Health Savings Accounts: 2008 a Breakout Year for HSAs!

HSAs Could Have 'Breakout Year' in 2008, Consultants Say

August 21, 2007 - Kaiser Network - Daily Health Policy ReportEnrollment in high-deductible health plans linked with health savings accounts has continued to increase since they first became available in 2004, but 2008 "could be their breakout year," according to some health care consultants, the Washington Times reports. According to consultants, enrollment in high- deductible health plans linked with HSAs in 2008 is expected to increase by an estimated four million to a total of 10 million as more large companies begin to offer such plans to help reduce health care costs.

Health Savings Accounts: Second Quarter Growth Lower Than Fist...Still on Track to Reach 8 Million!

Despite Industry Stakeholder Concerns, Second Quarter HSA Growth Significant

August 14, 2007 - HSAFinder.com Second quarter account growth (16%) for Health Savings Accounts (HSAs) was lower than in the first quarter (22%) but still on target to reach 8 million by the end of the year, according to Information Strategies, Inc. (ISI). During the same period, deposits grew at a 26% rate versus the first quarter increase of 22%, to $7.8 billion, according to the parent of www.HSAfinder.com. The company has been tracking HSA insurance coverage and custodial accounts since their inception, utilizes reports from custodial institutions across the country, and is the most detailed in the industry.

Health Savings Accounts: Will Create 40 Billion in New Business Opportunities!

Consumer-Directed Healthcare Will Create $40 Billion in New Business Opportunities

August 14, 2007 - PRNewswire, ChicagoConsumer-directed healthcare plans don't have a reputation for being particularly consumer-friendly. In fact, the demand from consumers and employers for a better health/wealth experience -- from saving and paying for healthcare to making informed choices about treatment alternatives -- is creating $40 billion in new revenue opportunities for financial services firms and healthcare companies over the next five years, according to Diamond Management & Technology Consultants, Inc. ."Consumers and employers can expect a lot of innovation from healthcare companies and financial services firms," predicted Aamer Baig, partner and co- lead of Diamond's Financial Services Practice. "Those innovations might include powerful tools for families to manage their retirement and healthcare finances, quickly confirming insurance coverage before making a doctor's appointment, collecting information about treatment alternatives specific to each consumer's situation, and then paying for service from a special account before leaving the clinic."

Health Savings Accounts: New Drug Store Online with More than 3,000 HSA Eligible Products!

Exante Financial Services First Partner to Launch Co-Branded HSA Store

August 13, 2007 - PRNewswiredrugstore.com, inc. a leading online provider of pharmacy, health, beauty and vision products today announced the availability of a first of its kind online store designed for Health Savings Account (HSA) holders. An estimated 4.5 million lives are covered by consumer-driven HSA plans, which require consumers to maintain records of eligible expenses. The new drugstore.com HSA Store located at http://www.drugstore.com/hsa identifies more than 3,000 HSA-eligible products, automatically tracks purchases, provides an HSA-only receipt and offers additional resources to help users of consumer- driven health plans record expenses for tax purposes..

Health Savings Accounts: Communication to Employees Critical to Success!

Communication, Information Tools Critical to Success of Consumer-Directed Health Plans, Watson Wyatt and RAND Corporation Study Finds

August 7, 2007 - Watson WyattMost employers that offer a consumer-directed health plan say communicating with workers about these plans is their greatest challenge. Additionally, most employers are not pleased with the availability of information on provider cost and quality, according to a new study conducted jointly by Watson Wyatt Worldwide, a leading global consulting firm, and the RAND Corporation, a non-profit research organization.Nearly all of the respondents - 90 percent - cited employee communication as their greatest challenge in introducing the consumer-directed health plan (CDHP) and during the plan's first year. Employers, on average, began communicating information about the new plan to workers four months prior to open enrollment. The study was based on 42 large employers that offer a CDHP to their workers.

Harvard Program on Health Policy & Management

The letter below refers to a program sponsored by Harvard University. Doctor Nelman C. Low was one of many who attended this conference while I was a consultant for the medical industry. I invited many of the brightest doctors in American to attend on their own dime to be educated about the subjects and actions needed to keep medicine and health care working for them and for their patients.

Date: October 18, 1993

Dear Mr. Malin

As a private practice Head & Neck Surgeon, I enjoyed attending the Harvard Program on Health Policy & Management. It was enlightening to review the problems that we have been dealing with in health care from a national viewpoint and from the perspective of health economists, ethicists and business management.

I was encouraged to interact with young enthusiastic physicians who felt that we still had a bright outlook in our profession, but somewhat discouraged by the realization that our profession is rapidly changing and that the business managers and the bean counters will ultimately control medicine if we as active practitioners of medicine do not actively participate in this process of change.

