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January 2005
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HSA Market News, January 2005; Volume 2, Number 1
SPECIAL REPORT: Employers Evaluate HSAs, HRAs...Employers take plunge...Equitrac, Fujitsu, Major Tool, Mrs. Gerry’s, StorageTek, University of KY, Vermeer, Zions, SPN, Airocare...Wal-Mart, GM, Ford, Exxon, Verizon, Altria—No HSAs yet...MCO CEOs mixed on HSAs...Cigna has 100,000 HDHP lives...AHIP counts 438,000 HSA lives...McCallister eyes HSA value-add...Halvorson sees ’05 as testing year...PacifiCare says HSAs cut costs...HSA growth seen as slow in CA...BCBS-MN has 65,000 HSA lives...Blue Shield-CA sees HDHP gains...Regence reports HSA sales...U.S. Bank, Fifth Third try HSAs...BCBS-TX taps Mellon...HSA Bank, Evolution in pact...WageWorks taps Greene, Pease...HSAs count toward Part D max...Will HSAs mean lower margins?...and more...
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EMPLOYERS TAKE HSA, HRA PLUNGE
While most employers large and small still don’t offer HSA-compatible health plans (see story, this issue), those that do report both cost savings and a workforce that is buying into the concept of consumerism.
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CIGNA HAS 100,000 HRA, HSA LIVES
Cigna Corp. (Philadelphia) had about 100,000 lives enrolled in HRA and HSA-compatible high-deductible health plans as of Jan. 1, 2005, according to David Cordani, president, health segments.
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U.S. BANK, FIFTH THIRD OFFER HSAs
Two more major banks are now offering HSAs. U.S. Bank (Minneapolis) is offering HSAs through its Institutional Trust & Custody division. More than 30 clients have signed up to date. Separately, Fifth Third Bank (Cincinnati) has also launched HSAs.
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HSA SPENDING COUNTS TOWARD PART D MAX
The Centers for Medicare & Medicaid Services (Washington) said this month in its final regulations for the 2006 Medicare Part D drug benefit that HSA or other tax-advantaged account funds spent on prescription drugs will count toward a recipient’s out-of-pocket drug benefit max.
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HELP MEMBERS MANAGE FUNDS, MCCALLISTER SAYS
Helping members manage their healthcare savings accounts in an informed way will be a huge value-added opportunity for managed care plans, said Michael McCallister, chief executive of Humana (Louisville, KY) in an interview with HMN.
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PACIFICARE SAYS UTILIZATION FALLS WITH HRA PLAN
PacifiCare Health Systems (Cypress, CA), which had more than 50,000 lives in an HRA-compatible health plan as of June 2004, reported that utilization of medical services for members in the plan is below national averages in virtually all categories except for use of generic drugs and certain preventive care measures.
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HSA ADOPTION TO BE SLOW IN CA, HELWIG PREDICTS
David Helwig, chief executive of the west region of WellPoint Inc. (Indianapolis), told HMN that HSA adoption is likely to be slower in California than in the rest of the nation because HMOs remain so popular in the state.
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BLUE SHIELD-CA SEES GAINS IN LOW-PRICED PLANS
Blue Cross Blue Shield of California (San Francisco) is reporting growing interest in a variety of low-priced health plans it has launched, including HSA, HRA, and catastrophic health plans.
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REGENCE REPORTS HSA PLAN SELLING WELL IN WA, OR
Regence Group (Portland, OR) reported that its HSA-compatible health plan is selling well in Washington, with 100 groups signed on to date, and Oregon, with 60 signed on, according to Mark Ganz, chief executive.
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BCBS-TX TAPS MELLON AS HSA TRUSTEE
Blue Cross Blue Shield of Texas, a unit of Health Care Services Corp. (Chicago), announced that it would offer HSA-compatible high-deductible health plans this year, with Mellon Financial Corp. acting as HSA trustee.
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VEIEL SAYS AS HSAs GROW, PREMIUM REVENUES FALL
Eric Veiel of Wachovia Securities (Baltimore) said he expects HSA-compatible high-deductible health plans to grow fast, but added that health plan per member revenues could fall 15% to 20% for every fully insured first-dollar coverage member who coverts to an HSA plan.
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WAGEWORKS EXPANDS HEALTH PLAN MARKETING TEAM
WageWorks (San Mateo, CA), which has been expanding its presence in the healthcare market, has named Gregory Greene vice president of business development in charge of health plans and third-party payers.
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HSA BANK, EVOLUTION TO JOINTLY MARKET TO PLANS
In a non-exclusive arrangement, HSA Bank (Howards Grove, WI) has teamed up with debit card provider Evolution Benefits (Avon, CT) to offer health plans one-stop shopping for HSA administration, trustee services and debit cards. HSA Bank is in talks with other debit card companies for similar joint marketing arrangement, according to a spokeswoman.
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