Webster Financial Corp.’s HSA Bank unit says its survey pointing to consumers’ broad embrace of savings accounts to manage health care costs proves their value in the marketplace.
HSA Bank said its 2010 benchmark survey shows that consumers who use the accounts to cover high deductibles or health expenses not covered in their health plans have similar characteristics – age, health and income – as consumers enrolled in such traditional plans as PPOs and HMOs.
Contributions to health savings accounts (HSAs) are tax deductible and earn interest tax-free until drawn on cover health deductibles and expenses.
HAS Bank’s operation is devoted solely to offering and maintaining those accounts.
HSA Bank’s survey found 57.5 percent enrolled in health savings account-eligible health plans were age 45 and older vs. 60.9 percent enrolled in traditional plans.
The survey also found 94.9 percent (HSA) and 93.9 percent (traditional) considered themselves of average or better health
Finally, 44 percent (HSA) and 45 percent (traditional) earned an annual household income ranging from $25,000 to $75,000.
“Since the HSA became available in 2004, opponents have argued that the accounts are only beneficial for the young, healthy and wealthy,” said Itamar Romanini, senior vice president of Business Development at HSA Bank.
