Waltham, MA — July 17, 2018 — Alegeus, the market leader in consumer-directed healthcare (CDH) solutions, today announced part one of its two-part research series on health savings account (HSA) participants, the 2018 Alegeus HSA Participant Profile, which provides unique insight into account holder demographics, fluency and behaviors. The report was commissioned to better understand how HSA participants use their accounts and, more broadly, how they engage in their healthcare compared to the general population.
The premise of healthcare consumerism is that, if given more financial responsibility for healthcare and empowered to make more informed decisions, consumers will make better choices that lead to improved health outcomes and decreased overall healthcare costs. Consumer-directed health plans (CDHPs) and HSAs are a centerpiece of healthcare consumerism strategies, and the good news is that they seem to deliver on their promise. According to the Alegeus research, HSA participants are:
Despite these positive characteristics, most HSA participants still don't get the full value from their accounts. Only 11 percent capitalize on the full tax benefit by contributing up to the maximum amount allowed by the IRS, and only 13 percent have invested their HSA savings for growth. Given the magnitude of healthcare costs consumers will face this year and into retirement, most HSA participants still underfund their accounts.
“As consumer financial responsibilities for healthcare continue to grow, HSAs are the foundation for Americans to get better value for their healthcare dollars,” said Steven Auerbach, Alegeus CEO. “We are pleased to see HSA participants exhibit savvier spending and saving behavior. As an industry, we must continue to emphasize the importance of saving for the future and empower HSA participants to unlock the full tax advantages these accounts offer.”
Learn more about Alegeus research:
About Alegeus Contact: Jennifer Irwin
Alegeus is the market leader in consumer directed healthcare solutions, offering the industry’s most comprehensive platform for the administration of healthcare benefit accounts (including FSAs, HSAs, HRAs, wellness incentive, dependent care, and commuter accounts), the industry’s most widely-used benefit debit card, and powerful engagement solutions to help consumers maximize savings and optimize spending for their healthcare. Over 350 clients – including health insurance plans and third party administrators – leverage Alegeus’ deep expertise and proven technology to administer benefit accounts for more than 30 million members and process more than $9.1 billion in consumer healthcare payments annually. As the healthcare and benefit markets continue to evolve, Alegeus delivers solutions that enable clients to evolve their service offerings, operate their businesses more efficiently, and focus on their customers. The company is headquartered in Waltham, MA with operations in Orlando, FL and Milwaukee, WI.