Millennial employees—18 to 34 years old—selected high deductible healthcare plans more than any other age group. However, while approximately 44% of employees in this group chose HDHPs, a much smaller number of these employees took full advantage of health savings accounts (HSAs), according to Benefitfocus inaugural “State of Employee Benefits 2016” report.
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This report is a “snapshot” of actual, anonymous behavioral benefit selection data from more than 700,000 employees at 500 organizations on the Benefitfocus Platform®. It found that employees who are not taking full advantage of HSAs are leaving a significant amount of tax-free money on the table that could offset the cost high deductible healthcare plans (HDHPs) for them.