The combination of health savings accounts (HSAs) and qualified high deductible health plans (QHDHPs) has proven to be a powerful weapon in the battle of rising health insurance costs. Because consumers who use this solution have an opportunity to save hundreds and even thousands of dollars on health insurance premiums, these plans have become increasingly popular with Utah residents since their introduction in 2003.
The establishment of (HSAs) as part of the Medicare Prescription Drug Improvement and Modernization Act of 2003 has presented opportunities for credit unions to build deposits, increase membership and cross-sell additional products and services. HSA programs are still in their infancy in the CU sector. One of this industry's earliest and most successful HSA pioneers is $4.2 billion Patelco Credit Union, San Francisco, which serves 260,000 members. Patelco CU implemented its HSA program two and a half years ago, and already has more than $25 million in close to 18,000 accounts. Patelco CU's target market for HSAs is typically small companies with fewer than 50 employees. These groups typically find high-cost health insurance premiums a burden and contributions to ...
Depending on how people churn their accounts, the 10-year expectations for are enticing. Brad Yocum, president and CEO of State Bank of Howards Grove (Wisconsin), 60 miles north of Milwaukee, has worked with employers and insurance companies and predicts HSA balances will be in that $40 billion to $80 billion range by 2013. There's a lot of opportunity out there for HSAs to bring in deposits, and a lot a people are getting into the business, he said. Supply-side eagerness was much in evidence at a mid-May 2004 conference call on HSAs, hosted by the American Bankers Association, with Kevin Knopf and Tom Reeder of the US Treasury Department's Office of Tax Policy holding forth. The call attracted some 1,500 bankers - one of the largest participations on record - se...
Introduction.Analysis: Do HSAs change spending behaviors? Reducing "overconsumption"Studies examining shopping behavior. Do patients view HSA deposits as their own money? Health care spending numbers and their limitations on the benefits of Health Savings Accounts. Adverse selection: Will HSAs create a death spiral for traditional health plans and increase costs for the chronically ill? Conclusion
For employers looking to find a way to reduce their healthcare costs and provide a benefit to employees without burdening them with high premiums, , or HSAs, offer that opportunity. HSAs are characterized by most people as medical IRAs. They allow individuals to receive tax-free reimbursement for medical expenses, and it also allows employers and individuals to make contributions to the plans and to receive tax deductions for those contributions, says John Golden, employee benefits director at CUNA Mutual Group. There are a number of key advantages to HSAs, including: financial savings, tax savings, portability, and their representation of an improved retirement account. If HSAs sound like an option for a credit union, the first step to take, says Golden, is talki...
Walker: Immediate action on budget likely DEFOREST, Wis. -- Gov. Scott Walker said Monday that during his State of the State speech next week, he will lay out the specifics of emergency measures he plans to take to balance the state budget this year. Nothing currently forces Walker to make budget-balancing moves for the current fiscal year, which ends June 30. In fact, all of the proposals that Walker has been pushing through the Legislature actually cost the state more money, including one he signed Monday that will reduce tax collections by $49 million over the next two years. Walker said he was awaiting new budget estimates from the nonpartisan Legislative Fiscal Bureau showing how much in the red the state may be for the current year before outlining what steps he plans to take. Tho...
WASHINGTON, April 1 /PRNewswire-USNewswire/ -- Health savings accounts (HSAs) are likely to play a minor part in savings for health care costs in retirement, according to a report issued today by the nonpartisan Employee Benefit Research Institute (EBRI). That's because both statutory contribution limits and currently low interest rates constrain the amount HSAs are able to generate, compared with the large amount needed to pay for retiree health expenses.
PEWAUKEE, Wis. - Republican Gov.-elect Scott Walker said Thursday he wants to eliminate state taxes on health savings accounts, a move he said would benefit small businesses and help make Wisconsin a more attractive destination for other companies. The proposal is one of several he plans to put forth following his Jan. 3 inauguration, in a special legislative session intended to help give the state's economy a jolt.
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