Certain demographic groups are using health savings accounts in a way that may reinforce and exacerbate existing health inequities, according to a new report.
The former groups tend to contribute less money to HSAs, have smaller balances and invest these funds less often — dynamics that may reinforce and exacerbate health inequities already present along racial, gender and income lines, according to the report.
"To the extent that those enrolled [in high-deductible health plans] do not also enroll in HSAs, do not take full advantage of the tax benefits HSAs offer or do not save a sufficient amount, they may find it more difficult to pay for medical expenses, and may delay necessary care or forgo it altogether," he wrote."Delaying or forgoing care has deleterious effects on health.
Instead, it's largely due to contributions: White savers contribute $1,806 to their accounts on average each year, a sum that eclipses that of Black and Hispanic savers by $494 and $412, respectively. The report didn't elaborate on broader socioeconomic factors at play. But the data reflect broader wealth and income disparities among Americans.to the Federal Reserve. By comparison, Blacks held 4% and Hispanics 2.5%.
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