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CCH® BENEFITS — 5/16/07

HSA Marketplace

from Spencer’s Benefits Reports: In 2006, enrollment in consumer-driven health plans (CDHPs) rose 50% to 243,205 people in Minnesota, according to The Minnesota Council of Health Plans. Here is a spotlight of the latest health savings account (HSA) news.

  1. Exante Financial Services has launched three new HSA plans. The new designs are based on consumer research that analyzed the different saving and spending habits of individuals with HSAs. Depending on whether an individual exhibits the behavior of a health care spender, saver, or investor, Exante is offering varying levels of monthly maintenance fees, interest rates, and investment thresholds so that the HSA best matches the individual’s health spending patterns and overall financial philosophy. The first design, Health eAccess HSA, is designed for health care spenders who do not carry a large balance in their HSAs and may prefer a basic account with easy access to funds and a lower monthly maintenance fee. The second design, Health eSaver HSA, is designed for health care savers who carry higher balances in their HSAs in order to take advantage of higher interest rate returns and prefer to keep most of their funds in an FDIC-insured account. The last design, Health eInvestor HSA, is for consumers interested in maximizing the long-term savings potential of their HSA for future health care expenses, and who primarily use the account for investing purposes.
  2. Cigna HealthCare recently began selling HSA-compatible high-deductible health plans (HDHPs) to employers in Ohio with 50 to 200 employees. The HDHP will provide employees with online tools and other support features, which are designed to help keep employees healthier. To help turn employees into better health care consumers, Cigna has upgraded its Web site to give consumers costs for prescription drugs and numerous procedures at participating providers.
  3. Humana will offer HSA-compatible HDHPs to employers with two or more employees in Utah. These plans include a large network of hospitals and physicians, personalized online tools, disease management programs, and wellness solutions.
  4. UnitedHealthcare has begun selling CDHPs with HSAs and health reimbursement arrangements (HRAs) to employers with 51 or more employees in Washington.
  5. Harris Bank has launched the Harris HSA, which will be offered to Harris customers, and to customers participating in Harris’ Bank@Work program, a program that offers a package of financial services to employees of participating companies and organizations. The Harris HSA will allow customers to pay for health care expenses from their account with a Harris Debit MasterCard or through the Harris HSA online bill payment service.
  6. The Mega Life and Health Insurance Company plans to provide an HSA-compatible plan in Texas and Michigan. The CareOne Select HSA offers Web tools to ensure access for insureds to evaluate providers on the basis of relative cost and quality information, a choice of deductibles and coinsurance, optional additional benefits, and automatic third-party review of all hospital bills in excess of $10,000 to check for errors and overcharges. The Mega Life and Health Insurance Company is a subsidiary of North Richland Hills-based HealthMarkets Inc., a provider of health and life insurance products.

For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.

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