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September 2006
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HSA Market News Sept. 30, 2006; Volume 3, Number 9
Aetna ’07 FEHBP rates fall...Destiny loss widens...Exante is profitable...MCO HSA/HRA lives grow...Chart: HSA/HRA lives...Health Net rolls out CA HSA...HDHPs at $3405 single monthly...Few HSA members check costs...HSA assets growing, study says...Avalon offers Vanguard funds...57% of plan member open HSA...State of AR lowers deductibles...Blackhawk posts health savings...Ford launches HSA plan...Wal-Mart eyes HSA plan gains...and more...
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AETNA ’07 FEHBP HSA, HRA PLAN RATES FALL
Aetna Inc. (Hartford, CT) reported that in 2007 premiums will decline for the second straight year for HRA and HSA-compatible high-deductible health plans offered to the Federal Employees Health Benefits Program.
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DESTINY LOSS WIDENS
South African-based Discovery reported that the business model and strategy of its Destiny Health consumer-directed healthcare operation “is not sustainable and must change.”
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EXANTE IS PROFITABLE, MAGUIRE SAYS
Exante Bank (Salt Lake City), which was chartered in 2004 by UnitedHealth Group to act as trustee for HSAs tied to high-deductible health plans, “is profitable and becoming more so,” according to UnitedHealth chairman William McGuire, M.D., chairman.
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TOP MCOs HAVE 4.2 MILLION HSA, HRA LIVES
As of June 30, 2006, 20 leading managed care organizations had a total of 4.2 million HSA and HRA lives combined, an increase of 67% from 2.5 million as of June 30, 2005, according to an HMN tally.
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HEALTH NET COMPLETES ROLL OUT OF CA HSA PLAN
Health Net (Woodland Hills, CA) said it has completed the rollout of HSA-compatible high-deductible health plans in California to individuals and employers of all sizes. Wells Fargo is the preferred HSA trustee. The company offers HSA-compatible plans in other markets as well.
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STATE OF AR LOWERS DEDUCTIBLE TO BOOST HSA PLAN
The State of Arkansas has seen modest enrollment in its HSA-compatible high-deductible health plan since rolling it out in 2005, according to a spokeswoman; however, she said the state hopes to attract more members in 2007 by reducing deductibles.
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BLACKHAWK REPORTS BIG SAVINGS
Blackhawk Bank (Beloit, WI), which offers its own HSA product, said it is experiencing significant savings in healthcare costs since it went to an HSA-compatible high-deductible health plan through Destiny Health (Chicago) as a full-replacement product for its 144 covered lives two years ago.
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DIAMOND SEES $75 BILLION IN HSA ASSETS BY 2010
Diamond Management & Technology Consultants Inc. (Chicago, IL) said it projects that HSAs will account for more than 10% of insured lives and hold more than $75 billion in assets by 2010. Diamond said the HSA plan lives will grow from about 3 million currently to between 10 million and 20 million by 2010.
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AVALON OFFERS VANGUARD FUNDS TO HSA HOLDERS
Avalon Healthcare (Tampa, FL) has begun offering HSA plan members 20 no-load mutual funds from Vanguard Group (Valley Forge, PA) through an arrangement with Health Savings Administrators (Richmond, VA). The funds range from conservative bond and balanced funds to aggressive growth and international funds, Avalon said.
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EMPLOYEES ASK FOR AN HSA; FORD MOTOR DELIVERS
Ford Motor Co. (Dearborn, MI) reported that 20% of the active salaried employees enrolled in the company’s traditional PPO plan in Michigan opted for an HSA-compatible high-deductible option that the company added in June 2006, according to a spokeswoman.
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WAL-MART HOPES FOR HSA ENROLLMENT GAINS
Wal-Mart (Bentonville, AR), which began offering a self-insured HSA-compatible high-deductible health plan in January, is hoping the see gains in enrollment in 2007, according to a spokesman.
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