Health Savings Accounts (HSAs), held by about 7 percent of Americans, are most often used as a tax-preferenced bank account to cover current medical expenses. However, a growing segment of HSA account holders are recognizing the potential of leveraging them as part of a retirement planning strategy. New research conducted by IRI and the LIMRA Secure Retirement Institute explores consumer, advisor, asset manager, and employer familiarity with HSAs, their use of these accounts as part of a holistic retirement planning strategy, and their outlook for the future. While less common, use of HSAs in longer-term retirement planning strategies seems to be gaining traction — especially among advisors and younger, affluent consumers.

Health Savings Accounts: An Emerging Retirement Planning Strategy