WASHINGTON — Callahan & Associates and Fiserv are doing their part to help educate credit unions on the growth opportunities Health Savings Accounts can provide.
Callahan & Associates is offering the Webinar series, HSAs: The Most Important Opportunity to Enhance Member Value and Lifelong Relationships in the 21st Century, to inform more credit unions about the value and processes that can lead to a viable program.
"This is one of the most important member value opportunities credit unions have today," said Chip Filson, CEO of Callahan & Associates. "And, with a continued focus on members, offering them diverse services, including healthcare spending support, further emphasizes the credit union mission to serve members."
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The four-part HSA e-learning series, sponsored by FISERV, aims to encourage more credit unions to offer this distinctive service and support credit unions that have already launched a budding program. The series includes solutions for credit union goals, including member and deposit growth, and fosters industry growth in the 21st century.
"The prospect to shake credit unions from the current growth stall requires multiple efforts from multiple directions," Filson said. "HSAs are the latest development for credit unions, and participation at this stage is crucial, as competition escalates." The expansion of players in managing HSA accounts makes credit union participation even more vital to individuals and employers. In 2006, insurance premiums soared 87% from 2000, and premiums will continue this rise. This trend has led a number of employers and millions of employees to turn to HSAs, to ease the health care spending load. According to experts, credit unions are strategically positioned to present themselves as the better buy for HSA account holders who do not want their tax-free accounts to be charged monthly maintenance fees and other administrative costs. Competition is expected to expand as HSA accounts rise from 3.5 million in 2006 to potentially 24 million in 2010. If credit unions strategically manage their unique position as an affordable HSA option and set up to support the member, they will retain and grow a significant share of the emerging HSA market.
To learn more about Callahan's 2007 HSA Webinar Series, sponsored by FISERV, visit www.creditunions.com/events/webinars/series.htm.
The first part of the series, Part 1: Why HSAs Should Be Part of Your 2007 Action Plan, will be held on April 12. For more information call 800-446-7453.
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