5 HSA Benefits You Might Not Know About

Health savings accounts are an often-misunderstood and overlooked opportunity for American workers. Here’s why they are worth a close look during this year’s open enrollment period.

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If the COVID-19 pandemic has taught us anything, it’s that we have to be ready for the unpredictable. This is especially true when it comes to planning for unexpected medical costs. After all, no one plans to get sick or end up in the hospital. However, when you consider that roughly 4 in 10 Americans would struggle to cover a $400 emergency, many families could find themselves in a challenging financial situation if they got hit with an expensive and unplanned medical bill.

Health savings accounts, or HSAs, can help you take control of your health and financial wellness needs in today’s unpredictable world. Not sure how they work? Don’t worry — you’re in good company. New research from Voya Financial shows that only 2% of people are aware of the key attributes of an HSA.

To help you get up-to-speed, below are five facts to help break down what you need to know about HSAs. And with open enrollment season underway for many American workers, now is a good time to get educated on HSAs as you consider all your employer-sponsored workplace benefits.


This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Rob Grubka, Fellow in the Society of Actuaries
CEO, Health Solutions, Voya Financial

Rob Grubka is chief executive officer of Health Solutions for Voya Financial. In this role, he is responsible for product development and management, distribution and the end-to-end customer experience for Voya’s stop loss, group life, disability and supplemental health insurance solutions, as well as health savings and spending accounts, offered to U.S. businesses and covering more than 7 million individuals through the workplace.