“Open Enrollment” Season 2011 Brings HSA Opportunities for Financial Institutions

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“Financial institutions that wish to offer HSAs in 2011 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. They must begin contacting their customers to let them know they will be able to accept the accounts once these employer 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."

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 will be 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 and keep the funds locally. Financial Institutions that are not offering an HSA program are just watching funds move out to another location.

“Financial institutions that wish to offer HSAs in 2011 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. They must begin contacting their customers to let them know they will be able to accept the accounts once these employer 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. “Health Savings Accounts are certainly not the complete answer to the health care problem, but HSAs are making a difference to millions of Americans across the country,” Morales said “HSAs allow businesses, families and individuals to purchase affordable health insurance coverage and put away pre-tax dollars for into their HSA accounts for future health care expenses. With the 2011 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."

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, all 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. As an added bonus each of our clients HSA websites have Roy Ramthun’s “Mr. HSA” e-book The Common Sense Guide to Health savings Accounts. Investment options are available through optionsXpress.

For more information on this program, or the many other benefits of using HSA Clearing Corp turn-key, please call 262-348-1300 or visit the website at http://www.hsaclearing.com

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TIMOTHY MORALES
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