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HSAs Triple in 10 Months
Over 3 Million Enrolled in High-Deductible/HSA Plans
WASHINGTON -- At least three million consumers currently receive health coverage through high-deductible health insurance plans offered in conjunction with health saving accounts (HSAs), according to preliminary results of a new study by America’s Health Insurance Plans (AHIP).
According to the study, enrollment in the new insurance policies eligible for HSAs has roughly tripled since last March when a similar AHIP survey found that 1,031,000 people were covered by HSA-compatible insurance policies.
“HSAs are a remarkable success story and they are proving to be especially attractive to many who might not otherwise be able to afford coverage,” said AHIP president and CEO Karen Ignagni. “Consumers and employers have quickly embraced HSAs as a valued option in the suite of products offered by health insurance plans.”
The study is based on aggregated responses from AHIP member companies, which represent nearly all the health insurance plans offering HSA-eligible plans. The preliminary findings also show that the market for HSAs is becoming broader, with companies offering HSAs in more markets and to a wider array of large group, small group and individual customers.
Employers and individuals can contribute pre-tax dollars into an HSA for future medical expenses. The account funds belong to the individual and unused contributions can roll over tax-free from year to year.
For 2006, the maximum annual contribution for self-only coverage (whether individual or through an employer) is equal to the consumer’s medical plan deductible or $2,700, whichever is less. For family coverage, the maximum is equal to the medical plan's family deductible or $5,450, whichever is less.
HSAs were created as part of the Medicare Modernization Act that was signed in to law in December 2003. HSAs first became available to consumers and employers in January 2004.
AHIP anticipates that complete results and analysis will be available in several weeks.
For more information about HSAs, please visit http://www.healthdecisions.org/HSA.
