WASHINGTON — A report from the Government Accountability Office finds that the number of individuals participating in HSA-eligible health plans and HSAs increased significantly between 2004 and 2007. However, in all years, many HSA-eligible plan enrollees did not open an HSA.
The GAO said national surveys indicate that more than four out of 10 people who purchased high-deductible plans don't open a health savings account, even though they were eligible to do so. Participants said they lacked information about the accounts, they could not afford them, or they did not believe they needed them.
Despite the growth, from 438,000 in 2004 to approximately 4.5 million individuals covered by HSA-eligible plans in 2007, they represented a small share of individuals with private health coverage–about 2% percent in 2006. The number of tax filers reporting HSA activity also increased, nearly tripling between 2004 and 2005, from about 120,000 to about 355,000.
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