Eligible individuals with self-only coverage under a high-deductible health plan (HDHP) may contribute an annual maximum of $3,050 to their Health Savings Account (HSA) for 2010. Eligible individuals with family coverage (coverage for two or more individuals) under an HDHP may contribute up to $6,150 to their HSA. Individuals age 55 or older who are not enrolled in Medicare may contribute more to the account per year.
To be considered qualified for an HSA, the HDHP must meet certain IRS regulations.
For 2010, to qualify as an HDHP:
- The minimum deductible amount must be $1,200 for self-only coverage and $2,400 for family coverage; increased from 2009 requirements.
- The out-of-pocket maximum must be no higher than $5,950 for individual or $11,900 for family coverage; increased from 2009 requirements.
- The HDHP must be set up with a combined medical/pharmacy deductible. This deductible must apply to the out-of-pocket maximum; no change from 2009 requirements.
- All medical and pharmacy services must be subject to deductible and out-of-pocket maximum except for preventive services.
To view the 2010 HSA reference guidelines, click here.
General Findings:
- More than 80 percent of respondents cite their ability to save for future health care expenses as the primary reason for opening and depositing money into their HSAs.
- 70 percent of HSA participants make $75,000 a year or less in income.
- 82 percent of HSA owners are satisfied with their accounts.
- 78 percent believe the continued availability of HSAs should be part of any health care reform that may occur.
- 74 percent agreed they would recommend an HSA to a friend or family member.
- Three out of 10 respondents said that they wouldn’t have health insurance if it were not for their HSAs.
Finance, physical well-being, health care engagement inquiries produced the following:
- 64 percent of the respondents said they inquired about generic options for medication.
- 47 percent indicated they asked their care providers about charges.
- 83 percent of respondents agreed people should research health care options and try to get the best price – just like they do for other major consumer purchases.
- 72 percent of respondents said that individuals should be responsible for helping to manage their own health care costs.
More Employers Are Moving Toward CDHPs, HSAs
According to a Watson Wyatt Worldwide and National Business Group on Health survey, 51 percent of companies now have a CDHP in place, a 9 percent increase from last year. Inside Consumer-Directed Healthcare reported that the number of HSAs grew about 40 percent year-over-year as of January 2009 and average savings balances grew 45 percent.
The survey was conducted online by an independent research firm between Feb. 27, 2009, and March 20, 2009, with a random national sample of 500 HSA owners. The survey measured satisfaction level, motivations for having an HSA and effects the accounts had on engaging people in managing a portion of their health care savings and spending. Participants had an HSA for at least one year, were covered by a high-deductible health plan and had an active HSA at the time of the survey. Margin of error for the survey was 4 percentage points or better with 95 percent confidence. HSAs are tax-free health spending and savings accounts available to individuals and families who have qualified high-deductible health insurance policies as determined by IRS regulation.
