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October 2004
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HSA Market News October 2004; Volume 1, Number 1
Most top banks lack HSAs...CDHPs to be 7.8% of premiums...Webster to acquire HSA Bank...AR offers HSAs, few takers...Blue Shield-CA taps Wells Fargo...BCBS-OK launches HDHP...MCA, NW Savings team up...Boxer stresses service, networks...MCOs roll out HSA products...Aetna expands HSA offerings...Aetna HealthFund to top 300,000...UnitedHealth high on HSAs...’05 HSA max to be $5250...ACMI launches HDHP...HSA Bank lands GEHA...HS Administrators taps Vanguard...Local banks target HSAs...Chart: HSA banks’ interest, fees...Golden Rule has $110 MM...Bush to push HSAs...and more...
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MOST TOP BANKS LACK HSA OFFERINGS
Most of the nation’s largest banks still aren’t offering health savings accounts, a fact that industry observers say will slow adoption of high- deductible health plans, according to an HMN round-up.
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CDHPs TO BE 7.8% OF PREMIUMS
A survey by Milliman (Seattle) reveals that managed care organizations expect 7.8% of large group commercial premiums to come from consumer-directed health plans in 2005, up from 3.2% in 2004.
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WEBSTER FINANCIAL TO ACQUIRE HSA BANK
Webster Financial Corp. (Waterbury, CT) has staked its claim to be a major player in the health savings account market, signing a definitive agreement to acquire Eastern Wisconsin Bancshares, the holding company for State Bank of Howards Grove (Howards Grove, IL), which does business as HSA Bank, for $26 million in cash.
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HSA BANK LANDS PACIFICSOURCE, GEHA
HSA Bank (Howards Grove, WI) announced that it will act as trustee and administrator for health savings accounts tied to high-deductible health plans from PacificSource Health Plans (Eugene, OR) and the Government Employees Hospital Assn.
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HDHP LAUNCHES: BCBS-OK; AMERICAN COMMUNITY
Blue Cross Blue Shield of Oklahoma (Tulsa, OK) has launched an HSA-compatible high-deductible health plan called HSA Blue for groups and another called Health Check HSA for individuals.
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MCA, NORTHWEST SAVINGS TO OFFER JOINT HSA PRODUCT
Managed Care of America (Pittsburgh) said it will team up with Northwest Savings Bank in the joint development, marketing and administration of a health savings account product available to corporate customers as early as fall of this year.
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HEALTH SAVINGS ADMINISTRATORS TAPS VANGUARD
Health Savings Administrators (Richmond, VA), one of many small HSA administrators around the nation, has begun offering account holders 15 no-load mutual funds from the Vanguard Group (Valley Forge, PA) for both groups and individuals.
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LOCAL BANKS EAGER TO ATTRACT HSA BUSINESS
While most of the nation’s largest 15 banks still lack an HSA product (see story, this issue), a variety of other banks—including local and regional institutions—have offered HSAs from the start, attempting to attract customers with competitive interest rates and low fees.
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SERVICE, NETWORKS KEY TO HSA BATTLE, BOXER SAYS
Who’s best positioned to win the inevitable Wild West shoot-out to attract HSA membership? According to Mark Boxer of Anthem Inc. (Indianapolis), the winner will have the best networks and deepest provider discounts, a strong financial partner to act as HSA trustee, and easy-to-use customer service and transactional capabilities.
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AR OFFERS HSAs; FEW TAKERS
The state of Arkansas saw just 129 out of 56,000 public school employees sign up for an HSA-compatible health plan, which was offered as one of several health insurance options during this year’s open enrollment period, according to Ashli Davis, communications director for the state’s Employee Benefits Division.
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GOLDEN RULE MEMBERS HAVE $110+ MM IN HSAs
Golden Rule Insurance Co. (Indianapolis), a UnitedHealth Group company, announced that its members have accumulated more than $110 million in health savings accounts, adding that the number of HSA applications is up 133% since January. Golden Rule was one of the nation’s top providers of MSAs.
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MCOs ROLL OUT HSA-COMPATIBLE HDHPs
Virtually every major managed care organization has launched, announced or is developing HSA-compatible high-deductible health plans, according to an HMN tally of 30 top companies.
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AETNA EXPANDS HSA OFFERINGS
Aetna Inc. (Hartford, CT) is now offering HSA-compatible high-deductible health plans in Arizona, Delaware, Pennsylvania, Virginia and Washington, DC.
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AETNA HEALTHFUND TO HAVE 300,000+ LIVES IN 2004
Aetna Inc. (Hartford, CT) expects its HealthFund consumer-directed health plan to have 300,000 to 350,000 members before the end of 2004, according to Charles Peck, president, northeast region.
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’05 HSA MAX CONTRIBUTION TO BE $5250, MERCER SAYS
The maximum allowable HSA contribution for individuals will rise to about $2650 in 2005, up 1.9% from $2600 in 2004, according to newly released projections from Mercer Human Resources Consulting (Washington).
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BUSH AID SAYS 2ND TERM IS ABOUT EXPANDING HSAs
Doug Badger, special assistant to President Bush, said that the Administration is using its first term to educate people about health savings accounts, adding that “the second term is about expanding HSAs.”
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