In February 2010, a press release from JP Morgan Healthcare Solutions announced that Chase has seen a 30% increase in health savings accounts (HSA). The increase was partly due to their partnerships with national and regional health plans.

But as these accounts grow in number, so does a concern about the lack of regulation on HSAs. This issue was raised in an NPR story about Lon and Wendy Nestrud: a self-employed Denver couple who lost $2,000 in their HSA in an apparent fraud scheme.

Why all this activity surrounding HSAs? One reason may be pending Healthcare Reform…

President Obama is attempting to reinvigorate efforts to pass major healthcare legislation, which has many hot-button issues now within its debate. Most of them have been in front of the public since the beginning of the reform effort including health insurance portability, a public option, and mandatory consumer participation.

But just as industry innovates, so does political discourse. A new debate is developing around whether HSAs will survive or thrive if new healthcare legislation is implemented. Opponents to healthcare reform say HSAs will immediately disappear, while supporters say they are integral to reform’s success. This debate is causing insurance companies and consumers alike to pay more attention to HSAs.

I searched Mintel Comperemedia’s database of direct mail, and saw that last year, there was an almost doubling of the amount of mail sent to consumers, and a more than 50% increase in the number of pieces going to insurance producers.

Health savings accounts are an easily understood product that deserves more attention. The Department of the Treasury has estimated between 25 to 30 million people will be covered by an HSA policy in 2010. Even though direct mail for HSA products grew last year, there is plenty of room for mail to increase to reach a larger portion of that estimated market size.

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