SelectAccount Expands Health Savings Account Investment Program

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More mutual funds and money market options give members greater choice, flexibility and value in self-directed investment program

Reed Erickson, vice president of compliance and risk management, SelectAccount, Inc.

We continually monitor and analyze our portfolio to make sure members have access to funds that have a track record of performance and that give them a variety of choices, so they can create a personal HSA investment portfolio.

SelectAccount, Inc., one of the nation’s Top 10 administrators of medical spending accounts, announced today that it has expanded its health savings account (HSA) investment program. SelectAccount, which was the first account administrator to give HSA members the ability to invest a portion of their unused HSA dollars into mutual funds in 2004, has expanded its investment options from 15 to 24 fund families, increasing options within each of the existing share classes and adding new types of investment options within these classes.

Spending accounts, such as health savings accounts, are seeing increased enrollment as the adoption of consumer-directed health plans (CDHP) by employers continues to grow. A CDHP consists of a qualified, high-deductible health plan that is paired with an HSA or other spending account. HSA administrators, like SelectAccount, can offer a built-in investment option that allows members to open a self-directed investment account with any HSA dollars that exceed a base HSA threshold. With SelectAccount, members can invest once their base balance exceeds $1,000.

According to Reed Erickson, vice president of compliance and risk management for SelectAccount, the company works with its investment adviser, Devenir Investment Advisors, LLC, (an independent investment adviser) to select the options that give members the most flexibility and value for their dollar.

“We continually monitor and analyze our portfolio to make sure members have access to funds that have a track record of performance and that give them a variety of choices, so they can create a personal HSA investment portfolio to meet their individual financial situation and investment style,” said Erickson.

Erickson added that investing unused HSA dollars gives individuals the opportunity to earn more on their savings. And if the money is ever needed to pay for health care expenses, the member can withdraw the funds from the investment account without incurring a penalty.

In the most recent enhancement to its HSA investment program, SelectAccount added nine new plans, bringing the total available investment options to 24. Changes included increasing options within existing share classes and adding new types of strategies (such as real estate and commodities). The SelectAccount investment program is available to both HSA members and to SelectAccount VEBA members.

Visit SelectAccount.com to learn more about SelectAccount’s HSA and investment program.

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About SelectAccount
MII Life, Inc., d.b.a., SelectAccount, is a Minnesota-licensed insurance company regulated by the Minnesota Department of Commerce, and approved by the U.S. Department of Treasury as a non-bank HSA Trustee. An affiliated company of Blue Cross and Blue Shield of Minnesota, SelectAccount is owned by Aware Integrated, Inc. For more than 20 years, SelectAccount has offered innovative and industry-leading spending accounts. Today, SelectAccount provides health care saving solutions in all 50 states, including service to members through 14 regional health plans and nearly 7,000 employers. SelectAccount now has approximately $400 million in consumer medical savings assets under management, making it among the largest account administrators in the country. Visit selectaccount.com to learn more.

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Barbara Tabor, APR
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