Although advocates of health savings accounts point to their rapid rise as an indication that Americans are embracing them (3.2 million people were enrolled in high-deductible plans as of January), surveys show that most HSAs are not funded, reports the San Francisco Business Times. A survey by Inside Consumer-Directed Care published by Atlantic Information Services found that only 26% of people with a high-deductible plan had opened and deposited money in an HSA. Many who chose a high-deductible plan for the low premiums say they cannot afford to put money away in an HSA, even though 57% say they have set money aside to pay for medical care. The problem, say experts, is that HSAs are confusing, people don’t trust them, or consumers don’t believe they will receive tax advantages from them. One provider of HSAs predicted it will take 5 to 10 years before HSAs are viewed with the same trust as 401(k)s and are used properly.
