Health savings accounts jump 22 percent in 2011

Posted on: Monday, March 12, 2012

One of the ways insurance customers finance their coverage is through health saving accounts. According to a recent study, a higher percentage of individuals are obtaining these types of plans.

Wells Fargo recently announced that more than 100,000 of its customers obtained a health savings account in 2011, a near 40 percent rise when comparing the same 12-month period with 2010. In addition, there was also a 22 percent increase in assets individuals had in their HSAs.

Elizabeth Ryan, head of Wells Fargo Health Benefit Services, said many people saw the financial benefits of HSAs and took advantage of them.

"We continue to see an increase in adoption as more of our customers take advantage of the long-term tax and retirement benefits of HSA," said Ryan.

She added that HSAs serve as one way policyholders can prepare for retirement and their health insurance-related costs.

In addition to HSAs, the implementation of the Affordable Care Act requires states to create healthcare exchanges. As a result, it may be advisable for insurance agents to go over all the ways in which customers can pay for coverage so that the most affordable option is determined.

Posted In: Insurance News, Health Insurance

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