Health Savings Accounts in Maine up 144% in Just 2 Years
According to a report released today, 10 million Americans have Health Savings Accounts (HSAs)!
These lower premium, higher deductible private health insurance plans allow individuals to pay lower premiums in exchange for a larger up front deductible – on average a deductible of $2,300 for an individual and $4,400 for a family (small employer plans), according to the report from America’s Health Insurance Plans.
In Maine, HSAs are extremely popular. In 2008, there were 18,211 Mainers with HSAs or 2.2% of the market, according to AHIP’s report that year. In 2010, that number had climbed to 44,499, up 26,300 or 144% in just two years.
It’s no wonder. HSA plans are much cheaper. According to Kaiser’s Annual Health Benefits Survey 2009, an HSA plan costs $319 a month for an individual and $866 a month for a family. Traditional insurance plans cost $409 a month for individuals and $1,133 for families. That means that an HSA plan annually saves individuals $1,080 and $3,204 in lower premiums, compared to traditional plans.