HSA Awareness Day Founded to Help Educate Account Holders

WEX Health is holding its first annual National HSA Awareness Day, or HSA Day, for short, on October 15.

The day will be highlighted with a live stream webinar from an adviser yet to be determined, who will speak on the benefits of health savings accounts (HSAs), not just for health care costs but for income in retirement. The two founding partners are also encouraging health benefits administrators and HSA providers to participate in and support the event by trying to educate consumers about the benefits of HSAs.

WEX Health President Jeff Young explains why he decided to found National HSA Awareness Day:  “Each year, millions of Americans are offered the option of putting a portion of their pre-tax dollars into a health savings account as part of their health care benefits package in order to prepare for out-of-pocket health care costs and to provide peace of mind and security in case of an unexpected health care event.” Young says that while those in the benefits industry know that HSAs can help with those health care expenses at every stage of one’s life, as well as being an investment and savings vehicle, “it’s clear that millions of consumers are still in the dark about these benefits and missing out on opportunities to be better financially prepared. Some don’t even know they exist, and many others find them to be confusing and complex.”

As to what WEX Health hopes to accomplish on October 15, Young says he hopes “to see employers, providers, brokers and advisers dedicate October 15 to encouraging consumers or employees to ask as many questions as possible [about HSAs] ahead of open enrollment.”

WEX Helath will provide a toolkit to partner organizations to guide them on holding educational events on HSA Day 2019. They will also post informational blogs on HSAs and are encouraging the industry to join in via social media via the hashtag #LoveMyHSA.