X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

A new year may just bring new opportunities for health savings accounts.HSAs are tax-free portable savings accounts that can be used to pay for medical expenses, including prescription and over-the-counter drugs incurred by individuals, spouses or dependents. These accounts are accompanied by high-deductible, comprehensive insurance policies that cover preventive care and larger medical bills. Unused HSA money rolls over from year-to-year and can then be used to pay for medical care up to the plan’s deductible.A recent America’s Health Insurance Plans overview report on HSAs has revealed that despite a shaky economy, HSAs adoption continues to grow as employees try to find ways to reduce expenses.According to the report, in 2008, 42% of enrollees in small groups chose HSA/HDHP options when offered a choice among those and other types of coverage. This result was the same, regardless of group size: 43% for firms with 10 or fewer workers, 42% for 11 to 25 workers, and 41% for firms with 26 to 50 workers.Even those employers still on the sidelines are reconsidering offering HSAs this year. The report finds that some 26% of all firms not currently offering HSA-eligible HDHPs reported that they were somewhat or very likely to do so in 2009, up from 24% the previous year. Here’s a look at how HSAs have fared over the years:

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Peter Westerman

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.