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November 2005
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HSA Market News November 2005; Volume 2, Number 10
BCBSA plans HSA bank...WellChoice offers Amex card...HSA plans gain traction...Golden Rule HSAs: $142 MM...Aetna offers individual in FL...United expands HRAs...Plastic to dominate HSAs...First Niagara offers HSAs...HSA holders are saving...Chart: HSA Bank interest rates...American Bank offers 3%...UCCI taps HealthEquity...FSAs compatible in grace period...In brief: Metavante; Trizetto; Sterling...and more...
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BCBS PLANS TO LAUNCH HSA, HRA BANK
The battle lines are clearly being drawn between managed care organizations and financial institutions over the future of healthcare as the Blue Cross Blue Shield Assn. (Chicago) announced that its member organizations have approved the launch of a bank to serve people enrolled in HSAs, HRAs, and FSAs.
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HSA PLANS GAINING TRACTION, CIAB SAYS
Nearly one-third of brokers and agents surveys by the Council of Insurance Agents & Brokers (Washington) said that more than half of their clients were interested in HSA-compatible high deductible health plans.
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WELLCHOICE ADDS AMEX AS HSA OPTION
WellChoice Inc. (New York) announced that it would add American Express as another preferred option for HSA trustee services to members enrolled in high-deductible health plans.
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GOLDEN RULE HSA DEPOSITS HIT $142 MM
Golden Rule Insurance Co. (Indianapolis), a division of UnitedHealth Group, reported that its HSA plan members have more than $142 million in their health savings accounts.
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PLASTIC TO DOMINATE HSA PAYMENTS, STUDY SAYS
According to projections from Tower Group (Needham, MA) 71% of all FSAs, HSAs and RAs will be used in conjunction with plastic payment cards—such as debit or credit cards—by 2010.
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FIRST NIAGARA OFFERS HSAs
First Niagara (Lockport, NY) announced that it has introduced HSAs, targeting individuals already enrolled in high deductible health plans from Blue Cross Blue Shield of Western New York, Independent Health, and Excellus. First Niagara also has an insurance subsidiary, First Niagara Risk Management, which can enroll consumers in high deductible health plans.
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HSA BANK ACCOUNT HOLDERS ARE SAVING, DATA SHOWS
HSA Bank, a division of Webster Bank N.A. (Waterbury, CT), reported that as of the third quarter of 2005 it had 127,000 HSA accounts with more than $200 million in deposits, plus another $15 million in brokerage accounts.
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AMERICAN BANK OFFERS HSAs WITH 3% INTEREST
American Bank (Allentown, PA) said it is offering HSAs with 3% annual interest on balances of $1000 or more. American is also offering no maintenance fees and free checking.
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AETNA OFFERS INDIVIDUAL HSA PLANS IN FLORIDA
Aetna Inc. (Hartford, CT) is offering HSA-compatible high deductible health plans in Florida as part of the rollout of a series of individual and family plans effective Dec. 15, the company announced.
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UNITEDHEALTH EXPANDS HRA PLANS TO SMALL GROUPS
UnitedHealth Group (Minnetonka, MN) has expanded the availability of its Definity line of HRA health plans to groups with two to 149 employees, the company announced. According to UnitedHealth, the Definity HRAs offer automatic rollover of claims to the HRA account, so no paperwork is required.
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FSAs CAN BE MADE HSA-COMPATIBLE IN GRACE PERIOD
Employers can amend existing FSAs during the 10-week grace period to make them limited-use, HSA-compatible spending accounts as long as the change applies to all employee FSAs, the Treasury Dept. clarified in its latest regulatory guidance.
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UICI’S HEALTHMARKET TAPS HEALTHEQUITY
HealthMarket (Norwalk, CT), the consumer-directed health plan operation of UICI, announced that it would use HSA banking services from HealthEquity (American Fork, UT). HealthMarket high deductible health plans are underwritten by Chesapeake Life Insurance Co.
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IN BRIEF: METAVANTE; TRIZETTO; STERLING
Bridgeview Bank Group (Bridgeview, IL) will use HSA technology from Metavante Corp. (Milwaukee), a division of Marshall & Ilsley Corp., which provides HSA account processing, checks and debit cards, online and phone access to account information, management of investment options and regulatory reporting.
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