Sincerely,

Nelman C. Low, M.D., F.A.C.S.

This 13+ year old letter is still as poignant now as it was then. We consumers along with our doctors need to understand how to access the best health care services and still maintain control and , flexibility as well as all our options.

I have had some of the best doctors work on me when I needed help. I am glad I knew my options and was able to receive great health care.

Health Savings Accounts (HSA) and HSA-qualified plans make this possibility available to more Americans today than ever before.

I read 10-15 articles every day on this subject, but have noticed most just quote from the Treasury Department, IRS and government documents. Through my research of the past 3+ years on HSAs I have distilled the available aspects, benefits and tools for use by business owners, entrepreneurs, and consumers.

Take action today to educate yourself so you will know the options available to all.

Health Savings Accounts: Maximize Your Money

Health Savings Accounts are quickly becoming Americas leading source of insurance for both individuals and families. Health Savings Accounts hold many benefits for its policyholders. By utilizing a Health Savings Account coupled with a High Deductible Insurance Plan you are able to lower your health insurance premiums, reduce your income tax, as well as build a medical retirement fund. Just to name a few benefits of this coupled insurance plan.

For the full article click below.

http://www.healthsavingsaccountsinc.com/articles/maximizeyourmoney.htm

Health Savings Account Guidelines Made Easy: E-book Success!

I was finally convinced to make available to the general public the manual I use to train, communicate, and answer question about the benefits of having a Health Savings Account.

I am amazed how popular "Health Savings Account Guidelines Made Easy" e-book has become in these few short weeks.

Many thanks to everyone who use it to train their employees, salespeople, as well as a manual for your personal use.

I have so many compliments from HR managers, bankers, insurance companies, investment bankers, CPAs, entrepreneurs and individuals.

"You just make it easier to understand and implement." That is what I hear most.

Thanks for your appreciation.

P. S. I have added Glossary of Terms to the web site.

http://www.healthsavingsaccountsinc.com/glossary.htm

For your own e-book copy visit the web site below.

http://www.healthsavingsaccountsinc.com/

Health Savings Accounts: Article Resource

When learning, reviewing, looking, wondering and always wanting to know more about HSAs, I have another resource that you can refer to for articles pertaining to Health Savings Accounts.

Check it out at: Click on link below

http://www.besthealthsavingsaccountarticles.com/

Health Savings Accounts: Glossary of Terms

Health Savings Accounts (HSA) and HSA-qualified health plans have seemed to always have a language that needed to be explained, so I have made the glossary of terms most commonly used in the interactions, contracts, communications and guidelines available. I know this will give you a great resource to refer to to keep on top of the lingo...so to speak.

Click on the below link and it will take you directly to the glossary page.

(If the clicking on the link below does not instantly open your browser and associated web site, then copy the below link in whole, and paste it into your browser and press enter on your keyboard.)

http://www.healthsavingsaccountsinc.com/glossary.htm

Breaking News!

By popular demand, I have officially released the published Health Savings Accounts Guidelines Made Easy in e-book PDF format for immediate download. www.healthsavingsaccountsinc.com

Thanks to the over 80,000 who link here to use our insight for information on HSAs.

Here is the PRWeb link for your review.

http://www.prweb.com/releases/2007/6/prweb531564.htm

Health Savings Accounts: Worth The Savings?

Health Savings Accounts have become very popular very fast. I have seen the increases every year since 2003 (The year HSAs were passed into law.)

FACT SHEET:

DRAMATIC GROWTH OF HEALTH SAVINGS ACCOUNTS (HSAS)

THEN (2004)…

• 438,000 -- Individuals were covered in November 2004 by HSA-type insurance plans -- according to the America Health Insurance Providers (AHIP).

• 113,000 (roughly 240,000 individuals) -- IRS data on individual tax returns reporting HSA deductions in tax year 20041.

NOW…

• 3.2 million -- Seven fold increase to individuals covered by HSA type insurance plans (November 2004 to December 2005) -- according to AHIP.

o 31% -- Previously uninsured individuals buying health insurance on their own.

o 33% -- Small businesses not previously offering coverage.

o Nearly 50% -- Age 40 or over.

• $1 billion -- Dollars invested in HSAs by Americans, according to data gathered by Inside Consumer-Directed Care (ICDC) newsletter Feb. 24 issue -- based on financial data provided by more than 60 financial firms including JPMorgan Chase, Wells Fargo and The Principal Financial Group.

• 42% -- Number of Individuals or families with incomes below $50,000 buying HSA type insurance on their own, according to "Health Savings Accounts: The First Six Months of 2005" report by eHealthInsurance.

THE FUTURE…

• 14 million by 2010 -- Treasury Department projection of HSA policies (covering 25 to 30 million people) -- based on current law.

