LAKE GENEVA, Wis. — HSA Clearing is doing its part to ensure credit unions capture their share of the health savings account market.
HSA Clearing and brokersXpress, an online trading and reporting provider for independent investment professionals, have recently teamed up to launch HSAs Financial — a turnkey HSA brokerage solution for credit unions.
The program is designed to help credit unions expand their HSA offerings to include stock, mutual funds and options brokerage capabilities.
"We believe that many consumers want to deal with their local financial institutions for their health savings accounts," said HSA Clearing President Tim Morales. "The addition of online brokerage capabilities through HSA Financial rounds out our program with a simple and effective way for credit unions to increase deposits and ensure member loyalty. It can make the difference between capturing group HSAs and losing them to another HSA provider that offers investment options."
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HSAs are tax-free portable 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.
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