More than 438,000 U.S. residents signed up for health savings accounts and HSA-compatible high-deductible health insurance plans by the end of September 2004.[@@]
America’s Health Insurance Plans, Washington, presented those figures and other HSA market survey results here today at a press conference.
AHIP estimates that at least 75 carriers are offering HSA-compatible health coverage, and the group has based its HSA market survey results on responses from 29 of those carriers.
“These early data demonstrate that the market is reacting very quickly to health savings accounts,” said AHIP President Karen Ignagni.
Because the federal government did not complete work on key HSA rules for employer-sponsored plans until July 2004, HSAs have been more popular with individuals than with employers.
More than 80% of the early HSA purchasers were individuals, almost half of the covered individuals were over age 40, and 30% of the individual HSA purchasers were consumers who previously were uninsured, according to the AHIP survey.
Early demand for HSAs has been much stronger than the demand for the old, tightly regulated Archer Medical Savings Accounts, which attracted only 40,000 buyers during their first year on the market, Ignagni said.