As Corporate Healthcare, Retirement Plans Struggle, Portability Of HSA Accounts Gaining In Importance For Users
In this environment, many users see HSAs as a way of maintaining coverage while at the same time making them more independent of job related health and retirement plans.
(PRWEB) March 7, 2006 -- With the nation’s corporations transitioning away from all encompassing corporate sponsored health and retirement benefits, portability and control are becoming more important for Health Savings Account (HSA) users.
In this environment, many users see HSAs as a way of maintaining coverage while at the same time making them more independent of job related health and retirement plans.
With more than 1,000+ respondents, the latest survey of Health Savings Account users by www.hsafinder.com shows a growing awareness and importance to resopndents of the portability of HSAs from job to job.
Equally as important, in the three surveys done since December, 2004, Information Strategies, Inc., parent of www.hsafinder.com has surfaced a growing awareness of this aspect of HSAs.
Other Factors
While affordability and retirement planning still play a key role, portability has shown a marked rise as a decision factor in comparison with other reasons for choosing an HSA.
In its February study this year, portability was cited as one of the most important reason for choosing an HSA by a large plurality of respondents.
Equally as important, portability was cited across all age groups as the most important issue.
According to Dr. Kenneth E. Lehrer, a Houston, TX economist who has been studying HSAs since their enactment, “this trend reflects a larger wave of changes affecting the American economy.”
“Companies of all sizes are not capable of sustaining the double-digit growth in healthcare costs. They are passing more and more of the cost onto employees who in turn are becoming more aware of their own vulnerability,” he added.
Corporations Reneging On Retirement Promises
“Given the recent spate of major corporations that have modified or dropped their retirement plans, having control of one’s retirement account is gaining more importance,” Lehrer said in reviewing the data.
HSAs are made up of two parts, a high-deductible healthcare insurance plan and an independently managed custodial account pay medical bills and build a retirement nest egg.
Information Strategies, Inc. is a Ft. Lee, NJ firm serving the business, healthcare and human resource sectors.
For more details on this survey and other aspects of HSAs, please go to www.hsafinder.com
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