The majority of employees with Health Savings Accounts (HSAs) are not aware of the ability to use funds to purchase long-term care insurance a new study finds.
Just under one-third (31%) of respondents to a study conducted by the long-term care insurance trade association knew HSA dollars could be used to purchase insurance protection.
The growth of Health Savings Accounts, first introduced in 2003, has been dramatic. Some 8 million Americans are now covered by HSA-qualified high deductible health insurance plans, over six times as many as were enrolled in March 2005 plans. Experts note this still represents a small percentage of those eligible for the tax-advantaged savings plan. Continue reading ‘Tax Advantaged Long-Term Care Insurance Overlooked by Employees’ »