While HSAs are a vehicle for smart savings, rising costs leave many at risk of paying out-of-pocket for emergencies and hospital visits
Lively, Inc., creators of the modern Health Savings Account (HSA), today released its first annual HSA Spend Report, giving a view into the healthcare expenses that cost consumers the most each year. Findings show that the average HSA account holder will spend 93 percent of their savings on everyday healthcare costs: doctor visits and services (41 percent); prescription drug costs (25 percent); dental care (9 percent); vision and eyewear (5 percent); chiropractor (5 percent); lab work (4 percent); and other (4 percent). This leaves only 7 percent of HSA savings to cover the cost of expensive emergency and hospital visits. This trend indicates that people are unable to achieve the long-term benefits of investing HSA assets for the expected $280,000 in health costs in retirement (per couple, on top of Medicare coverage). ... |