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September 26, 2006
HP-113
Testimony of Robert J. Carroll
Deputy Assistant Secretary (Tax Analysis)
United States Department of the Treasury
br>Hearing on Health Savings Accounts: The Experience So Far
Senate Finance Subcommittee on Health
September 26, 2006
Chairman Hatch, Ranking Member Rockefeller, and distinguished Members of the Subcommittee, I appreciate the opportunity to discuss with you today the health savings accounts (HSAs) and the health care initiative included in the President's FY 2007 Budget. I will focus my remarks on both the problems in health care and how the President's proposals to expand HSAs help address these problems.
The Experience So Far with HSAs
The growth in high deductible health plans (HDHPs) since their inception has been dramatic. Enrollment in HSA-qualified HDHPs has grown to nearly 3.2 million individuals in January 2006, according to the latest estimates from America's Health Insurance Plans (AHIP). As shown in Chart 1, this is triple the number reported in 2005, which in turn was double the number reported in 2004, the first full year in which HSAs were available.
REPORTS