Voya Financial’s 2022 midyear survey highlighted an increased utilization of HSAs around the country. In the first half of 2022, the number of HSA accounts grew from 32.5 million to 33.9 million, propelled by factors such as employer consolidation to a single medical plan, employees’ growing awareness of the financial benefits of HSAs, and workers’ increased focus in a post-pandemic world on their personal finances.
Currently, the attitude towards HSAs is reminiscent of that towards 401(k)s 30 years ago; meaning, the potential of HSAs is enormous, once it gains momentum — and it’s starting to. As the trends above accelerate, more employers are turning to HSAs, but because HSAs are still relatively young, it can be difficult to implement them effectively to make the most of what they have to offer.
