Editor note: This article was originally published December 5, 2013 and can be found here.
HSA-qualified plans are widely available, attractively priced, but may be hard to identify on Federally run ACA Exchanges according to a new research report by HSA Consulting Services, a consulting firm focused on the growth of Health Savings Accounts.
HSA plans and tax-advantaged accounts have grown rapidly in their first ten years of existence and now cover more than fifteen million Americans. Many people feared that the Affordable Care Act (ACA) would dampen HSA growth or even eliminate HSA options, especially in light of the Massachusetts experience, where HSAs have not been as popular.
“Our research shows that HSAs play a prominent role in the ACA exchanges, accounting for nearly 20% of total offerings,” said Todd Berkley, President of HSA Consulting Services.
According to the research, HSA plans are 11% less expensive than non-HSA plans offered on the Federally run ACA exchanges. “This will save the typical family over $1,000 per year in premium costs on average if they choose an HSA-qualified plan,” said Roy Ramthun, Founder and Advisor to HSA Consulting Services. “In some states the savings is considerably higher,” Ramthun added.
While HSA plans are widely available and attractively priced, they may be hard to identify on Healthcare.gov, because there is no way to search for an HSA plan or to verify that a plan is HSA-Qualified while on the site.
“If the exchanges survive their slow start and grow as expected, HSAs will likely grow rapidly and be among the most affordable options in the Affordable Care Act,” added John Young, a consultant to HSA Consulting Services.
To download the white paper Health Savings Account Plan Availability On Federally-Run Affordable Care Act Exchanges, visit http://www.hsaconsultingservices.com/.