Health Savings Account Enrollment is on the Rise

health savings accounts

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Enrollment in health savings accounts (HSA) has risen significantly over the past six years. America’s Health Insurance Plans (AHIP), the national trade association of the health insurance industry, released a census that reveals HSA enrollment has more than tripled since January 2007, jumping from 4.5 million enrolled then to totals around 15.5 million as of January 2013.

The census also shows that the most significant gains in enrollment were made between January 2012 and January 2013, which occurred in large market groups. Large group plans increased from 7.9 million to 9.6 million over the course of the year. The Health Savings Alliance says many employers are electing to offer HSAs to their employees “because of the high quality care and affordable coverage they provide.”

Karen Ignagi, president and CEO of AHIP, credits the increase in enrollment to the value that HSAs offer to both employers and individuals. “HSA plans encourage individuals to take an active role in their health care decisions while stretching their health care dollars,” she told Robert Zirkelback of the AHIP.

Other factors attributed to the increase in HSA enrollment include better access to “decision-support tools,” which were accessed by high volumes of HSA enrollees. For example:

– 93% accessed personal health records

– 88% accessed health care cost information

– 97% accessed physician-specific general information

– 76% accessed physician-specific quality data

– 90% accessed hospital-specific quality data

– 97% accessed health education information

– And 93% of HSA members had access to account information

Is an HSA a part of your organization’s health care offerings for employees? If not, contact Lamb Financial Group to discuss the programs we have to offer in health insurance, including HSA administration, as well as medical, dental and vision plans, among others. Learn more about our insurance products by browsing our website or calling us at 1-866-481-5262. You can also request a quote for your nonprofit or organization online.

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