« Study Shows Health Savings Account Contributions Increasing and More Employers Offering HSA Plans | Main | Health Savings Accounts Come to Puerto Rico »
May 23, 2009
Banks Are Creating More Health Savings Accounts As Industry Grows
With the money coming from the Health Savings Account market expected to increase in the coming years, experts are predicting the Health Savings Account 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 on a regular basis. 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 of money for banks to invest for their purposes.
Given these numbers, it's not surprising that some of the biggest health insurance companies are not hesitating to at least dip their hands into programs like Health Savings Accounts and health debit cards. 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 one of those companies.
It's not just banks who are getting involved, either. Major health insurers like WellPoint, United Healthcare, and Blue Cross Blue Shield already have HSA programs, but experts predict that other insurers will jump into the banking industry before long to get their share of the cash.
Find a list of preferred HSA Administrators at HSA for America.
Posted by Wiley Long at May 23, 2009 11:39 AM