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Many people don鈥檛 think health savings accounts (HSAs) are 鈥渇or someone like me.鈥� So who are they for, then? We鈥檝e got a simple answer to that question but first, some context 鈥�

Through consumer research and within focus groups on HSAs, we consistently come across two groups of people: those who believe they鈥檙e indestructible and thus have no need for an HSA (鈥淭hose accounts are for older, sicker people鈥�) and those who are timid and don鈥檛 think they鈥檙e sophisticated enough for an HSA (鈥淭hose accounts are for smarter, richer or more organized people鈥�).

As the cost and complexity of healthcare has skyrocketed, it鈥檚 no surprise that Americans are increasingly confused by the whirlwind of benefits-related acronyms and misperceptions about what health coverage is best for us. If you鈥檙e not familiar with the benefits of an HSA, you鈥檙e not alone.

So, which people are best-suited for HSAs? And are you among them?

If you鈥檙e young and generally healthy鈥�

For younger Americans 鈥� healthy, active and to pursue multiple career opportunities 鈥� an HSA can offer tremendous flexibility and savings while also providing you with a valuable financial tool to jump-start your nest eggs. HSAs are portable and easily move with you from job to job. However, don鈥檛 necessarily rule out an HSA if you have a chronic condition like asthma, diabetes, depression or heart disease. In 2019, the for HSA participants to include certain care for chronic conditions.

If you鈥檙e middle-aged and career- and family-minded鈥�

Chances are if you鈥檙e in your 30s and 40s, the need to save money for things like your children鈥檚 college and your own retirement weighs heavy on you. It鈥檚 important to know that an HSA gives you some of the very same long-term advantages and benefits as your other investment accounts, i.e., a 401(k). In fact, the HSA is superior to a 401(k) when it comes to saving for retirement. HSAs have all the same advantages of a 401(k) 鈥� and more. Just like with a 401(k), you can contribute to an HSA until Medicare coverage starts. But while you鈥檒l be taxed and penalized if you withdraw funds from your 401(k) for any reason before age 59.5, you can withdraw funds for qualified health expenses from your HSA at any time, and without penalty. 

If you鈥檙e nearing retirement鈥�

Getting prepared to wrap up your time in the workforce? An HSA can be used to offset your medical expenses after retirement and, if you retire prior to age 65, can be used to help bridge the gap to Medicare eligibility. Among other things, in retirement you can use your HSA to cover Medicare premiums and long-term care expenses. And you can even use it to pay for nonqualified medical expenses (once you hit 65), although you will be required to pay taxes on those distributions.

Is an HSA for you? Probably so. The HSA is a solution that aligns remarkably well with the healthcare coverage needs of many Americans. Proven to help ease your concerns about your financial future, an HSA gives you 鈥渟kin in the game鈥� and a way to build long-term savings for the substantial healthcare expenses you can expect to face in retirement. Further, a spectrum of tools, resources and information make HSAs easy for nearly everyone to self-administer, control and monitor.

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