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April 17, 2009
Health Savings Accounts Are Thriving During Economic Downturn
According to data from San Francisco-based Canopy Financial Inc. individual Health Savings Account balances have increased 33%, and family Health Savings Account balances have increased about 12% between the first quarter and fourth quarters of 2008.
The study also found that employees contributed more money to their Health Savings Accounts more than their employers did. In the fourth quarter, employees contributed an average monthly payment of $206 to their family Health Savings Account, while employers contributed $133. Individual Health Savings Accounts fared similarly; Employees contributed $111 on average, while employers contributed $69.
“What we've seen throughout 2008 is that consumers who select Health Savings Accounts to manage their health care spending are not simply using these accounts to pay for their immediate health care needs,” Vik Kashyap, chief executive of Canopy Financial, said in a statement. “They are also funding their Health Savings Accounts above and beyond their employer contributions and using them as long-term savings and investment vehicles.”
For more information on Health Savings Accounts, visit HSA for America.
Posted by Wiley Long at April 17, 2009 10:03 AM