As the number of Health Savings Account (HSAs) increases, the role of smaller businesses in its expansion continue.
While numbers shown in a major study indicate larger corporations are embracing HSAs, smaller firms are still leading the charge.
This trend reflects numbers surfaced by Information Strategies, Inc. (ISI), this newsletter's parent.
"We have always identified smaller firms and individuals as the driving force behind HSAs and this latest study, by AHIP, confirms that trend," said JoAnn M. Laing, ISI's President & CEO.
The latest numbers released by AHIP, a major hospital association group, show for the first time that CDH accounts have settled into a long-term growth pattern that adds 3 million Americans per year, while employer support for the product keeps getting stronger.
Total enrollment in HSA policies rose by over 1.5 million to reach 6.1 million Americans. The data, reported for January 2008 by virtually all health insurance plans in the market, means that by 2010 the HSA headcount will hit 10 million. The total CDH account number including HRAs may hit 20 million.
AHIP President and CEO Karen Ignagni said 66 insurers nationwide now offer individual HSA coverage, along with 88 small group carriers and 89 large group carriers. Some 14 insurers have over 100,000 covered lives in HSA policies, up from 11 in 2007.