Prescription Drug Benefits Included in 99.4% of HSA Health Insurance Plans

HSA-eligible health insurance plans provide affordable health insurance with comprehensive benefits according to report

Health insurance plans purchased as part of individuals' and families' Health Savings Account (HSA) programs in 2004 included solid benefits and reasonable prices. Plans purchased included coverage for prescription drugs 99.4 percent of the time and coverage for doctor visits and other important benefits 85.4 percent of the time. This and other data on HSA adoption in 2004 was released today in an in-depth annual report by eHealthInsurance, the nation's leading source of health insurance for individuals and families.

In addition to prescription drugs, HSA-eligible health plans purchased in 2004 through eHealthInsurance.com by individuals and families are providing benefits including office visits, prescription drugs, and hospitalization at an average monthly premium of $137.94 for individuals and $277.45 for families. Eighty-nine percent of HSA-eligible plan purchasers are paying $200 or less per person per month.

HSAs are already meeting the healthcare and financial needs of consumers. Bill Lomel from Georgia, a 41year-old commercial roofer, has used a HSA program since their introduction in January 2004 to cover his family's medical services and pharmaceuticals. The plan he purchased through eHealthInsurance.com saved him $6,000 last year on premiums alone. "As a father with three active kids, it's important to have quality health insurance, but I only want to pay the insurance company's negotiated rate for medical services we will use," said Lomel while participating in a White House panel on HSAs last month. "Instead of putting money into a 'black hole' paying huge monthly premiums, I am depositing the savings tax free into a fund to use for our short-term medical needs.