« Health Savings Accounts at Work | Main | Health Savings Account Modifications Likely To Be Minor Under Healthcare Reform »
August 15, 2009
Health Savings Accounts Are A Great Option For The Uninsured
Consumers have begun a quiet revolution, as Congress continues to propose and debate trillion dollar options for health insurance. Data being reported from several sources shows Health Savings Accounts are beginning to make a dent in the uninsured market.
The increase in Health Savings Accounts is growing in both the individual market as well as the group market. The option is especially appealing to small business owners who can contribute something to their employee's Health Savings Accounts, save on premium, and still be paying less than they paid for their traditional PPO group coverage.
Even more surprising is the demographic that is buying Health Savings Accounts. Once thought to be appealing only to the rich, the young and the healthy, several majors insurers have reported an unexpected trend.
40% of those buying HSA-qualified health inusrnace plans and investing in Health Savings Accounts are reporting average income of under $50,000. One company, Assurant Health, reports that 27% of those purchasing HSA insurance plans and opening Health Savings Accounts have a net worth of less than $25,000.
The most encouraging news which is being reported by three different insurance sources is that 33 – 40% of those buying HSA plans with Health Savings Accounts were formerly uninsured.
American Health Insurance Plan (AHIP), a national association which represents 1,300 member companies who provide health insurance to more than 200 million Americans, reported that over 8 million Americans now have Health Savings Accounts, an increase of more than 31% since January 2008.
Posted by Wiley Long at August 15, 2009 11:05 AM