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One-Third With HSAs Spend Most of Contributions for Reimbursements

March 22, 2011
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Related Topics: Medical Benefits Law, Compensation Design and Communication, Benefit Design and Communication, Health Savings Account (HSA), Health Care Costs, Health Care Benefits, Latest News
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More than one-third of individuals with health savings accounts spend more than 90 percent of annual contributions made to their accounts for reimbursements on medical expenses they incurred during the year, according to a new analysis.

The Fidelity Investments analysis of about 74,000 HSAs in 2010 also found that nearly 25 percent of HSA holders used less than 10 percent of annual contributions on reimbursements, while about 40 percent used between 10 and 90 percent of annual contributions on reimbursements.

The balances carry over to the next year.

Contributions to HSAs averaged $2,620 in 2010, including individual and employer contributions, down slightly from $2,647 in 2009.

This year, the maximum contribution that can be made to an HSA is $3,050 for those with individual coverage and $6,150 for those with family coverage.

The analysis is available at fidelity.com/inside-fidelity/employer-services/hsa-update-03-2011.  

Filed by Jerry Geisel of Business Insurance, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

 

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