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Eight Million Health Savings Accounts

Eight Million Health Savings Accounts

Almost eight million U.S. residents are insured by HSA or health savings account qualified health insurance plans, which is an increase of over 31% from previous year, as revealed by the new census report by America's Health Insurance Plan or AHIP. Health savings accounts were certified, in January, 2004. From then, America's Health Insurance Plan has been conducting a regular census of its fellow members taking part in the health savings account or (HDHP) high-deductible health plan industry.

HSA Owners Come From Different Earnings Levels

Another census report revealed that HSA owners have a wide array of earnings across the entire nation. The report named Estimated Income Characteristics of health savings account holders in the year 2008, made use of geo-coding method to calculate the earnings features of the HSA owners.

According to Karen Ignagni, the president and CEO of AHIP, HSA plans cover a huge number of customers of different income levels and ages across the nation, and the plans show a significant option for companies and individuals; while considering the portfolio of available coverage options.

Major findings derived from the newly released census report are:
  • There was an increment of more or less 1.9 million U.S. residents signed up for an HSA plan, from January 2008. Past census report produced by AHIP showed that almost 6 million Americans were registered in January 2008, more than 4 million were signed up in January 2007, over 3 million were joined in January 2006 and 1 million were signed up in March 2005.
  • 30% of the total number of people insured by an HSA plan was from small group market, 23% individuals were from individual market and the rest 47% people were from large-group market.
  • Most of the individuals enrolled to an HSA plan are insured by PPO or Preferred Provider Organization products and HMO or Health Maintenance Organization products. Numerically, 83% were covered by PPO products and 10% were covered by HMO products. In individual market, 92% HSA enrollees were covered by PPO products. In large-group market, 85% HSA enrollees were covered by PPO products; while the figure is 76% in the small-group market.
  • American states with maximum number of HDHP/HSA enrollments were California (with 854,000), Florida (with 524,000), Illinois (with 497,000), Texas (with 476,000), Ohio (with 464,000), and Minnesota (with 388,000).
Major findings derived from the earnings characteristics study are:
  • Families with a broad range of earnings have health savings accounts, with about half (almost 49%) of the total account holders residing in neighborhoods with medium earnings below $50,000 (mentioned income amount is considered on the basis of census data of 2000).
  • Average whole deposits, included of individual deposits, employers' contributions along with amount of interest, for entire HSAs were $1,634 while the average whole withdrawals included of fees were $1,063.

For further enquiry on 2009 census and the earnings reports, you can visit www.AHIPResearch.org.


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