If you work for a large company, you or someone close to you is likely to be pressured to sign up for an HSA soon—if you haven’t been already. Studies show that the number of workers at big companies who have signed up for HSAs has tripled in the past eight years. Overall, by 2016, there were 14.5 million HSA accounts, with $28 billion in assets, and another million new workers were expected to enroll by the end of the year.
My Advice. Do not rush to join that parade. By and large, you’ll be better off sticking with company insurance if your boss allows you to do that.
HSAs can be the best choice, but only for a select group: the young and fortunate. If you are young, remain healthy, and make a good income during your career, you could accumulate more than enough in your HSA to pay for your family’s health care and pass on the rest to your heirs. But relatively few hit the young, healthy, and wealthy trifecta.