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August 27, 2009
Study Shows Health Savings Accounts Growing at Rapid Pace
A new report entitled "HSA Benchmarking Analysis: Market Trends and Economics 2009" which was released by Celent, a Boston-based financial research and consulting firm, shows the number of Health Savings Accounts and assets held in HSA plans continues to grow despite the downturn in the economy.
From January 2008 to January 2009, there was an increase of 46.1% in the number of Health Savings Accounts. During that same period, HSA administrators reported that assets grew by 62.6%. The report also shows during that same time period not a single HSA administrator experienced a decrease in balances.
That phenomenon reflected a shift in the health care marketplace. As the economy deteriorated and employers looked to cut costs, these high-deductible health plans became more attractive to employers and employees. These HSA health plans are cheaper for employers to offer and less costly for employees to purchase.
The study is based on data released to Celent by 14 HSA administrators. The report referred to Health Savings Accounts as the “darling of retail banking” because of their growth rates, which are unmatched by any other retail banking product.
Health Savings Accounts are expected to continue to grow in 2010. You can learn more about Health Savings Accounts and find an HSA Plan that is right for you at HSA for America.
Posted by Wiley Long at August 27, 2009 12:53 PM