President George Bush recently opened a health savings account even though he receives health care at no cost from the military. Bush set up the account “for practical as well as political reasons,” according to the Los Angeles Times.
In remarks at a White House conference, Bush said that “health savings accounts are beginning to work their way through our markets. After all, I just signed up for one two days ago. When it makes it to my level, you know it’s going to be widespread these days. But HSAs are making a difference.”
Projected Consumer Plan Enrollment
Are consumer-driven health plans catching on?
One report indicates that more than 3.2 million people will be covered by such health plans as of Jan. 1, 2005.
“Inside Consumer-Directed Care,” an industry newsletter published by Atlantic Information Services Inc. in Washington, D.C., says that health reimbursement arrangement-based products continue to be the dominant form of consumer-directed coverage, with more than 2.6 million members expected by Jan. 1. That’s more than double the estimated 1.2 million lives covered on Jan. 1, 2004. Another 580,000 people will be covered by a high-deductible health plan that is compatible with a health savings account. The number of HSAs opened by Dec. 31, however, likely won’t be known until the Internal Revenue Service tabulates tax returns for 2004.
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