| 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.
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