HSA Store, the first and leading online store dedicated to selling only products and services that are eligible with a health savings account (HSA), announced the launch of an all-new HSA Learning Center. This resource is free to HSA users, employers, HR professionals, and third-party administrators (TPAs), and is designed to boost consumer knowledge of how tax-free funds work so account holders can confidently use their HSA funds to support their unique health needs and financial goals.
Financial Technology News: Open Banking API Compliance through the Ozone API and ProductCloud Partnership
According to recent data, Americans held $137 billion in savings across roughly 38 million HSAs. In the first half of 2024 alone, users contributed over $31 billion to their accounts and withdrew $20 billion in the same time period, indicating a need for healthcare savings support. However, more than 30% of account holders – approximately 10 million people – either did not fund or closed their HSA during this time period. Despite the popularity of HSAs, reports show 1 in 2 Americans are unfamiliar with HSAs and how they work. For example, 46% incorrectly believe HSAs have a ‘use-it-or-lose-it’ rule and 51% are unaware that HSA dollars can be invested.
“Education is the biggest roadblock to HSA adoption, utilization, and greater savings for consumers, which is why our HSA Learning Center is designed to increase HSA knowledge and confidence, and inspire individuals to use their account to achieve maximum savings for their unique situations,” said Itamar Romanini, vice president and general manager of HSA Store. “According to a survey from VISA, 92% of HSA users want to learn more about their account, which demonstrates the need for resources like our Learning Center, which delivers objective expertise and personalized tools to help consumers maximize this tax-free benefit to support their health and financial goals now, and in the future.”
Financial Technology News: Assessing the Implications of Increased Start-Up Financing on UK Economic Resilience
Consumers and HR teams will benefit from the following features of the HSA Learning Center:
- Personal mapping quiz and tools to help account holders identify their HSA goals and ideal usage.
- Goal-Based Learning Modules to teach account holders about the basics of an HSA and how to confidently use this account. This resource features six personalized learning tracks, tailored to the needs of various users from new account holders to retirees. Module topics include: how to open an HSA, how to use an HSA without pre-funding, ways to build a savings fund, how to invest and grow HSA funds, and ways the account can be managed in retirement.
- Learn-to-earn quizzes that reward users with HSA Perks Points as they advance through the educational activities.
- Easy access to HSA Store’s comprehensive, searchable HSA eligibility list; HSA Tax Savings Calculator; Projected Future Value Calculator; and the HSA Expense Dashboard and ExpenseTracker™ App.
“When individuals don’t understand their benefits, they don’t use them. Not only is that a detriment to their personal financial goals, but it also negatively impacts benefits adoption for HR teams,” said Romanini. “The HSA Learning Center solves this challenge for employers, while simplifying HSAs for consumers and giving them the confidence to fit their HSA to their lifestyle, whether they have not yet funded their account or they are are activity funding and using their HSA for daily expenses, or if their saving for retirement.”
What is an HSA?
An HSA is a tax advantaged account that allows users to set aside pre-tax income to cover qualified medical expenses, thereby reducing their taxable income. HSA funds always belong to the account holder, and unused funds roll over from year to year and can be used in retirement. An individual can enroll in an HSA through an employer-sponsored benefit or individually, as long as they are enrolled in a qualified high-deductible health plan. An HSA can be used to pay for a wide variety of eligible expenses, including everyday healthcare products, copayments, prescription and OTC medications, telehealth services, and more.
Financial Technology News: Strategic Insights into Assuming Digital Banking Operations at Central 1 Canada
Source – PRWeb
To share your insights with the FinTech Newsroom, please write to us at news@intentamplify.com
