Health Savings Accounts - US

Published by: Mintel International Group Ltd.

Published: Oct. 1, 2008

Table of Contents

Scope and Themes

What you need to know

Data sources

Consumer survey data - methodology

Abbreviations and terms

Abbreviations

Terms

Executive Summary

Enrollment going up

Consumer perception

HSAs in the market

HSAs as investment

Figure 1: Account balances as a percentage of HSA enrollees, 2008

HSAs at retirement

HSA distribution channels

What the consumer thinks

Market Size and Forecast

Key points

Figure 4: Total HSA accounts, March 2005-January 2008

Figure 5: Proportion of the HSA market in individual, small group, and large group plans, 2006

Competitive Context

Pricing

HSAs through financial institutions

Figure 6: Preference for HSA provider, July 2008

Competition by state

Figure 7: HSA enrollees, by state, January 2008

HSA legal issues

Competition from Medical Savings Accounts

Competition based on perception

Segment Performance

Key points

Small groups on the rise

Individual market by age

Large group coverage

Marketing Channels

Key points

Preference for banks

Types of HSA investment vehicles

Figure 8: Type of investment preferred for HSA account, non-HSA owners by gender, July 2008

Market Drivers

Employer accounts driving market

A rise in healthcare spending

Limited use of HSA accounts

Leading Companies

Key points

Figure 9: Total direct mail volume for HSA providers, 2008

Figure 10: Types of fees charged by HSAs, 2006

Top performing HSA banks

Figure 11: Top HSA providers, by deposits, 2006

Brand Qualities

Brands and investment alternatives

Innovation and Innovators

Major industry developments

Advertising and Promotion

Online advertising

HSA direct mail advertising

Figure 12: Exante bank direct mail to consumer creative, 2008

Figure 13: Blue Cross Blue Shield of Arizona direct mail ad for health coverage, 2008

HSA email advertising

Figure 14: Advanta Bank B2B broker email ad, 2008

Figure 15: Golden Rule email advertisement, 2008

Print advertisements

Figure 16: BCBS of Kansas City print advertisement, March 2008

Figure 17: Home Federal Bank print advertisement, 2008

The Consumer

Key points

Interest in HSAs

Figure 18: Interest in having an HSA account, by age and gender, July 2008

Figure 19: Interest in HSA accounts, by race and Hispanic origin, July 2008

Figure 20: Interest in HSA accounts, by income, July 2008

Figure 21: Interest in HSA accounts, by region, July 2008

Figure 22: Interest in having an HSA account, by number of people in HH, July 2008

Perceived disadvantages of HSAs

Figure 23: Disadvantages of HSAs, by income, July 2008

How HSA money would be invested

Figure 24: Investment type, by income, July 2008

Preference as to type of financial institution

Figure 25: Financial institution, by income, July 2008

Appendix: Trade Associations

Abstract

In a country that is increasingly concerned with available healthcare and healthcare costs, people are looking for health care alternatives. Health Savings Accounts offer increased security by giving the insured financial security along with a comprehensive health care plan. With increased awareness of the need for health insurance alternatives, there is increased demand for consumer-driven health insurance, opening up opportunities for insurance companies, financial firms, financial advisors, and employers.

This report takes a comprehensive look at:

• The growth potential of HSAs, which is clearly on the way up
• Demographic groups most likely to enroll in an HSA
• The most effective ways to increase HSA enrollment
• Changes in the HSA industry
• Analysis of HSA enrollment

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