• 21 million by 2010 -- Treasury Department HSA policies estimates rise by 50 percent (covering 40 to 45 million people) -- based on the President’s health care initiative.

1 Individual tax returns do not reflect employer financed HSA contributions.

The consumer interest keeps growing every year.

2006 to 2007

4.5 Million Americans are now covered by HSAs.

Another great article on how to use them.
http://www.healthsavingsaccountsinc.com/articles/howtouseyourhsa.htm

Health Savings Account: Controversial?

Health Savings Account are controversial if you don't have one, know how to properly apply the benefits or are sickly or have a preexisting condition that makes a HSA a non-decision for you.

The consumer-directed healthcare (CDH) movement is here to stay.

The largest demographic today has moved toward a healthy, stay healthy or get healthier lifestyle.

Now that's controversial!

Consumers have always wanted an individual choice when it comes to making their own health care decisions. They want a provider they are comfortable with or have used for years, but don't want to change providers because of a career move, or a health insurance change at work.

Americans are attracted to controversial subjects and this is a great one!

Many different views about Health Savings Accounts will keep this subject controversial for a long time.

Don't be the last to find out!

Don't be "That Guy" who passed on a health care jewel and a financial pot-of-gold at the end the rainbow.

Learn more about the basics: your options, your participation levels, what your company offers now (Your current health insurance at work.), your entrepreneurial options, the three tax advantages.

Owner of companies: 1-19 employees, 20 employees and above.

Your options are vast, both for you and your employees.

The past few years of legislation has opened advantages once only available to large corporations.

Find out what the controversy is about.

Learn were you, your company or were you and your family are now.

Health Savings Accounts are controversial and that is good.

Learn more...read this short white paper. www.healthsavingsaccountsinc.com/articles/consumerfocusedhealthplans.htm

Health Savings Accounts: Employer Information

Health Savings Accounts are growing in popularity, providing traditional coverage through unconventional means. Health Savings Accounts and High Deductible Insurance Polices focus on the consumer and the need for flexibility. With increased accessibility to coupled insurance plans many employers are offering enrollment options in Health Savings Accounts to their employees. Health Savings Accounts are transforming the American health care system. Health Savings Accounts are allowing Individual policyholders and employers the opportunity to move away from traditional models of insurance coverage that dominate health care transactions. Health Savings Accounts enable transactions between patient and physician in which the patient has control over how the dollars are spent. By offering Health Savings Accounts to your employees you are offering a policy that is rich in opportunity.
In short Health Savings Accounts are portable accounts that allow individuals to deposit money into their Health Savings Account on a tax free basis. The funds within the Health Savings Account can be withdrawn tax free to pay for qualified medical expenses including preventive care, health insurance deductibles, qualified premiums, prescription drugs, over the counter medications as well as long term care services. The High Deductible Health Insurance plans provide coverage for potential catastrophic medical expenses. It is the purpose of Health Savings Accounts to provide individuals with information rich resources that will enable them to make informed decisions regarding their health care, health treatment and health management options.
With more and more individuals seeking control over health care decisions, employers looking to contribute to Health Savings Accounts should understand how it would work on their end. When making a deposit into an employee Health Savings Account that amount is excluded from the employee’s income. Should the employer not provide health insurance but those employed hold Health Savings Accounts, the employer can make pretax contributions to the employees’ Health Savings Accounts. The total annual employer-employee contributions made to the Health Savings Account may amount to as much as one-hundred percent of the HSA health plan's annual deductible amount and can be used to cover any and all qualified medical expenses. Contributions made to an individual’s Health Savings Account are tax deductible to the employer. If an employer is making contributions into Health Savings Accounts it must be made in equal part to all employees.
Health Savings Account provide comprehensive coverage for those enrolled and also offer great incentives to the employer who offers this up and coming health insurance option. www.healthsavingsaccountsinc.com/articles/employerinformation.htm

