Health Saving Account HSAs
HSA FACT SHEET: DRAMATIC GROWTH OF HEALTH SAVINGS ACCOUNTS (HSAS)HSA 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. |
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Frequently Asked Questions Regarding HSAs
HSA Checklist for Small Business Owners
Health Savings Accounts and Your Small Business
Advantages of HSAs