Balances in Investment Accounts Tied to Health Savings Accounts on Average Declined in Q3 2010, According to CDHCI's New CDHC Market Data Report
WASHINGTON, DC--(PaymentsMarket) - The Consumer Driven Healthcare Institute (CDHCI), the leading source for education, research, and information about consumer-driven healthcare, today announced results from its Q3 '10 Consumer Driven Healthcare (CDHC) Market Data Advisory, which showed that in Q3 '10, average total funds invested in Health Investment Accounts (HIAs) tied to Health Savings Accounts (HSAs) declined across every age category, and in both Individual and Family HIAs quarter-over-quarter. The largest balance declines were seen in HIAs held by Individuals age 25 - 45, which realized an average decline of 43 percent; followed by HIAs held by Families age 51+. Account balances in Individual HSAs also decreased seven percent on average quarter-over-quarter, while account balances held in Family HSAs realized increases of seven percent on average quarter-over-quarter.
"Overall activity with consumer driven health accounts remained strong, with Individual HSA program account bases growing on average four percent nationally during the quarter, and Family HSA program account bases growing on average three percent respectively," said Steve Parente, PhD, Professor, Carlson School of Management, University of Minnesota and CDHCI Academic Advisory Board Chair. "We will continue to track the HIA market data on age category balances through the end of Q4 2010 and into Q1 2011 to determine potential trends or shifts in HIA account behavior."
The CDHC Market Data Advisory provides critical market data on a quarterly basis on growth in HSA balances, along with details into HSA account characteristics, HSA spending, and health investment accounts. The CDHC Market Data Advisory also provides a quarterly Policy Synopsis on legislation impacting the CDHC industry. Additional findings from the Q3 '10 CDHC Market Data Advisory showed 58 percent of employers contributed to Individual HSAs during the quarter and 39 percent contributed to Family HSAs. Conversely, 46 percent of Individuals contributed to their HSAs, while 59 percent of Families contributed during the quarter.
For further information, or to subscribe to the quarterly CDHC Market Data Advisory go to: http://www.cdhci.org/news.php?viewStory=2276
About The Consumer Driven Healthcare Institute (CDHCI)
The Consumer Driven Health Care Institute (CDHCI) is the leading source for education, research, and information about consumer-driven healthcare. The Institute actively promotes and provides empirical reports on the trend towards consumerism in healthcare. For information visit: www.cdhci.org.