Potential HSA Boom for Financial Institutions During Open Enrollment
LAKE GENEVA, Wis. - With the number of employers expected to offer High Deductible Health Plans, current open enrollment periods are a golden opportunity for credit unions to offer Health Savings Accounts (HSAs) to business clients. "Financial institutions that wish to offer HSAs in 2006 must get set up to offer HSAs now," said Viki Morales spokesperson for HSA Clearing, a turnkey HSA program provider. "They need to start marketing now, informing their business clients that the HSA can be set up and held locally at their credit union. They may not have to open an account until 2006, but they must begin contacting their members to let them know they will be able to accept the accounts." Morales adds that once group HSAs are set up elsewhere, it is difficult to get the employer to change, so it is vital that financial institutions begin educating their members now during the open enrollment period if they are to capture these accounts.