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June 16, 2009
Americans Want to Keep Health Savings Accounts as a Savings Option
OptumHealth Inc. has release a survey that shows Health Savings Account owners are extremely satisfied with their Health Savings Accounts and they believe their Health Savings Accounts should remain a savings option for Americans. More than 80 percent of respondents cite their ability to save for future health care expenses as the primary reason for opening and depositing money into their Health Savings Accounts. The survey also found that 70 percent of Health Savings Account participants make $75,000 a year or less in income.
"Health Savings Accounts have very strong support across a broad range of income levels and are helping people be better health care consumers," cited Chad Wilkins, CEO of OptumHealth.
OptumHealth’s survey found 82 percent of Health Savings Account (HSA) owners are satisfied with their accounts; 78 percent believe the continued availability of Health Savings Accounts should be part of any health care reform that may occur; and 74 percent agreed they would recommend an HSA to a friend or family member. Three out of 10 respondents said that they wouldn’t have health insurance if it were not for their Health Savings Accounts.
The study also showed that HSA owners are engaged with their financial and physical well-being. For example, 64 percent of the respondents said they inquired about generic options for medication and 47 percent indicated they asked their care providers about charges.
HSA owners also agree that people need to become more engaged in their health care. The survey found that 83 percent of respondents agreed people should research health care options and try to get the best price — just like they do for other major consumer purchases; 72 percent of respondents said that individuals should be responsible for helping to manage their own health care costs.
Employers are increasingly turning to consumer directed health plans (CDHPs) and Health Savings Accounts to provide health coverage to their employees and dependents. According to a Watson Wyatt Worldwide and National Business Group on Health survey, 51 percent of companies now have a CDHP in place, a 9 percent increase from last year. Inside Consumer-Directed Healthcare reported that the number of Health Savings Accounts grew about 40 percent year-over-year as of January 2009 and average savings balances grew 45 percent.
“With increased employer demand, more HSA use by consumers and the positive responses from our survey, it is clear that these accounts are valued as a tool to help people meet their health care needs,” Wilkins said.
The survey was conducted online by an independent research firm between Feb. 27, 2009, and March 20, 2009, with a random national sample of 500 HSA owners.
The survey measured satisfaction level, motivations for having an HSA and effects the accounts had on engaging people in managing a portion of their health care savings and spending. Participants had an HSA for at least one year, were covered by a high-deductible health plan and had an active HSA at the time of the survey. Margin of error for the survey was 4 percentage points or better with 95 percent confidence.
Health Savings Accounts are tax-free health spending and savings accounts available to individuals and families who have qualified high-deductible health insurance policies as determined by IRS regulation. OptumHealth Bank, Member FDIC, is one of the largest administrators of Health Savings Accounts, with about 500,000 accounts and nearly $800 million in HSA deposits and investments.*
Posted by Wiley Long at June 16, 2009 11:01 AM