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2014 Conference

April 9–11, 2014

Intercontinental, Milwaukee, WI

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The Long-Term Financial and Health Implications of Youthful Selection and Maintenance of an HSA Eligible Health Insurance Plan

Thursday, April 10, 2014 at 10:15 AM–11:45 AM Central Time (US & Canada)
Lobby Salon
Short Abstract

Interventions that improve quality of life are highly valued. The potential health and financial benefits of selecting and maintaining of an HSA-eligible health insurance plan at a young age include human capital for current and future generations. During this strenuous time of change in the foundation of health insurance in the United States, Congress and state regulators should continue to support efforts that motivate young workers to select HSA health insurance plans and make HSA contributions. Due to recent changes in health insurance legislation, many young people in the United States are selecting health insurance coverage for the first time. Various incentives are being offered to motivate health insurance participation.

This study mathematically calculates, forecasts, and examines the direct financial, life-long benefits and income tax savings of early HSA plan management. Longitudinal data from the Panel Study of Income Dynamics (PSID) was examined to demonstrate current and future financial benefit. Literature related to the effect of early HSA plan selection confirms the health benefits. Based on survey data collected via a Qualtrics panel and duplicated via Amazon’s Mturk survey, respondents from a nationally representative group of ~300 respondents between the ages of 26 and 35, several factors motivate young professionals to make HSA contributions: (a) offering a cash reward for HSA participation, (b) educating participants about the benefits of HSA contributions, and (c) offering a tax rebate for participation. These motivational factors should be woven into the fabric of the legislative agenda to encourage HSA contributions by younger Americans.

First & Corresponding Author

Anne Spencer Duke, MACC, PHD, University of North Georgia

Add'l Authors In The Order To Be Printed

Dr. Brenda J Cude, University of Georgia
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