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PRESS RELEASE: January 29, 2010
Freedom Benefits Association announced record health insurance enrollments for January 2010, up 31% on a seasonally-adjusted basis from the same period last year. The increase marks a reversal of a trend of consistently declining enrollments throughout all of 2009.
The reason for the change in trend is not immediately clear. Tony Novak, founder of OnlineAdviser network, suspects that some people who have grown impatient with the lack of progress on health insurance reform legislation might now be taking responsibility into their own hands. An economy that may be improving overall while continuing to shed jobs that provide health benefits could also trigger an increase in individual health insurance enrollments.
Novak noted that health insurance companies expect fewer enrollments in February and March but this year could be an exception to the usual pattern.
The largest increase in enrollments this month was noted in Health Savings Accounts. This increase is likely by the fact that the tax benefits and insurance deductible for most people are measured on a calendar year basis. This makes January the ideal month to start a Health Savings Account.
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