To obtain information about FSA (flexible spending account), including how much money is lost in FSA accounts, what percentage of FSA users lose their money, and what percentage of FSA account balances are wasted every year.
- According to estimates obtained from the "2017 FSA and HSA Consumer Research conducted by VISA", more than $400 million is usually forfeited yearly in FSA funds.
- The reason for this forfeiture of funds is "because employees either miss or forget their spending deadlines".
- CNBC reports that currently just about 13% of Americans have an FSA account.
- In terms of health, only an estimated 17% of Americans have a health savings account (HSA).
- Members of Generation X (19%) have the highest number of health savings accounts in the United States, followed by Millennials (18%).
Proposed next steps:
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Our background search has provided the amount of money lost to FSA, including some insights into the health savings accounts. Therefore, we recommend further research to provide the following information about FSA (flexible spending account):
1) The percentage of FSA users who lose their money yearly.
2) The percentage of FSA account balances wasted every year.
While we have provided the amount of money forfeited yearly in FSA accounts, this was based on 2017 research conducted by VISA, which referenced dated sources as far back as 2011. Therefore, we recommend further research to provide more sources to support our findings or perhaps provide more RECENT data/statistics. This time, we would focus on recent reports published in 2018 or 2019. If these reports are not available, we would provide earlier reports that support our initial findings (i.e. forfeiture of $400 million).