Don't rule health savings accounts out yet.
A recent Celent Report titled "HSA Benchmarking Analysis: Market Trends and Economics 2009″ finds that current economic conditions and the ongoing shift in the healthcare marketplace to HSA-qualified high deductible health plans are actually driving account growth.
Celent experts say that growth will continue in 2010.
Between January 2008 and January 2009, participants in the latest HSA benchmarking survey experienced a 46.1% increase in the number of HSAs and saw their asset base grow by 62.6%. During that same time the average account balance grew 13% to $1,561.
The report also finds that debit cards, attached to almost all HSAs, are used for 66% of the funds disbursed, with checks representing 20% of disbursements.
In addition, to compete, many participants reported decreased pricing by not charging setup fees and reducing monthly account fees. The report also revealed that some participants are preparing for the possibility that HSA accounts will be free.
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