Health savings accounts have grown by 1 million annually, based on a study published in Health Affairs, according to The New York Times.
Lorens Helmchen, associate professor at the Milken Institute School of Public Health at George Washington University, led the research. The team of researchers looked at federal income tax data to identify who held accounts.
The study looked at eight years of health savings account activity.
Here are five things to know:
1. People use health savings accounts to save tax-free funds for healthcare.
2. Those with health insurance high deductibles can use health savings accounts.
3. In 2012, there were more than 6.5 million health savings accounts.
4. The researchers discovered that high-income and older people funded their health savings account in full, more.
5. The study did not reflect any impact of the Affordable Care Act on opening health savings account, for it studied an earlier time period.
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