Is there a certain type of person that HSA-compatible plans work best for?
SB: Definitely. It’s the small business owners. They generally have a pretty good cash flow in their business – they may not be rich, but they’re looking to maximize every possible tax deduction they can get. Young people, when you think about it, could be a tremendous market. If you can get young people to open up an HSA when they’re in their early twenties, and if they fund it every year, they could be millionaires by the time they retire, just on their HSA account! No one seems to be targeting that market right now. Norvax: What are some other “consumer friendly” features to look for in HSA products? SB: A big one is the cash-based physicians network. This is where the carrier meets with physicians and clinics and asks, “What if we pay you immediately?” Imerica will be doing this and enabling consumers to pay physicians immediately using the ImeriCard, which will function as both an HSA debit card and an insurance ID card. This is a big difference from the billing nightmare of some
