Created by the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, Health Savings Accounts (HSAs) can be established in order to save for and fund qualified medical expenses.
Those who open HSAs must be covered under a high-deductible health plan (HDHP). These increasingly popular accounts already hold billions of dollars, and that amount is estimated to be growing at 40-60 percent each year.
Consumers, employers and financial institutions all stand to benefit from HSAs. With HSAs and HDHPs, consumers gain greater control over their healthcare dollars, and save on insurance premiums and taxes.
For employers, the combination of HSAs and HDHPs reduces healthcare costs and encourages employees to exert greater control over healthcare spending. It also enables employers to provide employees with more options when it comes to health benefits and long-term investing. And compared with other health accounts, HSAs lessen employers’ tax-reporting burden.
For financial institutions, HSAs are a way to attract new customers, build deposits, generate income, boost cross-sales and strengthen relationships.
HSAs represent a significant opportunity for financial institutions. HSA for Premier® from Fiserv, a robust and fully scalable solution from Fiserv, makes seizing this opportunity simple.
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HSA for Premier
HSA for Premier® from Fiserv provides financial institutions with a full-featured and scalable option for offering Health Savings Accounts (HSAs), making it easy to address the health-related banking needs of both consumer and business customers.