HEALTH SAVINGS ACCOUNTS
Making investments within HSAs is growing, but researchers and advocates say providers and sponsors must do more to accelerate the pace.
Total assets of health savings accounts reached $92.9 billion as of June 30, with investments accounting for an estimated $30.4 billion.
Most employers that offer investment options for health savings accounts require a balance of $1,000 or more before participants can invest.
Voya Financial agreed to buy Benefit Strategies, a third-party administrator of health savings accounts.
HSA providers and DC record keepers are trying many strategies to encourage participants to use HSAs as an investment source.
As HSAs take on greater investing opportunities, providers are employing strategies designed to overcome some restrictions.
Record keepers are signing deals with HSA providers to incorporate health care into their expanded financial wellness programs.
Two large record keepers have been offering health savings accounts long before their peers.
Investment assets in health savings accounts jump 23% and have surpassed the $10 billion mark.
Expanding health savings account allocations won't automatically improve participation, research shows.
