Survey Finds HSAs Are Used Most by Those Making Less Than $75,000 a Year

Health savings account (HSA) owners are overwhelmingly satisfied with their accounts, and 91 percent believe such accounts should remain an option for Americans, according to a nationwide survey released today by OptumHealth. More than 80 percent of respondents cite their ability to save for future health care expenses as the primary reason for opening and depositing money into their HSAs. The survey also found that 70 percent of HSA participants make $75,000 a year or less in income.

“HSAs have very strong support across a broad range of income levels and are helping people be better health care consumers,” said Chad Wilkins, chief executive officer for OptumHealth Financial Services.

OptumHealth’s survey found 82 percent of HSA owners are satisfied with their accounts; 78 percent believe the continued availability of HSAs should be part of any health care reform that may occur; and 74 percent agreed they would recommend an HSA to a friend or family member. Three out of 10 respondents said that they wouldn’t have health insurance if it were not for their HSAs.

The study also showed that HSA owners are engaged with their financial and physical well-being. For example, 64 percent of the respondents said they inquired about generic options for medication and 47 percent indicated they asked their care providers about charges.

HSA owners also agree that people need to become more engaged in their health care. The survey found that 83 percent of respondents agreed people should research health care options and try to get the best price — just like they do for other major consumer purchases; 72 percent of respondents said that individuals should be responsible for helping to manage their own health care costs.

Employers are increasingly turning to consumer directed health plans (CDHPs) and HSAs to provide health coverage to their employees and dependents. According to a Watson Wyatt Worldwide and National Business Group on Health survey, 51 percent of companies now have a CDHP in place, a 9 percent increase from last year. Inside Consumer-Directed Healthcare reported that the number of HSAs grew about 40 percent year-over-year as of January 2009 and average savings balances grew 45 percent.

“With increased employer demand, more HSA use by consumers and the positive responses from our survey, it is clear that these accounts are valued as a tool to help people meet their health care needs,” Wilkins said.