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February 2008
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HSA Market News, February 2008; Volume 5, Number 2
HSA deposits top $2.6 billion…ACS/Mellon has 450,000 HSAs…Optum deposits top $560 million…Universal health and HSAs…SHPS taps HealthMedia…Wellness market scattered…Healthways lowers outlook…Fidelity on retiree health costs…JPMorgan deposits top $350mm…Triplett expects HSA gains…and more…
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TOP BANKS HAVE $2.6 BB IN HSA ASSETS
Twenty-one leading banks had 1.99 million health savings accounts with an estimated $2.603 billion in total deposits as of Dec. 31, 2007, according to a tally by HMN.
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ACS/MELLON TOPS 450,000 HSAs
ACS/Mellon, an HSA administration service from Affiliated Computer Services (Dallas) that uses Mellon for account processing, announced that it manages more than 450,000 HSAs with more than $350 million in assets.
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OPTUM HAS $560+ MILLION IN HSA ASSETS
OptumHealth Financial Services, a unit of UnitedHealth Group formerly operating under the name Exante, has 1.5 million consumer healthcare accounts and more than $560 million in HSA assets under management, the company said.
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FIDELITY SAYS RETIREES NEED $226K FOR HEALTH COSTS
Fidelity Investments (Boston) released its annual estimate of out-of-pocket healthcare costs in retirement, noting that a 65-year-old couple retiring in 2008 will need $225,000 to cover expected medical treatments, up 4.7% from the 2007 estimate of $215,000.
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UNIVERSAL HEALTH TO DRIVE RAPID HSA GAINS, STUDY SAYS
Universal healthcare initiatives being kicked around by Presidential candidates and enacted in some states—if rolled out nationwide—would dramatically increase the number of high-deductible health plans tied to HSAs, according to a study from BearingPoint (McLean, VA).
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MARKET FOR WELLNESS IS SCATTERED
The market for wellness products and services remains highly scattered, with very few standalone wellness vendors emerging as market leaders, according to a new study titled ROI and Outcomes of Wellness Initiatives, 2008 from Corporate Research Group, publisher of this newsletter.
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HEALTHWAYS LOWERS ’08 OUTLOOK
Shares in disease management and wellness company Healthways Inc. (Nashville, TN) plummeted 30% on Feb. 26 after the company announced that it was reducing its fiscal 2008 earnings and revenues outlook because of lower-than-expected enrollment in one of its programs and the failure of two anticipated contracts to materialize this year.
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TRIPLETT SAYS HSAs GAINING MOMENTUM
HSA plans “have really begun to gain momentum in the past 12 to 18 months,” according to Dennis Triplett, president of UMB Healthcare Services (Kansas City, MO), a division of UMB Financial Corp. that offers HSAs.
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