Health Savings Accounts (HSAs) have been around since 2003. They were created for individuals with High Deductible Health Plans (HDHPs) to help them save money for medical expenses while receiving tax-preferred treatment on contributions. Yet, in the 16 years since HSAs made their debut, there's still a gap between those who are eligible for HSAs and those who enroll. According to the National Center for Health Statistics, only half of those who have HDHPs also have HSAs.
Why are employees not taking advantage of HSAs? Read on to find out why people are sticking to what they know at open enrollment time and what steps companies can take to encourage enrollment in an HDHP with an HSA. (And no, "more education" didn't make the list.)