About 13.5 million U.S. residents now have health coverage that is compatible with the health savings account (HSA) program, up 18% from the total recorded a year ago, according to America’s Health Insurance Plans.
AHIP, Washington, has reported that finding in a summary of results from a survey of U.S. health insurers.
A year ago, AHIP said the total number of HSA-eligible U.S. residents had increased 14% from the 2010 total.
Congress created the HSA program in January 2004.
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To qualify to contribute income to an HSA free of income taxes, a taxpayer must have coverage that meets minimum and maximum deductible requirements and maximum out-of-pocket expense requirements.
People who have HSA-compatible coverage do not necessarily open or contribute to HSAs.