It's no surprise that Health Savings Accounts have become very popular, with some of the biggest reasons being tax-free contributions, low monthly premiums, and the ability to choose the health insurance company that best suits you. Those aren't the only reasons for 18% more Americans enrolling this year alone; it is also because the money saved, if not used up by medical expenses, can be then used towards your retirement tax-free! This should be a consideration to anyone purchasing Ohio health insurance.
Currently over 13.5 million Americans are insured by plans that are HSA-compatible. HSA's are popular because they are assisting people by giving them tools to better inform them of health care options. This is of crucial importance right now, with changes always being suggested or carried out. Besides this, Ohio Health Savings Accounts are very simple to understand and set up, which is a huge help in the midst of people's busy lives.
Since their inception in January of 2004, America's Health Insurance Plans have been conducting a yearly census to keep track of the number of individuals purchasing HSA-eligible and high-deductible health plans. Over the past five years, the HSA plan enrollment has tripled - beginning with 4.5 million in January of 2007 and arriving at our current amount of 13.5 million this past January. Those searching for the best option for health insurance in Ohio should consider these statistics.
Some other interesting statistics should be noted. From January 2011 until January 2012, large-group coverage increased the most of any insurance coverage with Health Savings Account compatibility. The increase was 26 percent for large-group coverage and 9 percent for small-group coverage. For individual coverage, 2.5 million had HSA-compatible plans and 3 million people in the small-group market were using HSA's. There also was a whopping number of 8 million with Health Savings Account coverage in the large-group segment.
Coverage for HSA's starting in January of 2008 was 6.1 million, rising to 8.0 million in 2009, 10.0 million in 2010, then 11.4 million in 2011, and finally 13.5 million in January of this year. Certainly the increase has been quick and the success obvious. Ohio health insurance with HSA coverage currently has 662,999 enrollees, while Florida has 539,778, Illinois has 717,384, Texas has 755,432, and California leads with 1,001,943 total enrollees.
These statistics should be very valuable information for those faced with health care decisions. Talking to an experienced Ohio health insurance broker will help those wanting to know about Health Savings Accounts to discover whether they are the best option for them. Everyone deserves a fair chance at receiving the best coverage available for themselves and their families. Ohio HSA plans just might be the best way for you!