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May 2007
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HSA Market News, May 2007; Volume 4, Number 5
Top banks have $1.8BB in HSAs…’08 contribution limits to rise…HSA Bank online enrollment up… The Thing About Healthcare Quality Rankings…Chart: Leading HSA banks…HSA Clearing offers investments…BCBS-MI wellness incentives…HealthMarkets expands HSAs…WellPoint expands CO CDHPs…Aetna 1Q07 CDHP lives grow…MCOs say incentives cut costs…and more…
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TOP BANKS HAVE $1.8 BB IN HSA DEPOSITS
Twenty-two leading banks had 1.265 million health savings accounts with an estimated $1.794 billion in total deposits as of March 31, 2007, according to an HMN tally.
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’08 HSA CONTRIBUTION LIMIT TO RISE 1.8%
As expected (HMN, March), the U.S. Treasury Dept. announced that the maximum individual contribution that can be made to an HSA in 2008 will rise 1.8% to $2900 single, from $2850.
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HSA BANK SEES ONLINE ENROLLMENT GROW
HSA Bank (Sheboygan, WI) reported that it received a total of 23,400 applications for HSAs in the first quarter of 2007—of which 45% were filled out and submitted online.
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THE THING ABOUT HEALTHCARE QUALITY RATINGS
I’m a big believer in the notion that the free flow of information benefits everybody. So I was happy to hear about the success Consumer Reports (Yonkers, NY) is having with its Best Buy Drugs.
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HSA CLEARING OFFERS INVESTMENT OPTIONS
HSA Clearing Corp. (Lake Geneva, WI), which helps banks set-up health savings account programs, is now offering its clients the option of providing accountholders with access to investment options such as mutual funds.
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HEALTHMARKETS LAUNCHES HSA PLAN IN ALABAMA
HealthMarkets (North Richland Hills, TX), a unit of the Mega Life and Health Insurance Co., is launching an HSA-compatible high-deductible health plan called CareOne Select HSA in Alabama.
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WELLPOINT OFFERS CDHPs TO SMALL COLORADO GROUPS
WellPoint Inc. (Indianapolis) said it has begun offering HSA and HRA plans to small groups and individuals in Colorado through both the company’s Anthem Blue Cross Blue Shield operation there and through its Lumenos consumer-directed unit.
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AETNA 1Q07 HSA, HRA LIVES RISE 48% TO 910,000
Aetna Inc. (Hartford, CT) said it had 910,000 members in its HealthFund family of HSA and HRA-compatible high deductible health plans as of March 31, 2007, up 48% from the same period a year earlier.
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MCO CEOs SAY INCENTIVES BOOST QUALITY, CUT COSTS
“When healthcare consumers have more choices and personalized decision support—and more financial incentives to make the right choices—the quality of care improves and costs go down,” said Edward Hanway, chairman of Cigna Corp. (Philadelphia).
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