Wednesday, August 09, 2006
HSA account balances rising
["HSA Bank Reports Accountholder Balance Growth in 2006," Press Release, HSA Bank, 8 August 2006.]
As a counter to concerns that people are not taking advantage of the opportunity to save for medical expenses using HSAs, HSA Bank just issued a report indicating that balances are rising significantly:
HSA Bank announced today that its accountholders' average balances have increased by more than $350 to nearly $1,940 during the first six months of 2006. HSA Bank attributes the increase in balances to both a greater number of accountholders saving their HSA funds and an increased level of contributions to individual accounts.
In the first six months of 2006, nearly 52 percent of accountholders saved at least half of their HSA contributions. The average contribution surpassed the average distribution in 2006 by more than $100 per month, an increase of more than $40 during all of 2005.
"These statistics demonstrate that HSA Bank accountholders are learning how to manage their accounts and in many cases are able build savings for future health care costs," said Kirk Hoewisch, president of HSA Bank.
[Devon Herrick, "Health Savings Accounts: The Future of Health Care for Kansans," The Flint Hills Center, 14 February 2005.]
As a counter to concerns that people are not taking advantage of the opportunity to save for medical expenses using HSAs, HSA Bank just issued a report indicating that balances are rising significantly:
HSA Bank announced today that its accountholders' average balances have increased by more than $350 to nearly $1,940 during the first six months of 2006. HSA Bank attributes the increase in balances to both a greater number of accountholders saving their HSA funds and an increased level of contributions to individual accounts.
In the first six months of 2006, nearly 52 percent of accountholders saved at least half of their HSA contributions. The average contribution surpassed the average distribution in 2006 by more than $100 per month, an increase of more than $40 during all of 2005.
"These statistics demonstrate that HSA Bank accountholders are learning how to manage their accounts and in many cases are able build savings for future health care costs," said Kirk Hoewisch, president of HSA Bank.
[Devon Herrick, "Health Savings Accounts: The Future of Health Care for Kansans," The Flint Hills Center, 14 February 2005.]
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