Health Savings Accounts: Rollovers From FSAs into HSAs

“Health Savings Accounts are improving the way Americans obtain the care they need. This bill makes HSAs more flexible and makes it easier for participants to put money aside for their personal health care,” said Treasury Assistant Secretary for Tax Policy. Health Savings Accounts have been growing in popularity over the last few years due in part to the focus being placed on accessibility and affordability. Health Savings Accounts are indeed improving the way Americans obtain the care they need. Health Savings Accounts are making receiving healthcare an actuality rather than a distant hope.
Benefits afforded to those participating in Health Savings Account programs far outweigh those of traditional insurance plans. Traditional insurance plans often times provide its employees with Flexible Spending Accounts, FSAs or a Health Reimbursement Account, HRA. While Health Savings Accounts are drastically different from traditional policies, you are able to transfer funds from a FSA or an HRA. If you are currently participating in an FSA or a HRA and have decided to enroll in a Health Savings Account, your employer can transfer funds from your FSA or HRA into your Health Savings Account up to the yearly maximum*. Health Savings Accounts were developed to meet the needs of the consumer. By allowing funds previously accrued to be transferred into your Health Savings Account the issue of access and affordability of healthcare is being addressed.
Health Savings Accounts were also established on a tax-free basis. Meaning, funds deposited into a Health Savings Account are tax-free if spend on qualified medical expenses. When transferring funds from an FSA or an HRA the amount deposited will fall under the same guidelines as funds deposited in the future.
Health Savings Accounts provide it’s policyholders with a comprehensive policy, but also provides the individual with the means to utilize contributions from other eligible accounts.
* The maximum contribution is the balance in the FSA or HRA as of September 21, 2006, or if less, the balance as of the date of the transfer. The provision is limited to one distribution with respect to each health FSA or HRA of the individual. If an individual does not remain an eligible individual for the 12 months following the month of the contribution, the transferred amount is included in income and subject to a 10 percent additional tax.

Visit www.healthsavingsaccountsinc.com for additional free articles on Health Savings Accounts and associated subjects.

Health Savings Accounts: Complete Control Over Health Care Spending

Health Savings Accounts is my favorite subject and passion to write about and research about for the last five years. I thought I would share a popular article with you again.

http://www.healthsavingsaccountsinc.com/articles/completecontroloverhealthcarespending.htm
You can also access the article by using Ctrl & left click below. That will open a new window with the article in EzineArticles.com.

Health Insurance: What Happens When You Loose Yours

Health Savings Accounts (HSA) and the associated High Deductible Health Plan (HDHP), required for the tax savings and premiums savings, is what I usually talk and write about. Today I want to bring up some interesting figures and facts you may not have thought about or known about.

In February 2005 Harvard University released the results of its study, "Illness and Injury as Contributors to Bankruptcy." The study interviewed 1,771 Americans in bankruptcy courts and determined that about half were "medically bankrupt"...driven to bankruptcy by medical bills not covered by health insurance. Also, included in the study and equally surprising were these three additional statistics.

Three-fourths of the "medically bankrupt" had health insurance at the beginning of their illness.

The majority of the "medically bankrupt" owned their own homes and had attended college.

Many people filing "medical bankruptcy" were middle-class workers with health insurance who were unable to meet their co-payments, deductibles, and exclusions in the employer-sponsored health insurance plan.

Since the 1980's, each year 1-2 million American families filed bankruptcy. The specific reasons were unknown. Most people assumed credit card spending, divorce and loss of employment to be among the major reasons. But, now with our new understanding that half are from medical illness, we must look closer at new and noteworthy options which don't leave our financial futures at risk.

More about this in the next few days.

I will give you some of the statistics showing where most medical accidents happen and what are the chance that you or your loved ones will be involved in one.

STAY TUNED!

Health Savings Accounts: Major Reform? Will it Help You and Your Loved Ones?

The State of the Union address from President Bush brought the concept of Health Savings Accounts out into the open for all to see. This huge reform is long overdue and a great solution to health insurance plans for many Americans.

Is the newest and most popular Health Savings Account a real solution for the ever increasing cost of health care? Want to know more of the details?

Read this fine article on some specific benefits and details.

http://www.healthsavingsaccountsinc.com/articles/majorreformforyouandyourlovedones.htm

Health Savings Accounts: How do I cover myself or family, while getting a HSA open and working?

Health Savings Accounts have become so popular as of late because of the savings in monthly premium payments as well the freedom to take that associated insurance with you when changing jobs.

Note: (1 million plus people last year had a bankruptcy caused by a medical expenses not covered by a group plans, changing of a job or for not have any insurance at all.)

This is a key work we speak of often called Consumer Portability Options. It is not a industry key word and is hard to often get a correct answer when it pertains to health care choices, plans and option available to employees and employers. To put it in short, it is the proper usage of best in class and savings combined with equal or better coverage in your health care plans (Health Insurance) combined with ownership (Take it with you when you move or change jobs.).

I am writing an white paper to detail these topic and benefits for the layman to understand and implement.

I expound on strategies to cover yourself and family while making your fine choice to implement a Health Savings Account for you and your family.

Stay tuned...It will be out soon and I will put a link on my blog to the white paper.

Health Savings Accounts: Consumer Driven Health Care

Health Savings Accounts are at the forefront of consumer based health care. Increasing in popularity, Health Savings Accounts are continuing to gain momentum in assisting the uninsured and under-insured in receiving quality health insurance.

Additional white paper link below.

http://www.healthsavingsaccountsinc.com/articles/consumerdrivenhealthcare.htm