Wednesday, October 06, 2004
Golden Rule reports customers are putting millions into HSAs
["Golden Rule Customers Exceed $110 Million Saved in Health Savings Accounts," Press release, Business Wire, 29 September 2004.]
The investment in Health Savings Accounts is growing - and insurance company Golden Rule has the numbers to prove it. According to this recent release, sales are up and customers are truly taking advantage of the opportunity:
Golden Rule Insurance Company today announced that its customers have exceeded more than $110 million saved in tax-advantaged Health Savings Accounts (HSAs).
Golden Rule also said that monthly sales volumes have nearly tripled since this time last year with the number of HSA applications up 133 percent since January. Golden Rule pioneered the Medical Savings Account, predecessor to the HSA, ten years ago and began offering Health Savings Accounts as soon as the law allowed on January 1, 2004.
Nationally, the U.S. Congress Joint Committee on Taxation estimates that one million HSAs will be sold this year and a top-ranking IRS official recently predicted three times that many. With more than 16.5 million Americans faced with buying their own health insurance, Health Savings Accounts provide a new, lower-cost alternative to traditional co-pay plans while still offering quality coverage.
"On average, we find Golden Rule's customers saving 45-55 percent on annual insurance premiums alone," Andy Grim, Golden Rule vice president of marketing, said. "Our customers are getting the coverage they need without paying for coverage they don't."
Janet and Ted Lippzer understand just how expensive health insurance can be - and how important quality coverage is. Several years ago, Ted experienced significant health problems but today he's doing fine. The couple, who own an ice cream shop, live in Elizabeth, Pennsylvania, with their teenage daughter.
The Lippzers switched from traditional insurance to an HSA when their premium skyrocketed to over $900 a month. Today, the Lippzers have cut their premium to under $200 a month and they're building savings for future medical expenses, tax deferred.
"Health insurance shouldn't require a compromise that you either take care of yourself or you live your life," Janet Lippzer said. "An HSA makes it affordable so you can take care of yourself."
Russ Griffith, a self-employed engineering consultant in Granville, Ohio, also knows how costly traditional health insurance can be. Prior to establishing an HSA with Golden Rule, Griffith says he and his wife Kathy, who works part-time in retail, were spending $1,111 a month for health insurance.
"To me, our Health Savings Account is true insurance, the kind of insurance I think I've always wanted," Griffith explained. "Every time you go to the doctor's office, you don't have to submit a claim and have them pay part of it and you pay part of it. It reduces the paperwork. It makes a whole lot more sense."
The Griffiths are now spending less than a third of what they were previously on their monthly premium alone. "When you count the insurance premium, as well as our out-of-pocket medical expenses, we'll be spending less than half of what we spent with our previous medical insurance," he said.
[Greg Scandlen, "Choice is revolutionizing health care," The Wichita Eagle, 28 September 2004.
Matthew Hisrich, "HSAs are increasing Americans' health coverage," The Topeka Capital-Journal, 26 September 2004.]
["Golden Rule Customers Exceed $110 Million Saved in Health Savings Accounts," Press release, Business Wire, 29 September 2004.]
The investment in Health Savings Accounts is growing - and insurance company Golden Rule has the numbers to prove it. According to this recent release, sales are up and customers are truly taking advantage of the opportunity:
Golden Rule Insurance Company today announced that its customers have exceeded more than $110 million saved in tax-advantaged Health Savings Accounts (HSAs).
Golden Rule also said that monthly sales volumes have nearly tripled since this time last year with the number of HSA applications up 133 percent since January. Golden Rule pioneered the Medical Savings Account, predecessor to the HSA, ten years ago and began offering Health Savings Accounts as soon as the law allowed on January 1, 2004.
Nationally, the U.S. Congress Joint Committee on Taxation estimates that one million HSAs will be sold this year and a top-ranking IRS official recently predicted three times that many. With more than 16.5 million Americans faced with buying their own health insurance, Health Savings Accounts provide a new, lower-cost alternative to traditional co-pay plans while still offering quality coverage.
"On average, we find Golden Rule's customers saving 45-55 percent on annual insurance premiums alone," Andy Grim, Golden Rule vice president of marketing, said. "Our customers are getting the coverage they need without paying for coverage they don't."
Janet and Ted Lippzer understand just how expensive health insurance can be - and how important quality coverage is. Several years ago, Ted experienced significant health problems but today he's doing fine. The couple, who own an ice cream shop, live in Elizabeth, Pennsylvania, with their teenage daughter.
The Lippzers switched from traditional insurance to an HSA when their premium skyrocketed to over $900 a month. Today, the Lippzers have cut their premium to under $200 a month and they're building savings for future medical expenses, tax deferred.
"Health insurance shouldn't require a compromise that you either take care of yourself or you live your life," Janet Lippzer said. "An HSA makes it affordable so you can take care of yourself."
Russ Griffith, a self-employed engineering consultant in Granville, Ohio, also knows how costly traditional health insurance can be. Prior to establishing an HSA with Golden Rule, Griffith says he and his wife Kathy, who works part-time in retail, were spending $1,111 a month for health insurance.
"To me, our Health Savings Account is true insurance, the kind of insurance I think I've always wanted," Griffith explained. "Every time you go to the doctor's office, you don't have to submit a claim and have them pay part of it and you pay part of it. It reduces the paperwork. It makes a whole lot more sense."
The Griffiths are now spending less than a third of what they were previously on their monthly premium alone. "When you count the insurance premium, as well as our out-of-pocket medical expenses, we'll be spending less than half of what we spent with our previous medical insurance," he said.
[Greg Scandlen, "Choice is revolutionizing health care," The Wichita Eagle, 28 September 2004.
Matthew Hisrich, "HSAs are increasing Americans' health coverage," The Topeka Capital-Journal, 26 September 2004.]
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