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Home / News & Industry / Managed Care Vendor Sales Insight
Updated: Nov. 19, 2008
Health Savings Accounts Gain Popularity Among Health Consumers

Health savings accounts (HSAs) are increasingly becoming popular among educated health consumers as health insurance companies are reporting rises in enrollment and deposits.

UnitedHealthcare reported HSAs are chosen over health reimbursement accounts (HRAs) among individuals and employers. Approximately 1.38 million people are covered by HSAs compared to the 1.34 million covered with an HRA, said UnitedHealthcare.

"More employers and consumers are discovering that consumer-driven health plans, and HSAs in particular, are among the most effective ways to give people greater control over their healthcare spending and can help drive more affordable coverage," said Meredith Baratz, vice president of market solutions for UnitedHealthcare’s consumer driven health portfolio.

"Consumer-driven health plans, especially when coupled with robust health information and educationprograms, give people the tools they need to become more informed healthcare consumers. Our studies show that they get the preventive care they need to stay healthy and take a more active role in managing their health-related finances in these programs," she said.

Wells Fargo & Company said that HSAs deposits increased 41 percent year to date, totaling more than a quarter-billion dollars for the first time.

Wells Fargo Health Benefit Services reported that more than 150,000 account holders – many of whom took advantage of higher 2007 contribution limits before the April 15 deadline – now hold $264 million in HSA deposits.

"Tax law changes helped consumers understand contribution limits and really drove these large deposit increases," said Jose Becquer, head of Wells Fargo Health Benefit Services.

"Now our customers feel like they can use an HSA to meet today’s healthcare needs and prepare for tomorrow," he said.

"We believe the more consumers learn about health savings accounts and how they work, the more they will understand the affordability, tax savings and control over healthcare spending that has plans offer," said Richard Collins, president of UnitedHealthcare’s individual business.

Addresses: UnitedHealthcare, 450 Columbus Blvd., Hartford, CT 06103; (860) 702-5000, www.unitedhealthcare.com. Wells Fargo & Company, 420 Montgomery St., San Francisco, CA 9416; (866) 249-3302, www.wellsfargo.com.



  This article was taken from:
Healthcare Reimbursement Monitor

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