Fidelity Retirement Public Policy Director Jessica Duhamel said HSAs need to be viewed as a part of a long-term savings strategy for consumers.
She said part of the difficulty in achieving wider acceptance of HSAs is that they are complex and people aren’t used to taking measures to pay for out-of-pocket health-care costs.
Financial advisors need to become better versed in HSAs as they move more into comprehensive financial planning, said Adam Beck, vice president of employer health policy and initiatives at America’s Health Insurance Plans (AHIP).
“HSAs are an important tool for people thinking about their health-care costs in retirement," he said.
An estimated 20 million to 24 million consumers have plowed over $40 billion into health savings accounts. The plans are offered by about a fourth of smaller employers and three-fifths of larger ones.