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Health savings accounts growing in popularity

Posted On Mon, October 18, 2010

Health insurance is an expense that is squeezing many people's budget. Expenses related to healthcare have consistently edged upward year after year. One way people can lower the amount they pay for medical care is with a health savings account.

This type of program has been around for several years and data from the Consumer Driven Healthcare Institute shows that more people are signing up for accounts. Data reveals a 4 percent increase in individual and family health savings account programs between the first two quarters of the year.

CDHCI Academic Advisory Board chair Steve Parente says that since the passing of healthcare reform, more people have begun to create the accounts at faster rates than previously seen.

In order to qualify for a health savings account, a person must have a plan with a minimum deductible of $1,200 for individual plans and $2,400 for family plans. The maximum amount people can contribute to a plan is $3,050 for individual and $6,150 for family coverage. Money placed in such funds is tax-free and owned by individuals, allowing employees to keep the accounts even when changing jobs.

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