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Health Savings Accounts are appealing to the uninsured
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Previouly uninsured Americans are purchasing HDHPs
coupled with health Savings Accounts in record numbers
As Congress continues to propose and debate trillion dollar options for health insurance, consumers themselves have begun a quiet little revolution of their own. Data being reported from several sources indicates that Health Savings Accounts are beginning to make a dent in the uninsured market.
The increase in CDHPs with Health Savings Accounts is growing in both the individual market as well as the group market. The option is especially appealing to small business owners who can save on premium, contribute something to their employee's HSAs and still be paying less than they paid for their traditional PPO group coverage.
Even more surprising is the demographic that is buying HSAs. Once thought to be appealing only to the rich, the young and the healthy, several majors insurers have reported an unexpected trend.
40% of those buying Consumer Drive Health Plans (CDHPs) and investing in Health Savings Accounts are reporting average income of under $50,000. One company, Assurant, reports that 27% of those purchasing CDHPs and opening Health Savings Accounts have a net worth of less than $25,000.
The most encouraging news which is being reported by three different insurance sources is that 33 – 40% of those buying CDHPs with HSAs were formerly uninsured.
| Assurant Health Plans | 40% of the applicant buying CDHPs and opening Health Savings Accounts indicated no prior coverage |
| EHealth Insurance | Nearly 33% of HSA purchasers were previously uninsrued for more than 6 months |
| AHIP | 37% of HSA policies sold were purchased by persons previously uninsured |
American Health Insurance Plan (AHIP), a national association which represents 1,300 member companies who provide health insurance to more than 200 million Americans, reported that over 8 million Americans now have HSA’s, an increase of more than 31% since January 2008.
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