Members of the $8 billion Alliant Credit Union will have access to additional health savings account choices through a new partnership with SaveDaily Inc.
This addition to Alliant's existing suite of member savings options aims to enhance the organization's offerings of self-managed mutual fund investing, according to SaveDaily, a Seal Beach, Calif.-based provider of mutual fund investing platforms used by credit unions and banks.
“With the high cost of healthcare today, members who have health savings accounts understand how important it is to make their money work for them, and this is a great way to do it,” said Laura Wallace, Alliant vice president of retirement and investment services.
Health savings accounts were first created to help Medicare recipients pay for their prescription drug coverage. According to the U.S. Department of the Treasury, any adult with a high-deductible health insurance plan is eligible to create an HSA and can make tax-deductible contributions to the savings plan throughout their plan year.
SaveDaily said there is an estimated balance of more than $12 billion being held in HSAs in the United States.
The Chicago-based Alliant serves more than 280,000 members.