Insurance Shoppers Reports Colorado HSA Usage

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Jay Norris, CEO of Insurance Shoppers, points out that while HSA usage has steadily increased over the past two years for individual/ family health insurance; group health insurance usage of HSA qualified plans is still very low.

Insurance Shoppers, Inc., one of the largest providers of health insurance in Colorado, reports an increase in HSA qualified plans in the third quarter among individual/family health insurance plans. 38 percent of all underwritten plans sold since July 1st have been HSA qualified. This is a 5 percent increase over the first half of the year and a 9 percent increase over their HSA qualified sales for the calendar year 2005.

Mr. Norris points out that while HSA qualified plans are becoming a larger part of their individual/family health insurance sales, employer sponsored group plans still have low usage of HSAs.

"The low usage of HSA qualified plans by the employer sponsored group market is most likely due to the fact that the premiums are largely paid for by employers. HSAs are known as 'consumer driven' health plans and your desire to make your premium lower is reduced if you aren't the one paying for it." says Norris.

Of the employer sponsored group plans Insurance Shoppers sold in the third quarter, Jay Norris said that less than 5 percent of them were HSA qualified.

Jay Norris went on to say: "Although HSA qualified plan usage was low for employer sponsored group health insurance plans in Colorado, the traditional options that most employers are offering are starting to have higher deductibles and reduced coverage for prescriptions. Overall, there are fewer businesses in Colorado offering health insurance to employees, and some are making sacrifices in order to continue offering benefits."

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