Quarterly News

What percentage of HSA (health savings account) owners spent all (or even most) of their HSA funds in 2019?

Answer: According to Visa Annual Healthcare Research from August 2019, 44% of HSA owners spent all or most of their HSA funds in 2019. Another 22% saved or invested their funds, and 34% spent just some of their dollars.

For many, open enrollment is just around the corner. During these uncertain times, open enrollment may look a bit different — but don’t forget Omnify is here for you. We are happy to work with you and/or your broker to create education focused around your tax-advantaged benefits, like health savings accounts or flexible spending accounts.

Omnify has many tools and resources to help participants prepare for the coming year. Please reach out to your relationship manager to discuss your goals and plan for the upcoming enrollment period.

• Visit our Open Enrollment Guide to have a better understanding of tax-advantaged accounts, help determine which plan is best for you, and calculate how much should you save
• Reach out to your relationship manager for updated brochures on a variety of topics
  • Health savings accounts
  • Flexible spending accounts
  • Dependent care accounts
  • Limited purpose flexible spending accounts
  • Know your path guide
• Learn from recorded presentations or request in-person or virtual education (via Zoom)

National HSA Awareness Day is an annual event dedicated to bringing the public and the healthcare benefits industry together to discuss the power of a health savings account and its ability to impact some of the most prevalent issues Americans face today, such as managing current health-related out-of-pocket expenses, preparing for unexpected healthcare costs, and planning for retirement. (Via hsaday.com)

In honor of HSA Day, here are some interesting facts:

• The average individual contribution was $1,652 (for those making contributions). (Devenir Research 2020 Midyear HSA Market Statistics & Trends. Report release date 9.1.2020)
• 24% of all HSA assets are in investments as of June 30, 2020. (Devenir Research 2020 Midyear HSA Market Statistics & Trends. Report release date 9.1.2020)
• HSA contributions continue to rise. Account holders contributed almost $24 billion to their accounts in the first half of 2020, up 7% from the year prior. (Devenir Research 2020 Midyear HSA Market Statistics & Trends. Report release date 9.1.2020)
• 44% of HSA owners know only a little bit or nothing at all about health savings accounts. (Visa Annual Healthcare Research August 2019)
• 90% of HSA owners say they would like to learn more about HSAs. (Visa Annual Healthcare Research August 2019)

Andrea Howard is Omnify's Business Development Officer. She’s always on the go, but we tracked her down to learn more about her.

• Who inspires you to be better? My sisters; their love and passion for their family and life is amazing. They are both wonderful, efficient, and strong women who continue to guide me.   
• Best concert ever attended? May not be the best concert, but I love Blackhawk, the ‘90s country band, and see them at least 1-3 times a year in concert. 
• What is your favorite thing to do when you’re not working? Being with my family at the lake or hiking with my husband and kids.
• What is something you will NEVER do again? Cliff jumping and night snorkeling, I have done both in Jamaica and have no desire to do either ever again.
• Would you rather go 30 days without your phone or your entire life without dessert? Honestly, I would go without my phone — I love a good dessert!