November 9, 2023


Media Contacts:

Alice Ferreira
Webster Bank
(203) 578-2610

Hattie Greenan
Director of Research and Communications
Plan Sponsor Council of America (PSCA)
(540) 323-7828

Arlington, VA — The Plan Sponsor Council of America’s (PSCA) 5th annual Health Savings Account (HSA) survey of more than 500 employers reveals these accounts are continuing to gain in popularity while exploring trends in how these accounts are positioned by employers and used by employees. The 2023 Health Savings Account Survey, sponsored by HSA Bank, indicates that these programs are becoming more sophisticated and robust, though employers still find challenges in getting employees to enroll in the program, and educating them about the benefits of HSAs.


Half of employers note that getting employees to open an HSA after enrolling in a qualifying health plan is a challenge. To address this, nearly half of organizations (46.7 percent) report they automatically enroll eligible employees in an HSA — up by more than 30 percent in just two years. The survey also discovered an increase in employers using a default or suggested savings rate to encourage greater account funding (11.0 percent of respondents, up from nine percent last year and eight percent the year before).


In addition to employing strategies borrowed from retirement plan administration such as automatic enrollment and defaults, more employers are framing HSAs as part of a holistic retirement savings approach and not just a spending account for current health care expenses. More than 40 percent of employers do so, up by nearly half two years ago (27 percent).


“Concern for employees being able to fund their HSAs is growing among employers as the economy continues to struggle with higher costs of living, and many are putting supports in place to help,” states Hattie Greenan, director of research and communications, PSCA. “Employers see the benefits of HSAs to help employees cover health care expenses now and in the future and are structuring their programs to help employees do so.”


Additional findings from PSCA’s 2023 HSA Survey include:

  1. Participation: Nearly 90 percent of eligible employees had an HSA in 2022 with 80 percent making contributions to it, up from 72.8 percent in 2021.
  2. Employer Contributions: Three-quarters of employers make contributions to the HSA. Most provide a set amount per coverage level.
  3. Investments: Sixty percent of responding organizations offer investment options for HSA contributions, though most participants choose not to use this option — 70 percent of all HSA assets remain in cash.


Though investing HSA assets is a great way to grow account balances, most employees are either hesitant or unable to do so with fewer than 20 percent of employees investing assets when offered the opportunity.


“The cost of retiring continues to grow as health care becomes more expensive and it’s critical that employers incorporate HSA investment education into retirement and financial planning programs,” said Ann Brisk, senior director of innovation and strategy at HSA Bank. “This new research highlights the opportunity to educate employees about the benefits of HSAs as an investment account and change the perception of how these accounts can be used to empower consumers to think holistically about long-term financial planning, especially during open enrollment season.”


The survey can be accessed at


Insights on how employers can use these survey results to design their benefits plans will be shared in a webinar hosted by PSCA and presented by HSA Bank on Wednesday, November 15. Learn more here.

About the Plan Sponsor Council of America:

The Plan Sponsor Council of America (PSCA), part of the American Retirement Association (ARA), is a diverse, collaborative community of employee benefit plan sponsors, working together on behalf of millions of employees to solve real problems, create positive change, and expand on the success of the employer-sponsored retirement system. With members representing employers of all sizes, we offer a forum for comprehensive dialogue. By sharing our collective knowledge and experience as plan sponsors, PSCA also serves as a resource to policymakers, the media, and other stakeholders as part of our commitment to improving retirement security for millions of Americans. For more information, visit


About HSA Bank:

At HSA Bank, we’re working toward a world where everyone is confidently engaged with their health and wealth. By delivering personalized insights, experiences and solutions, we make it simple for our over 3 million members nationwide to drive value and tangible outcomes. As a leader in health accounts for over two decades, we have the depth and breadth of expertise that matters most. We are devoted to delivering an outstanding user experience and our offerings in the healthcare savings space drive down healthcare costs, increase access, and assist with decision-making for individuals, employers and partners. As of September 30, 2023, HSA Bank had $12.3 billion in total footings comprising $8.2 billion in deposit balances and $4.1 billion in assets under administration through linked investment accounts and is a division of Webster Bank, N.A., Member FDIC Plan Administrative Services and Benefit Services are administered by Webster Servicing LLC.