Machine Learning HSA Personas Reveal Industry's Over-Generalization of Consumer Needs

Lively, Inc., creators of the modern Health Savings Account (HSA), today released its first HSA Persona Report, giving a view into how consumers are using their HSA funds. Findings show that the industry's perception of the average HSA holder is vastly misunderstood, as a majority of people who use HSAs have just $1,050 in assets and are primarily motivated to save in case of unexpected healthcare costs. This indicates that account holders do not utilize an HSA for its long-term benefits and may need more offerings and education to start saving. This press release features multimedia. "HSAs are an incredible option because of their triple tax advantage: You put money in tax-free, earn interest or potential investment growth tax-free, and can withdraw money tax-free for qualified medical expenses," said Alex Cryricac, CEO and Co-Founder of Lively.