Posted by
IQ HSA on Tuesday, January 15, 2008 7:10:07 PM
FACT SHEET:
DRAMATIC GROWTH OF HEALTH SAVINGS ACCOUNTS (HSAS)
THEN (2004)…
• 438,000 -- Individuals were covered in November 2004 by HSA-type insurance plans -- according to the America Health Insurance Providers (AHIP).
• 113,000 (roughly 240,000 individuals) -- IRS data on individual tax returns reporting HSA deductions in tax year 20041.
NOW…
• 3.2 million -- Seven fold increase to individuals covered by HSA type insurance plans (November 2004 to December 2005) -- according to AHIP.
o 31% -- Previously uninsured individuals buying health insurance on their own.
o 33% -- Small businesses not previously offering coverage.
o Nearly 50% -- Age 40 or over.
• $1 billion -- Dollars invested in HSAs by Americans, according to data gathered by Inside Consumer-Directed Care (ICDC) newsletter Feb. 24 issue -- based on financial data provided by more than 60 financial firms including JPMorgan Chase, Wells Fargo and The Principal Financial Group.
• 42% -- Number of Individuals or families with incomes below $50,000 buying HSA type insurance on their own, according to "Health Savings Accounts: The First Six Months of 2005" report by eHealthInsurance.
THE FUTURE…
• 14 million by 2010 -- Treasury Department projection of HSA policies (covering 25 to 30 million people) -- based on current law.
• 21 million by 2010 -- Treasury Department HSA policies estimates rise by 50 percent (covering 40 to 45 million people) -- based on the President’s health care initiative.
1
Individual tax returns do not reflect employer financed HSA contributions.
Source: Intrernal Revenue Service