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September 2005
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HSA Market News September 2005; Volume 2, Issue 7
MCOs boost HSA/HRA lives...’06 FEHBP rates rise 1%...Employers fund HSAs at $553...CDHP margins on par...Chart: MCO HSA/HRA lives...Chart: FEHBP rates, 141 plans...CDHP rates rise 3%, study says...CDHP interest grow, Rowe says...WellPoint eyes NY opportunity...Wells Fargo wins BCBS-MI...BCBS-TN adds First Horizon...Humana picks UMB...Guardian offers new HSA plans...HealthEquity raises $6.6 million...Golden Rule taps Norvax...Members like HSAs, study says...and more...
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’06 FEHBP HSA, HRA PREMIUM RATES RISE 1%
Average premium rates for HRA and HSA-compatible high deductible health plans will rise 1.1% in 2006 for plans offered by the Federal Employees Health Benefits Program, according to an HMN analysis.
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EMPLOYERS FUND HSAs AT $553, STUDY SAYS
Employees enrolled in HSA-compatible high-deductible health plans on average will receive an annual employer contribution to their HSA of $553 single and $1185 family in 2005, according to a study from the Kaiser Family Foundation.
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CDHP MARGINS ON PAR, MCGUIRE SAYS
The margins of consumer-directed healthcare products are on par with comparable traditional medical insurance lines, according to William McGuire, M.D., chairman of UnitedHealth Group (Minnetonka, MN).
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CDHP PREMIUMS RISE 3.4% IN 2005, STUDY SHOWS
Average premiums for consumer-driven health plans rose 3.4% in 2005, compared to a 9.6% increase for health plans overall (after benefit buydowns), according to a study from United Benefit Advisors (Indianapolis).
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WELLPOINT EYES CDHP OPPORTUNITY WITH WELLCHOICE
WellPoint Inc. (Indianapolis) said it expects to immediately begin offering its Lumenos subsidiary’s entire line of consumer-directed healthcare products in the New York area after it completes its recently announced acquisition of WellChoice (New York).
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GUARDIAN LAUNCHES NEW HSA PLANS
Guardian Life Insurance Co. of America (New York), which has largely competed in the HRA and HSA market through an arrangement with Destiny Health, has announced the launch of a new line of group and individual HSA-compatible high-deductible health plans.
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BCBS-MI PICKS WELLS FARGO AS HSA TRUSTEE
Blue Cross Blue Shield of Michigan (Detroit) has picked Well Fargo (San Francisco) as HSA trustee and administrator for the company’s new high-deductible health plan.
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BCBS-TN ADDS FIRST HORIZON AS HSA TRUSTEE
Blue Cross Blue Shield of Tennessee (Chattanooga, TN) has added First Horizon Msaver, a unit of First Tennessee Bank, to its list of preferred HSA trustee partners. BCBS-TN, which launched HSA-compatible plans in 2004, uses Wells Fargo as its other preferred trustee.
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HUMANA PICKS UMB AS GROUP HSA ADMINISTRATOR
Humana Inc. (Louisville, KY) has picked UBM Bank (Kansas City, MO) as preferred HSA trustee and administrator for the company’s group HSA-compatible high-deductible health plans.
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HEALTHEQUITY RAISES $6.6 MILLION
HealthEquity (Salt Lake City), an HSA administrator, said it had raised $6.6 million in its second round of financing from private investors. Stephen Neeleman, M.D., chief executive, founded the company in 2003.
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CONSUMERS SATISFIED WITH HSA PLANS, STUDY SAYS
Consumers are giving HSA-compatible high-deductible health plans good marks, with 68% satisfied with the performance of insurers, 71% satisfied with access to preventive care and wellness services, and 68% satisfied with the health benefits information provided by insurers, according to a survey from the Blue Cross Blue Shield Assn. (Washington).
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GOLDEN RULE TAPS NORVAX FOR ONLINE APPLICATIONS
Golden Rule Insurance Co., a unit of UnitedHealth Group (Minnetonka, MN), has tapped Norvax Inc. (Chicago) for web-based tools that automate the process of obtaining insurance quotes and submitting applications for brokers and customers.
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