Quick facts and good news on HSAs from today's Kaiser Family Foundation report:
- 26% of firms which have a health insurance plan OFFER an HSA-qualifying plan. 11% of covered workers are ENROLLED in an HSA-qualifying plan. up from 9% last year
- the average annual HSA deductible in a workplace plan is about $2200 single and about $4100 family
- the average annual HSA-qualifying insurance premium FOR SINGLES is about $4700 (a savings of about $1000 or about 18% relative to gold-plated coverage)
- the average annual HSA-qualifying insurance premium FOR FAMILIES is about $13,500 (a savings of about $2700 or about 17% relative to gold-plated coverage)
the average employer contribution to an HSA is about $600 single, $1100 family. Take out the non-contributing firms, and that average rises to about $900 single, $1600 family.
To sum up, HSA plans are cheaper than gold-plated insurance plans. They give workers a cash benefit rather than just a fringe. Money builds up over time, easily being able to meet deductibles after just a few years of employer contributions. Employees can make pre-tax contributions to the account if that is their wish. And companies offering the plans save money relative to the old fashioned alternatives.
Keep in mind these numbers are for employer-provided coverage, and do not capture the individual health insurance market.