survey respondents was explaining HSA tax preferences, followed distantly by explaining contribution limits.

So, as we head toward this year’s open enrollment period, we wanted to check in and see how – or if – HSAs are part of your focus – how that might have changed over the past couple of years (or not) – and if you have a PERSONAL investment there.

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* 1. How long have you been working with HSAs as part of your practice focus?

Less than a year.

1-2 years.

2-5 years.

More than 5 years.

I don't work with HSAs.

Comments about that experience (or lack thereof)? How did you get started working with HSAs?

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* 2. Do your current plan sponsor clients offer health savings accounts as part of their benefit programs?

Yes, all of them.

Yes, some of them.

No, none of them.

Not sure.

Yes, most of them.

Yes, but only a few of them.

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* 3. How does that compare with pre-COVID levels of interest/adoption?

It's picked up some.

It's picked up a lot.

It's dropped off a lot.

It's about the same.

It's dropped off some.

any comments?

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* 4. Were/are you involved with the education, administration or sale of the HSA?

Yes.

Yes, most of them, anyway.

Only some of them.

No.

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* 5. In the HSAs you work with, are participants permitted to invest in more than money market funds?

Yes.

Yes, most of them.

Only some of them.

No.

Not sure.

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* 6. If participants in the HSAs you work with are permitted to invest in more than money market funds, do they?

Yes.

Yes, most of them.

Yes, some of them.

Yes, but not many of them.

The participants in the HSAs I work with aren't permitted to invest in anything besides cash/money market.

I don't work with HSAs.

I don't know.

They \Not sure.

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* 7. Other comments about HSAs, working with HSAs, working with investments on HSAs, the need to increase limits on HSAs, or life in general?

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* 8. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

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* 9. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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* 10. Suggestions for future survey questions?

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* 11. All responses are anonymous and confidential, of course - but if you'd like me to know who you are, or allow for a response, you can leave your email below...