Research and Markets reported healthcare accounts are becoming more important as healthcare costs are on the rise.
Here are five things to know:
1. Employers and consumers are relying on high deductible health plans with lower premiums as well as health savings accounts to combat the increase healthcare costs. Healthcare-related expenses currently account for almost 20 percent of the U.S. gross domestic product.
2. Americans are becoming more dependent on the consumer-driven accounts, which is an opportunity for insurers and new market entrants to "amass scale" with differentiated and efficient services.
3. There is a new wave of health savings account, health reimbursement account and flexible spending account users which are heavily reliant on these accounts to pay healthcare expenses and they often draw down their balances.
4. Although the ACA drove the healthcare account trend, and could be repealed and replaced or revised, the healthcare accounts are considered a positive trend and "will likely be front and center as new healthcare policies emerge," according to the report's author Sarah Grotta.
5. The key companies mentioned in the report include Bank of America, ConnectYourCare, Devenier, Evolution Benefits, HSA Bank, J.P. Morgan Chase Bank, Kaiser Family Foundation, M&T Bank, Optum Bank, The Bancorp Bank, UMB, Wage Works and Wells Fargo Bank.