HSA enrollment soars past 15 millionNews added by Benefits Pro on June 27, 2013

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By Kathryn Mayer

Enrollment in health savings accounts has reached nearly 15.5 million, growing by almost 15 percent since last year.

The figures were released Wednesday by America’s Health Insurance Plans, who called the accounts “a valuable coverage option” for individuals and employers.

The group’s newest census found that enrollment in HSAs has more than tripled in the last six years.

“HSA plans encourage individuals to take an active role in their health care decisions while stretching their health care dollars,” Karen Ignagni, AHIP’s president and CEO, said in a statement.

HSAs are a central element in consumer-driven health care and are designed to give individuals more control over funds allocated for health care services, thereby causing health plan participants to spend the money more responsibly.

AHIP also said that the greatest enrollment increases were in the large group market, which represents nearly 70 percent of all enrollment in health savings account/high-deductible health plans.

Firms, including Fidelty Investments and Wells Fargo, this year have reported record-breaking HSA enrollments.

States with the highest levels of HSA/HDHP enrollment were Illinois (903,000 enrollees), Texas (889,364 enrollees), California (808,019 enrollees), Ohio (686,616 enrollees), and Michigan (577,208 enrollees).

Originally published on BenefitsPro.com
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