Health Savings Accounts tapped during COVID-19

Health savings accounts (HSAs) allow individuals a triple tax benefit: contribute on a tax deductible basis, enjoy tax-deferred growth, and withdraw tax free for qualified medical expenses. But, according to a report from Lively (you need to supply information to view the report), HSAs took a hit from the pandemic. The majority of HSA account holders used their savings to pay out-of-pocket health care costs. Most interesting: families have higher cash balances than individuals.  #IdeaoftheDay