With the many changes brought on by The Affordable Care Act, perhaps none so deserving of our attention is that of the increasing popularity of the health savings account.
I want to share with you some data that shows how many more Americans are taking advantage of the power of the HSA in taking back control of their health care spending.
A leading health care investment organization recently released its forecast data for the immediate future of HSA assets and contributions. It’s no surprise that HSAs continue to gain major ground in the health care marketplace, not only as a way to save on taxes, gain freedom in health care choices and offer solutions to our out-of-pocket costs.
The graphic shown here illustrates the continued upswing in the participation in what we call a secret weapon in consumer health care and retirement budgeting. Assets and contributions are expected to reach over $36 billion in 2016. Apparently, the secret is getting out!
If you already have an HSA, you’re in good company. I encourage you to contribute the fully-allowable amount you can each year to maximize your health care dollars and reduce your taxable income each year.
If you haven’t made the move toward an HSA-qualified health plan yet, I invite you to check out our HSA Info page for a wealth of information to answer any questions you have about this invaluable piece of the health care reform puzzle.
We’re proud to be a leader in health savings accounts and want to share with you another reason to feel confident in your savings decisions. To your health and wealth! – Wiley.
Wiley Long is President of HSA for America, and a passionate advocate for consumer-based solutions that will improve price transparency and lower health insurance and medical costs for people purchasing individual and family health insurance plans.