Open Enrollment Season Brings HSA Opportunities for Financial Institutions
With the 2008 open enrollment season kicking off, interest in high deductible health plans will continue to grow. For bankers, offering an HSA program is the fastest way to grow new deposits and their customer base
Lake Geneva, WI (PRWEB) November 7, 2007
Thousands of companies nationwide will be offering health insurance plans that qualify for Health Savings Accounts (HSAs) to their employees this fall. Many of these employers are funding all or part of their employees' HSAs. For banks and credit unions, this provides a great new opportunity to offer an HSA program to their business clients.
"Financial institutions that wish to offer HSAs in 2008 must get set up to offer HSAs now," said Roy Ramthun, Senior Vice President for HSA Clearing. "They need to start marketing now, informing their business clients that the HSA can be set up and held locally at their bank or credit union. Banks and credit unions may not need to open an account until 2008, but they must begin contacting their customers to let them know they will be able to accept the accounts once these group HSAs are set up elsewhere, it is difficult to get the employer to change, so it is vital that financial institutions begin educating their customers now during the open enrollment period if they are to capture these accounts. Each HSA is different, as no two people spend or save the same on their health care needs, but from the financial institution's point of view it's almost like opening another savings or checking account. It couldn't be any easier."
"Our current financial institutions are reporting capturing new HSA business from their existing business accounts, school districts, municipalities, individuals and receiving HSA rollovers from existing clients that have found they can now set up their HSA locally," said Tim Morales, President of HSA Clearing Crop. "HSA deposit growth has taken off since the of passage of the HSA provision in the Tax Relief and Health Care Act of 2006. The new law allows people to fully fund their HSA contribution, for the full year, even if they purchase their high deductible health plan midyear, rather than prorate as in previous years. With the 2008 open enrollment season kicking off, interest in high deductible health plans will continue to grow. For bankers, offering an HSA program is the fastest way to grow new deposits and their customer base."
About HSA Clearing Corp
HSA Clearing's turn - key HSA set up program for banks and credit unions can have them offering HSAs in a matter of days. The HSA monies can now be deposited locally to better benefit the community and their customers. Financial institutions that take advantage of their HSA set up program receive HSA website, online HSA application, HSA forms, Section 125 plans for employer payroll deductions, and the exclusive HSA Rx Card program with real time pricing, which can also be included for all the financial institution's customers. For more information on this program, or the other benefits of using HSA Clearing Corp, please call 262-348-1300 or visit the website at www. hsaclearing. com
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