Millennials, older workers most likely to preserve HSA accounts: 5 things to know

People under age 25 and over age 65 are the most likely to preserve their Health Savings Account funds, according to a new report released by ConnectYourCare, a healthcare account solutions firm.

The study, titled "CDH Participant Trends: Tax-Advantaged Account Perceptions," reveals insights from a study of over 23,000 respondents across the nation from all employer sizes to determine healthcare consumerism trends. The report details trends in HSA accounts, Health Care Flexible Spending Accounts, Dependent Care Flexible Spending Accounts and Health Reimbursement Arrangements.

Here are five report findings.

1. Those under age 25 are most likely to preserve their HSA accounts, with 25 percent categorizing themselves as "savers," followed by 22 percent of workers over age 65 considering themselves "savers."

2. Respondents ages 35 to 44 were the biggest spenders of their HSA accounts, with 84.9 percent saying they regularly use their HSA funds to pay out-of-pocket costs.

3. Only 31.1 percent of respondents rated themselves "very knowledgeable" about how the different tax-advantage accounts work, 48.5 percent of respondents said they were "knowledgeable," 18.4 percent reported "somewhat knowledgeable" and 2 percent said "not knowledgeable at all."

4. The report detailed differences between generations. Mid-career workers ages 55 to 65 were most knowledgeable about tax-advantaged accounts with the highest percentage of respondents selecting they were "knowledgeable" or "very knowledgeable" (81.1 percent), in comparison to respondents under 25 who had the smallest percentage (74.7 percent) of respondents to consider themselves "knowledgeable" or "very knowledgeable."

5. Tax-advantaged account enrollees rated increasing insurance premiums as the number one health concern (31.5 percent), followed by paying for unanticipated healthcare expenses (26 percent) and paying for healthcare in retirement (22.1 percent).

To read the full report click here.

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