HSA’s experiencing dramatic growth
Compliments of the treasury department:
FACT SHEET:DRAMATIC GROWTH OF HEALTH SAVINGS ACCOUNTS (HSAS)
THEN (2004)…
• 438,000 — Individuals were covered in November 2004 by HSA-type insurance plans — according to the America Health Insurance Providers (AHIP).
• 113,000 (roughly 240,000 individuals) — IRS data on individual tax returns reporting HSA deductions in tax year 2004.
NOW…
• 3.2 million — Seven fold increase to individuals covered by HSA type insurance plans (November 2004 to December 2005) — according to AHIP.
o 31% — Previously uninsured individuals buying health insurance on their own.
o 33% — Small businesses not previously offering coverage.
o Nearly 50% — Age 40 or over.
• $1 billion — Dollars invested in HSAs by Americans, according to data gathered by Inside Consumer-Directed Care (ICDC) newsletter Feb. 24 issue — based on financial data provided by more than 60 financial firms including JPMorgan Chase, Wells Fargo and The Principal Financial Group.
• 42% — Number of Individuals or families with incomes below $50,000 buying HSA type insurance on their own, according to “Health Savings Accounts: The First Six Months of 2005” report by eHealthInsurance.
THE FUTURE…
• 14 million by 2010 — Treasury Department projection of HSA policies (covering 25 to 30 million people) — based on current law.
• 21 million by 2010 — Treasury Department HSA policies estimates rise by 50 percent (covering 40 to 45 million people) — based on the President’s health care initiative.
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