Only a minority of financial institutions are actively promoting health savings accounts.
(HSAs) by creating destination websites or co-marketing the accounts with HAS providers, according to Financial Research Corporation's new research report entitled Health Savings Accounts as Retirement Savings Protection.
While niche HSA providers offer portal sites to promote HSAs and support HSA account holders, most top-tier financial institutions have been slow to match the product support of the small providers.
FRC had anticipated that by 2007 HSA providers of all sizes would have aggressively invested in marketing strategies to support HSA market growth; however, one of the studys findings is that this has not been the case.
"HSAs can provide part of a successful consumer strategy to prevent the significant drawdown of retirement savings during a healthcare crisis, said Lynette DeWitt, FRCs Research Director of Sub-Advisory Markets, and the firms lead HSA researcher. We believe that financial institutions should take a dual-pronged healthcare planning strategy when assisting their customers in meeting retirement healthcare needs. HSAs provide part of that solution, and it will be hard for financial institutions to advance to the second, more sophisticated, step of healthcare planning implementation if those institutions aren't first supporting HSAs as an initial step.