HSA Enrollment Hits 10 Million Mark

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“Another 2 million Americans (10 million total) are now experiencing the benefits of HSAs,” says Roy Ramthun, President of HSA Consulting Services, LLC in Silver Spring, MD. “As businesses have struggled to keep their heads above water, more have turned to HSAs as the answer to their rising health benefit costs.”

Despite the downturn in the economy in recent years, the growth of health savings accounts (HSAs) continues at a rapid pace with HSAs now covering 10 million Americans. Yesterday’s release of the latest HSA enrollment figures by America’s Health Insurance Plans (AHIP) shows continued strong enrollment growth, confirming earlier growth trends in the employer-based market for health insurance.

“Another 2 million Americans (10 million total) are now experiencing the benefits of HSAs,” says Roy Ramthun, President of HSA Consulting Services, LLC in Silver Spring, MD. “As businesses have struggled to keep their heads above water, more have turned to HSAs as the answer to their rising health benefit costs.”

The latest figures represent a 25 percent increase over enrollment figures from a year ago (as of January, 2009). The strongest growth (33 percent) was once again from larger employers where many people get their health insurance coverage. Half of the current enrollment in HSA-qualified plans is from employees working for larger companies.

HSA enrollment in the small employer market also experienced strong growth, up 22 percent from one year ago.

“With more employers and individuals purchasing the HSA qualified insurance plans, banks and credit unions that are not offering HSAs are going to be losing their business clients’ HSA deposits.” said Tim Morales, President of HSA Clearing Corp., “Banks and credit unions that don’t act soon to get an HSA program in place this year will wonder what happened as these deposits leave their institutions, but by that time it will be too late. Offering the right HSA program not only builds their deposit base but is a great way to build their customer base as well”

For more information on HSA marketing materials or to find out how HSA Clearing's turn-key HSA package can help banks or credit unions offer Health Savings Accounts, contact HSA Clearing Corp, at 262-348-1300 or visit their website at http://www.hsaclearing.com

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TIMOTHY MORALES
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