ARLINGTON, Va. — BISYS Retirement Services and NAFCU Services Corporation have recently expanded their partnership to include Health Savings Accounts.
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.
"HSAs are one of the fastest growing products in today's financial services arena," said David Frankil, president of NAFCU Services Corporation. "Beyond the competitive issue of offering a new service that keeps members from moving their deposits to other financial institutions, members benefit from the effectively lower overall health care costs. Added bonuses for the credit union are the increased deposit base and additional non-interest income."
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BISYS will now use the NAFCU Services Preferred Partner designation for its HSA products and services, which include forms, documents, publications, software and consulting services designed to help credit unions create a comprehensive HSA offering for its members.
"The answer to finding a solution to rising medical costs seems to be mirroring the retirement plan trend, which has seen employer-provided retirement benefits dissolve into employee-funded savings plans," said BISYS Senior Vice President Steve Christenson.
The Financial Research Corporation projected that HSAs will grow to 8.2 million accounts and $4.8 billion by 2010.
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