Tuesday, February 15, 2005
New data on HSAs released
[Allison Bell, "Survey: Most HSA Buyers Get Drug Coverage," National Underwriter, 15 February 2005.]
Confirming earlier research on the demographics fueling HSA purchases, eHealthInsurance just released its latest annual survey. The numbers reveal a broad cross-section of the population:
Thousands of customers bought high-deductible individual and family health policies that were compatible with the new health savings account program in 2004, eHealthInsurance researchers report.
EHealthInsurance is not providing information about topics such as the percentage of applicants who were declined, but company researchers note that 48.9% of the HSA plan purchasers were age 40 or older. Only 34.5% of the purchasers of the conventional health insurance plans were over age 39.
The fact that purchasers of HSA-compatible plans tend to be older than other health coverage purchasers "may represent the level of understanding and interest in tax planning and long-term savings of many people further along in their careers," the eHealthInsurance researchers write.
eHealthInsurance researchers write that 99.4% of the HSA-compatible plans it sold included some kind of prescription drug coverage, and 85.4% included some coverage for doctor visits.
The average monthly cost for HSA-compatible plans was $137.94 for individuals and $277.45 for families, and 89% of HSA-compatible plan holders are paying less than $200 per person per month for coverage, the researchers write.
[Devon Herrick, "Health Savings Accounts: The Future of Health Care for Kansans," The Flint Hills Center, 14 February 2005.]
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