Monday, July 19, 2004
43 percent of HSA applicants did not indicate any prior coverage
[Laura Trueman, "Health Savings Accounts: Myth vs. Fact," Brief Analysis No. 479, National Center for Policy Analysis, 19 July 2004.]
For those who interested in addressing the uninsured, recent data from NCPA and The Coalition for Affordable Health Coverage (CAHC) indicates that HSAs are filling a much needed role, and most of the criticisms of the policies are proving unfounded:
- Some 43 percent of HSA applicants did not indicate any prior coverage,
according to Assurant.
- Nearly one-third (32.8 percent) of all HSA applicants to eHealthInsurance - and about half of those with incomes under $35,000 — had not had coverage for at least six months prior to enrollment.
- Nearly half (46 percent) of HSA purchasers have family incomes of less than $50,000, according to eHealthInsurance.
- Some 38 percent of its HSA purchasers have only high school or technical school training, says Assurant.
- Many HSA purchasers live in modest homes — 38 percent in homes with a market value of less than $125,000 — and 27 percent of enrollees have a net worth of less than $25,000 (Assurant)
- More than two-thirds (70 percent) of HSA purchasers are over age 40.
- HSAs were purchased by a broad cross section of vocations, and less than 57 percent of purchasers were from professional and managerial occupations.
- Most HSA purchasers — 77 percent — are families with children; 8 percent are single parents, and 45 percent live in households of four or more people.
- Purchasers of high deductible, tax-qualified MSAs made 31 percent more preventive care office visits, compared to people with conventional health insurance.
- Generic drug usage was consistently higher for MSA purchasers.
- Assurant Health received applications representing 56,396 members for Individual HSAs in the first four months of 2004, far more than the number of MSA applications Assurant received in the first four months of 2003.
- A survey by Mercer Human Resource Consulting found that nearly threequarters of employers are "very" or "somewhat likely" to offer HSAs by 2006.
[Laura Trueman, "Health Savings Accounts: Myth vs. Fact," Brief Analysis No. 479, National Center for Policy Analysis, 19 July 2004.]
For those who interested in addressing the uninsured, recent data from NCPA and The Coalition for Affordable Health Coverage (CAHC) indicates that HSAs are filling a much needed role, and most of the criticisms of the policies are proving unfounded:
- Some 43 percent of HSA applicants did not indicate any prior coverage,
according to Assurant.
- Nearly one-third (32.8 percent) of all HSA applicants to eHealthInsurance - and about half of those with incomes under $35,000 — had not had coverage for at least six months prior to enrollment.
- Nearly half (46 percent) of HSA purchasers have family incomes of less than $50,000, according to eHealthInsurance.
- Some 38 percent of its HSA purchasers have only high school or technical school training, says Assurant.
- Many HSA purchasers live in modest homes — 38 percent in homes with a market value of less than $125,000 — and 27 percent of enrollees have a net worth of less than $25,000 (Assurant)
- More than two-thirds (70 percent) of HSA purchasers are over age 40.
- HSAs were purchased by a broad cross section of vocations, and less than 57 percent of purchasers were from professional and managerial occupations.
- Most HSA purchasers — 77 percent — are families with children; 8 percent are single parents, and 45 percent live in households of four or more people.
- Purchasers of high deductible, tax-qualified MSAs made 31 percent more preventive care office visits, compared to people with conventional health insurance.
- Generic drug usage was consistently higher for MSA purchasers.
- Assurant Health received applications representing 56,396 members for Individual HSAs in the first four months of 2004, far more than the number of MSA applications Assurant received in the first four months of 2003.
- A survey by Mercer Human Resource Consulting found that nearly threequarters of employers are "very" or "somewhat likely" to offer HSAs by 2006.
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