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A summary of the articles included in the January 2025 edition:
- The Shift Toward High-Deductible Health Plans Continues
- Why Health Savings Accounts Are Great for Retirement Savings
- Inspira Financial Acquires First Dollar, Redefining Consumer-Driven Healthcare and Empowering Go-To-Market Partners with Advanced Health Benefits Technology
- Record Digital Engagement Drives 2024 Healthcare Open Enrollment as Employees Express Increased Interest in Voluntary Benefits
- Top 20 HSA Market Concentration – 2024 Midyear Update
The Shift Toward High-Deductible Health Plans Continues
Enrollment in high-deductible health plans, including consumer-directed health plans, among people younger than 65 traditionally has been higher among those with directly purchased plans than those with employment-based coverage. However, this may be changing, according to National Health Statistics Reports.
Why Health Savings Accounts Are Great for Retirement Savings
A health savings account or HSA is a medical savings account that is attached to a high-deductible health insurance plan (HDHP).
It can be a savvy way to save money by reducing your overall medical spending. It can also have compelling retirement savings benefits.
Money can be deferred into an HSA account on a pre-tax basis just like a traditional 401(k) or IRA contribution. When money is withdrawn to cover qualified medical and dental expenses, withdrawals are tax-free.
Here’s how an HSA saves you money in compelling ways.
Inspira Financial Acquires First Dollar, Redefining Consumer-Driven Healthcare and Empowering Go-To-Market Partners with Advanced Health Benefits Technology
Inspira Financial, a leader in health, wealth, retirement, and benefits solutions, today announced the acquisition of First Dollar, a technology innovator known for simplifying consumer-directed benefits. This strategic move enhances Inspira’s Health & Benefits (H&B) platform by integrating First Dollar’s advanced technology, designed to place health back at the heart of financial well-being.
Record Digital Engagement Drives 2024 Healthcare Open Enrollment as Employees Express Increased Interest in Voluntary Benefits
Alight released insights gathered from an analysis of over 10 million individuals who used the Alight Worklife® platform during its recently concluded annual healthcare open enrollment period.
This analysis revealed significant shifts in employee preferences during annual enrollment, highlighting increasing reliance on digital tools to complete their enrollment, rising contributions to Health Savings Accounts (HSAs) and growing interest in voluntary benefits.
Top 20 HSA Market Concentration – 2024 Midyear Update
The HSA market continued to evolve through the first half of 2024. Using data from our latest 2024 Midyear HSA Research Report, we analyzed market concentration among the top 20 HSA providers (by assets). The Herfindahl-Hirschman Index (HHI) showed a 10% increase from the previous year, reflecting ongoing changes in market structure.
This change in market concentration stems from multiple factors. Organic growth and M&A activity remained important drivers of market share changes, while strong stock market performance also influenced asset-based measurements. Market share among the top 5 largest HSA providers increased to 73% of total HSA assets, up from 70% at the 2023 midyear point.