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January 2006
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HSA Market News January 2006; Volume 3, Number 1
23 banks have 647,000+ HSAs...3+ million enroll in HSAs...Cigna HSA, HRA lives to triple...U.S. Bancorp eyes big ’06 gains...Chart: HSA lives at 23 banks...HSAs struggle in some markets...BCBS-MA tops 45,000 HDHPs...USHealth HSA interest is 6.15%...BancorpSouth offers HSAs...PNC says its off to strong start...Patelco HSAs yield 5.12%...Fiserv acquires CareGain...Trustmark integrates CDHPs...and more...
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23 TOP BANKS HAVE 647,000+ HSAs
Twenty-three leading banks have more than 647,000 HSAs with an estimated $672 million in deposits, according to a tally by HMN. HSA Bank (Sheboygan, WI) has the most HSAs of any bank in the nation, with 144,000 accounts and total deposits of $255.6 million.
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3+ MILLION ENROLL IN HSA PLANS, AHIP SAYS
More than 3 million people have enrolled in HSA-compatible high-deductible health plans, according the American Assn. of Health Plans (Washington), more than triple the number of enrollees as of March 2005.
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U.S. BANCORP EYES TRIPLE-DIGIT HSA GAINS
U.S. Bancorp (Minneapolis) has more than 4000 HSA accounts, a triple-digit increase since June 2005, and expects the growth trend to continue in 2006 and 2007, said Daniel Kelly, manager, health savings solutions, U.S. Bank Institutional Trust & Custody.
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USHEALTH STILL OFFERING 6.15% ON HSAs
USHealth Inc. (Ft. Worth, TX), a subsidiary of Credit Suisse First Boston, said it would continue to offer 6.15% interest on HSA balances for at least another year through an alliance formed with First HSA.
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BANCORPSOUTH OFFERS HSA
BancorpSouth (Tupelo, MS) has begun offering HSAs to individuals with high-deductible health plans. BancorpSouth also offers HDHPs through its BancorpSouth Insurance unit.
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PNC OPENS 12,000+ HSAs IN FIRST 3 WEEKS OF DEC.
PNC Financial Services Group said that it had signed up more than 12,000 new individual HSAs in the first three weeks of December alone through its PFPC (Valley Forge, PA) operation and that it expects new accounts to continue to grow substantially in 2006.
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PATELCO CREDIT UNION OFFERS 5.12% YIELD ON HSAs
Patelco Credit Union (San Francisco) said it is offering HSAs that yield annual interest of 5.12% with no annual maintenance fee in the first year and a $12 annual fee thereafter. Patelco is among the largest credit unions in the nation, with 205,000 members nationwide.
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HSAs SLOW OUT OF GATE IN CERTAIN MARKETS
Sales of HSA-compatible high-deductible health plans vary greatly by company and by geographic area (HMN, December 2005), but have been especially slow in certain markets and for certain health plans around the nation.
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BCBS-MA HAS 45,000 HDHP LIVES
Blue Cross Blue Shield of Massachusetts (Boston) has about 45,000 members in high-deductible health plans, most of which are coupled with an HSA or HRA, according to Stephen Booma, executive vice president.
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FISERV ACQUIRES CAREGAIN
Fiserv Inc. (Brookfield, WI), a third-party administrator for self-insured health plans, has announced the acquisition of CareGain (East Windsor, NJ), an administrator of HSAs, HRAs and FSAs.
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IN BRIEF: PREFERRED HEALTH
Preferred Health Systems (Wichita, KS), which offers HSA-compatible high-deductible health plans, has teamed up with Health Equity (Salt Lake City) to offer an integrated HSA-based health plan.
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