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January 02, 2009
Insurers and Banks are Creating More Health Savings Accounts as Industry Grows
The money coming from the "health/wealth" market is expected to increase over the coming years: Some experts predict the market could reach $40 billion in the next five years. That's not surprising, as it appears consumers are getting used to transferring money into Health Savings Accounts regularly. In fact, as of the first quarter of 2008, consumers transferred an average $2,674 into their Health Savings Accounts, but spent only $1,216 on average, according to Canopy Financial. That certainly leaves plenty for banks to invest for their purposes.
Given these numbers, it's little surprise that the biggest health insurance companies are not hesitating to at least dip their hands into programs like Health Savings Accounts. Experts predict that over 10 percent of that $40 billion could go to companies that help consumers manage their Health Savings Accounts, so insurers are maneuvering to be those companies.
It's not just banks who are getting involved, either. Major health insurers like United Healthcare and Blue Cross Blue Shield already have Health Savings Account programs, but experts predict that other insurers will jump into the banking industry before long to get their share of the cash.
Here is our recommended list of HSA Administrators.
Posted by Wiley Long at January 2, 2009 11:55 AM