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July 2014
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Seven reasons HSAs are taking off

 

We've all seen the numbers: Health savings accounts just keep growing. The still relatively new health savings vehicle has now grown to an estimated $18.1 billion in assets representing more than 9.1 million accounts. That's a 29 percent increase in both accounts and assets in just one year, according to research from investment consulting firm Devenir. Devenir said the average account balance continues gradual growth. The average balance halfway through 2013 grew to $1,981 from $1,879 at the end 2012, roughly a 5 percent increase.  Read More

HSA enrollment posts double-digit growth

 

Health plans that include health savings accounts continue to rise in popularity - experiencing double-digit growth over last year, America's Health Insurance Plans announced Wednesday.

Nearly 17.4 million Americans are covered by HSA-eligible insurance plans, an increase of nearly 12 percent since 2013, according to a new census from AHIP.

Most enrollment gains in the HSA/HDHP space in 2014 were in the large group market. The share of HSA/HDHP lives enrolled in large group plans jumped from 59 percent in January 2012 to 68 percent in January 2013, to 74 percent in January 2014. 

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HSA 

holders 

don't understand accounts

 

Sure, as evidenced by the growing numbers, consumers love their health savings accounts. Problem is, they just don't really know much about them.

A new survey from Alegeus Technologies says most consumers, and even account holders specifically, do not fully understand account-based health plans, including HSAs, flexible savings accounts and health reimbursement accounts.

Only 30 percent of HSA holders passed a basic HSA proficiency quiz - which included nine true/false questions such as "I can have an FSA and an HSA at the same time," Read More

 

Denise M. Caven  
Willwerth, Caven & Associates, Inc.
Employee Benefit Solutions