By Lauren Bikoff, MLS
An HSA plan is a major factor in consumers saving for future health care expenses.
Over half of Americans are not saving for health care expenses, and one in five insured are not confident they can cover unexpected medical expenses over the next year, according to recent research from HSA Bank.
The survey of 2,000 adults found that employees enrolled in a health savings account (HSA)-eligible health plan were more likely to save for health care (37 percent) than consumers enrolled in other plan types, such as PPOs (29 percent) or HMOs (25 percent). Income was also a factor in whether individuals were saving for health care expenses. Roughly one-third of consumers with a household income over $75,000 are saving frequently for health care, which is more than the average consumer (25 percent).
In addition, the report found that consumers are not reviewing costs prior to receiving routine medical services like doctors’ visits, diagnostic tests and lab fees. In fact, only half of Americans consider the cost before receiving services with 26 percent listing "frequently" and 22 percent listing "occasionally."
"Ultimately, consumers can become better prepared for health care costs by increasing their financial awareness through things like price transparency tools and engaging in healthy financial habits like contributing to an HSA," stated Chad Wilkins, president of HSA Bank. "Consumers that are more engaged and educated about their healthcare options can be empowered to make better financial decisions for the future."
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