December 5, 2008

How to Reach HSA Users

Wayne Glowac

The growth in health savings accounts is actually another example of consumerism at work. Instead of simply paying for care as they need it, consumers are beginning to treat healthcare costs as if they were savings accounts. They save up while they’re young for when they need more care later in life.

These users tend to be Gen X or Younger Boomers. According to Forrester, 53 percent of HSA users are between the ages of 29 to 42, and 22 percent are 43 to 52. They are educated, have incomes of at least $100,000 and are more likely to live in the Midwest or South.

The key to start reaching them is to understand two principles:

1) Education: Forrester recommends educating consumers both before AND after they enroll. This helps them begin and continue using an HSA in a way that would maximize the benefits for both the consumer and financial institution.

2) Simplification: Forrester says that the simpler the product, the easier it is for the consumer to understand and use. Products that are simple are more likely to result in consumer satisfaction – and more early adopters using them.

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