HSA Indecision A Mistake CUs Can Ill-Afford

WASHINGTON – Still sitting on the fence about offering Health Savings Accounts? According to Callahan and Associates, when it comes to HSAs now is the time for credit unions to act. HSAs are tax-free savings accounts that can be used to pay for medical expenses including prescription and over the counter drugs incurred by individuals, spouses or dependents. These accounts are accompanied by high-deductible comprehensive insurance policies that cover preventive care and larger medical bills. Unused HSA money rolls over from year to year and can then be used to pay for medical care up to the plan’s deductible. Industry experts predict by 2008 there will be over six million HSA accounts with over $5 billion in assets. Given the growth potential more bankers are rushing to stake their claim in the market while the majority of the credit union industry continues to sit on the sidelines. To help credit unions move beyond the indecision Callahan’s will offer a webinar entitled Health Savings Accounts (HSAs): Is Today the Window of Opportunity for Credit Unions? Slated for June 28, the webinar will explore the opportunities HSAs provide and how credit unions can best enter the market.