We know that consumers are facing increased responsibility for healthcare costs – now and into the future. Yet very few consumers think about saving for healthcare in the way that they consider saving for retirement or other long term financial goals and responsibilities. As a result, account-based benefit plans - most notably HSAs - are potentially being underutilized and underfunded.
Many consumers are not saving at a rate that will prepare them to cover the nearly $220,000 in healthcare expenses that couples will face at retirement age (per Fidelity). And the majority of consumers still think of HSAs in the category of FSAs vs. thinking about HSAs more like a 401K or IRA. Consumers that view healthcare savings as a long term proposition will be more apt to enroll in account-based products, and will contribute at higher levels.
From education to financial planning “best practices” – how can you cultivate a mentality of “savings” amongst your consumer population?