SOURCE: Canopy Financial

Canopy Financial

October 07, 2009 08:30 ET

Average Health Investment Account Balances Spike Dramatically in Q2'2009

According to Canopy's Q2'2009 HSA Market Report, Average Individual and Family HSA Balances Also Continued Their Upward Trend From Q1'2009

SAN FRANCISCO, CA--(Marketwire - October 7, 2009) - Canopy Financial, a pioneer in innovative healthcare banking technology solutions that connect healthcare and financial services, announced today via live webinar the results of its Health Savings Account (HSA) Market Report for Q2'2009. Canopy, whose industry leading consumer-directed healthcare (CDH) platform powers the CDH offerings of some of the largest banks and health plans in America, collects and aggregates a wide range of statistics related to actual HSA usage published quarterly. According to Canopy's Q2'2009 report, average individual and family Health Investment Account Balances (HIA) spiked dramatically, increasing 28 percent and 21 percent respectively quarter-over-quarter. Average individual and family HSA balances in Q2'2009 also increased six percent and eight percent respectively, continuing their upward growth trend from Q1'2009. Available immediately, the report can be downloaded at www.canopyfi.com/hsametrics.htm.

"The growth in HSA balances, and dramatic surge in HIA balances witnessed in the second quarter of 2009, continue to show that Americans are saving and investing through these tax-advantaged accounts towards their long-term medical care and even retirement. When you consider this within the broader scope of health care reform initiatives on Capitol Hill, the value of CDH and these tax-advantaged accounts cannot be overlooked," said Vik Kashyap, CEO of Canopy.

Additional findings showed:

--  Individual HIA accountholders age 25-40 and family HIA accountholders
    age 41-50 realized the greatest amount of growth in their HIA balances for
    the quarter
--  The majority of spend in Q2 continued to come from Reimbursements,
    followed by Bill Payments, and then Check Payments
--  New account growth and employer enrollments were both up in Q2
    

About Canopy Financial

Canopy is the fastest growing privately held software company in America today, and the technology leader powering a fundamental paradigm shift towards consumerism in health care. Serving some of the world's largest healthcare and financial institutions, and administering millions of Consumer Directed Healthcare spending accounts, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco, CA, Chicago, IL, and Plainsboro, NJ. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700.

Contact Information

  • Media Contact:
    Mark Hall
    Canopy Financial
    Email Contact
    609-275-6555 x336