Health Savings Account Blog

“Financial institutions that wish to offer HSAs in 2007 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 2007, 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 HSA 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.”

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, 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.

You can view a list of current HSA Administrators to see the potential.