Smart Benefits: Popularity of HSAs Continues to Rise

Smart Benefits: Popularity of HSAs Continues to Rise

A recent survey by America’s Health Insurance Plans (AHIP) reveals that Health Savings Accounts (HSAs) experienced double-digit growth over last year. Enrollment in HSA-eligible insurance plans now stands at nearly 17.4 million, up about 12 percent since 2013. On average, enrollment in HAS plans has grown 15 percent annually since 2011.

Key findings from this year’s annual census of people covered by HSAs/High Deductible Health Plans (HDHPs) conducted by AHIP include:

• Most enrollment gains were in the large group market, which now represents 74 percent of all enrollment in HSAs.
• The average monthly premium for single coverage was $371 and $835 for families
• About half (52 percent) of all HSA/HDHP enrollees in the individual market (including dependents covered under family plans) were age 40 or over; 48 percent were under age 40.
• Fifty percent of people covered by an HSA/HDHP as of January 2014 were male and 50 percent were female
• Those states with the highest levels of enrollment were: Illinois (1,054,916), Texas (1,042,642), Ohio (802,511), Pennsylvania (691,750) and Michigan (690,932).

 

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Congress first authorized HSA/HDHPs in 2004.

Amy Gallagher has over 21 years of healthcare industry experience guiding employers and employees. As Vice President at Cornerstone Group, she advises large employers on all aspects of healthcare reform, benefit solutions, cost-containment strategies and results-driven wellness programs. Amy speaks regularly on a variety of healthcare-related topics, and is often quoted by national publications on the subject matter. Locally, Amy is a member of SHRM-RI, the Rhode Island Business Group on Health, and the Rhode Island Business Healthcare Advisory Council.