Health Savings Accounts: Americans Are Hopping Aboard the HSA Train

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Health Savings Accounts are taking off all over the country. Americans don't want to be left at the station.

In a recent survey, 3 out of 4 people had never even heard of a Health Savings Account (HSA), yet in January 2005, more Americans set up a Health Savings Account (HSA) than in all of 2004.

In February, the number of participants doubled again. It has been reported that 43% of HSA applicants did not have insurance before they applied.

A report released by Financial Research Corporation on March 21st, 2005 estimated there would be 8.2 million Health Savings Accounts with 50 billion in assets by the end of 2010.

hsa Trustee Services, a nationwide leader in customer-friendly HSA accounts, has been advocating this position for more than a year, and considers these figures to be very conservative as spiraling health care costs lead consumers to the high-deductible health plans.

Education is the key to having a successful HSA program. Thousands of Americans have already set up their HSA after reviewing information at http://www.hsaTrusteeServices.com. Thousands of insurance agents nationwide receive hsa Trustee Services' monthly HSA newsletter with fresh ideas to educate individuals and employers about the benefits of HSA program. Large insurance agencies and employee benefit companies are using the HSA private label program to promote HSAs.

Once people learn the many benefits to the HSA program, such as paying health care expenses with tax free dollars, lower insurance premiums, rollover of funds from year to year and employer contributions to employee HSAs, to name just a few, there really isn’t a good reason not to get a High Deductible Health Plan (HDHP).

Health Savings Accounts are changing health care options in America, and this market will only continue to explode in the months and years ahead. This is why it is so important for more banks and credit unions to look into offering HSAs to their customers. hsa Trustee Services offers full HSA outsourcing through its HSA Clearing division. This is a win-win situation for the bank and credit union customers, as they receive the most up-to-date HSA information.

In addition, the bank is able to keep its local customers and receive the HSA deposits. Helping the bank or credit union educate their customers on the benefits of the HSA program will keep these HSAs on the local level where they belong, which means millions of dollars can be recycled back into the community.

If a bank customer is looking into a High Deductible Health Plan (HDHP) but the insurance company will only allow the HSA to be set up with its own provider, that customer should know it is time to pick a new insurance company. Customers should always have a choice of where to open their account and place their deposits. Whether the bank or credit union offers insurance services or not, educating their customers is the key to a successful HSA program. With “Open Enrollment Season” just around the corner, now is the time to hop aboard the HSA train.

About hsa Trustee Services:

hsa Trustee Services is a nationwide provider specializing in opening Health Savings Accounts (HSA) for individuals, families and groups since the inception of the HSA program in January 2004. hsa Trustee Services was the first TPA to offer "no monthly fee" HSAs which includes a free prescription discount drug card. hsa Trustee Services works with banks and credit unions nationwide, setting up their HSA program so more Americans can take advantage of HSA plans. For more information on this program, or the other benefits of using hsa Trustee Services, please call 866-hsa-2010. hsa Trustee Services, dedicated to “Keeping the $avings in the Health Savings Account”.

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Timothy Morales