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September 04, 2011
Health Savings Accounts Grow To 11.4 Million
Over 11.4 million U.S. residents have a Health Savings Account (HSA) eligible insurance plans. According to America’s Health Insurance Plans (AHIP), that represents a more than 14-percent increase over last year.
HSA enrollment has almost doubled in the past three years and the biggest increase has been seen in large-group coverage. That rose by 26 percent resulting in more than 6.3 million being covered. The small-group market showed about 2.8 million were enrolled in HSA plans.
Likewise, HSA coverage grew by 15 percent in the individual market resulting in 2.4 million people being covered. The highest enrollment numbers were in California, which has 1,073,319 enrollees. Texas follows with 844,832 enrollees. Ohio also has 728,868 enrollees, Illinois has 690,509, Florida has 656,243 and Minnesota has 507,307.
By 2014, individual and small-group coverage markets will be required to meet minimum actuarial values for bronze, silver, gold, and platinum coverage levels.
The bronze level must have a minimum 60 percent actuarial value. That's the dollar value of the average expected benefits paid out by the plan.
The HHS Secretary is supposed to establish how actuarial values are determined. If employer HSA contributions were to be included in the actuarial value calculation, HSA plans would be more likely to meet the minimum requirement. That could help to continue the availability of HSA plans.
Our HSA instant quote system will show you qualified plans currently available.
Posted by Wiley Long at September 4, 2011 10:30 AM