BROOKFIELD, Wis. - Fiserv, which is positioned to help financials begin offering Health Savings Accounts, believes credit unions specifically have a good opportunity with HSAs. Fiserv has the unique characteristic of doing processing for health care plan administrators and financials. Fiserv also offers various health payment solutions and marketing and educational tools for that industry. Fiserv is now trying to get the word out that credit unions can play a major role in HSAs. Jim Cox, president of Fiserv Health, and himself a credit union member, said he's amazed by the breadth of products today's credit unions offer and how focused they are on making members' lives better. Cox said HSAs are ideal for consumers with high-deductible health care plans. Cox believes although there are a few barriers, HSAs can take off and though the accounts may be small initially, credit unions should think of the future aggregation these products can bring, similar to when CUs ventured into IRAs. The number of HSAs has already exceeded one million and is expected to increase with open enrollment for 2006 benefit plans.
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From the June-22, 2005 issue of Credit Union Times Magazine • Subscribe!
Fiserv Positioned for HSAs; Says CUs a Good Fit
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