Driven by the emerging private health exchange sector, health savings accounts may be poised to quadruple their growth over the next six years, according to a new report published by Consumerdriven, LLC and HSA Consulting Services, LLC.
Between February and April 2014, veteran consultants John Young (chief executive officer, Consumerdriven, LLC) and Todd Berkley (president, HSA Consulting Services, LLC) approached 33 private exchange vendors, gathered data, and conducted interviews with the objective of determining if there was a relationship between the method of benefit distribution, the financial incentives used (i.e. defined contribution vs. subsidized premium), and health savings account (HSA) adoption.
The resulting study, The Power of Choice: The Game-Changing Combination of Private Exchanges and Health Savings Accounts, reveals important data on the increasing role of health care consumerism strategies in the future of the U.S. health care system.
“Our findings have caused us to reassess the potential market growth in the HSA market,” said John Young. “We predict that 50 million Americans will be covered by HSA-qualified health plans by January 1, 2019 and that HSA account adoption will grow to 37 million in that time period – up from 11 million today. We also predict that exchanges will drive more than half of that growth.”
To access the full article and link to the full report of the survey’s findings, click here.