Health Savings Accounts: Now It’s Faster Than Ever To Establish An HSA
Posted on September 11th, 2010
HSA Bank has streamlined how individuals and small groups can enroll in a Health Savings Account (HSA). By simplifying the enrollment process into four steps, HSA Bank representatives say they have cut the time needed to set up your HSA in half.
As president of HSA Bank, Kirk Hoewisch says, “We strive to make owning an HSA as easy for our accountholders as possible, starting with the enrollment process.” Many individuals and small group employees choose to use the bank’s Individual Online Enrollment website.
Besides making it easier to enrollment in HSA plans, HSA Bank has also updated its Individual Online Enrollment website with enhanced capabilities.
Tags: Health Savings, Hsa
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Health Savings Account Deposits Top $1 Billion for Single Bank
Posted on August 30th, 2010
United Health Group Inc., now one of the Twin Cities’ largest banks, has seen its OptumHealth Bank top the $1-billion mark for deposits on its books, and it’s all due to Health Savings Accounts. By the end of June, its Health Savings Account deposits were at $1.025 billion. Chartered in Salt Lake City and part of Minnetonka-based UnitedHealth, UnitedHealth has helped thousands of employers to set up Health Savings Accounts for their employees.
There is a growing trend for employers to offer employees these tax-advantaged Health Savings Accounts in combination with high-deductible health care plans. T
Tags: Bank, Health Savings, Health Savings Account, Savings Account
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Can A Health Savings Account Help You Bridge Employment Gaps?
Posted on August 26th, 2010
Health Savings Accounts may have been stifled by complex regulations, but these accounts can do much more than just turn your healthcare bills into tax deductions. With unemployment a constant threat, health savings accounts help people maintain coverage between jobs, and even into retirement.
Anyone under 65 can start a Health Savings Account once they buy a qualified high-deductible health insurance plan. That’s an insurance plan with a deductible of at least $1,050 for individuals or $2,100 for families. These plans mush also have a limit of $5,250 for an individual and $10,500 for a family on their out-of-pocket costs.
Tags: Employment, Health Savings, Health Savings Account, Savings Account
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Health Savings Accounts: Why Have Ten Million People Enrolled?
Posted on August 22nd, 2010
As of January 2010, ten million Americans already have a Health Savings Account (HSA) and this form of tax-advantaged saving to pay medical expenses has only been available since 2004. Why are these plans growing so fast?
The number of people enrolling in a Health Savings Account increased by 25 percent since 2009. The fastest growing market for HSA plans was for large-group coverage, followed by small-group coverage. Thirty percent of those with an HSA were in the small group market, and 50 percent were in the large-group market.
Another 20 percent were individuals who paid for their own health insurance coverage.
Health Savings Accounts Are Still Popular after Healthcare Reform
Posted on July 22nd, 2010
All the recent changes in health care haven’t reduced the popularity of Health Savings Accounts. In fact, employers are offering Health Savings Accounts more often as a less expensive way to cover employees. According to America’s Health Insurance Plans, more than 10 million individuals enjoy the tax-free interest and tax-deductible healthcare expenses that come with Health Savings Accounts.
Why are Health Savings Accounts appealing to more people? With the rising cost of healthcare, the high-deductible health insurance plans that work with these savings accounts typically keep premiums low. Preventive care and wellness check-ups are not subject to a deductible, though, so it’s still easy to get physicals and mammograms. T
Tags: Health Savings, Health Savings Accounts, Popular, Savings Accounts
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Health Savings Accounts Are More Popular Every Year
Posted on July 13th, 2010
If you’re looking for a way to lower your monthly health insurance premiums, take a look at what millions of other people have been doing. According to the Employee Benefit Research Institute, the balances in Health Savings Accounts have grown rapidly in the past few years. Consumer-driven health plans, including Health Savings Accounts and health reimbursement arrangements, grew to $7.1 billion last year. That showed an increase of $835.4 million in the last three years.
The number of these accounts has increased from 1.2 million accounts in 2006 to 5 million in 2009. What makes these plans so popular? Health Savings Accounts work with high-deductible health insurance plans. W
Tags: Health, Health Savings
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