Weak HSAs Can Threaten Workers’ Well-Being

High-deductible health care plans with health savings accounts (HSAs) continue to gain steam, but without careful attention, poor savings habits can undermine an employer’s best intentions, experts say.

In a recent report, Bank of America announced a record 34 percent jump in HSAs in 2011, adding more than 50,000 new accounts, according to a report in Employee Benefit News.

“The use of HSAs is rapidly increasing, based in no small part on the rising cost of health care to employers and employees alike,” Kevin Crain, director of Bank of America Merrill Lynch’s institutional retirement and benefit services division, said in EBN. “We see more and more companies . . . adding consumer-driven health plans to their broader benefit offerings.”

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