Sumary of Health Savings Accounts Used Least by People Who Need Them Most: Poll:
- 10, 2021 – Tax-free health savings accounts can make it easier for Americans to pay for future health expenses, but most older adults aren’t using them.
- A new poll by Michigan Medicine-University of Michigan found that while nearly 1 in 5 people weren’t confident that they could afford their health costs, only about 12% of people had a flexible spending account (FSA).
- And just 45% of people who qualified for a health savings account (HSA) because of their health plan’s high deductible had opened one.
- “As health insurance plans ask people to pay for more of their health care out of their own pockets, such as through high deductibles, tax-free accounts can help people avoid getting shocked by a sudden health care expense or having to choose between health care and other demands for their dollars,” said first author Dr. Jeffrey Kullgren.
- “But these findings suggest we have a way to go in encouraging the use of these accounts, especially by those most sensitive to out-of-pocket costs because of income or health status,” Kullgren said in a university news release.
- About 15% of the people polled, ages 50 to 80, said they had trouble paying for health care in the past year, according to the National Poll on Healthy Aging.
- About 29% said they’re saving money for future health costs.
- But 27% said they can’t afford to save for those health costs.