Experts have been touting HSAs as the biggest service offering since IRAs with HSAs estimated to reach 11.2 million by 2010.

Members Health Network is dedicated to providing a mix of consumer-centric tools, technologies, and services designed to make credit unions successful competitors in the new world of HSAs and health banking.

"People won't accept a piecemeal approach. They need to feel the 'consumer' in consumer-directed healthcare. That's the beauty of this opportunity for credit unions. Our industry has always been known for superior member service. With this intersection of healthcare and banking, we have the chance to strengthen that reputation and give credit unions a 'wing-to-wing' solution that positions them to be real competitors in the health banking marketplace," said Barnard.

Currently, Members Health Network is working with a handful of credit unions across the country as beta clients and Barnard says so far the feedback has been extremely positive.

"This is just one potential strategy to increase the credit union's relevance to members, SEGs and small business members," said Barnard. "Anecdotally we've found that a large percentage of HSAs are brand new members. What's exciting is that these are highly sticky accounts and it is easier to have the initial HDHP than trying to win it away from a bank or another financial institution. So the feeling is to get involved at a strategic level early on."

With the market fairly wide open in terms of a strategic HSA entry Barnard says the CUSO will work with credit unions to evaluate if the timing is right for them.

"We don't know for a fact if HSAs are right for every credit union so we walk credit unions through the process of evaluating HSAs–so they can then have a clear idea of the pros and cons up to and including an analysis of the local market and fee structures, etcetera," said Barnard. "The idea is to work closely with credit unions hand in hand to determine that if any HSA program will work best for them."

In recognition of credit unions being at different phases in terms of offering a health banking program, the CUSO's HealthBanker platform provides two service package options.

For those wading into the strategic health banking pool for the first time is

HSA Essentials, it offers ExpertWeb, which creates a virtual HSA expert on a credit union's Web site. The member and business modules provide updated compliant information and services about HSAs and consumer-directed health care for members

and members' employers. Features range from marketing content to helping credit unions promote HSAs to both members and member businesses and essential forms for tax filing and reporting, to a comprehensive online primer about HSAs, HDHPs, consumer-directed health care and information on the benefits of HSAs for members and area employers.

Credit unions looking for a more competitive, comprehensive HSA edge can turn to the HSA Accelerator. The service package features a fully automated online new member HSA enrollment–one single system for both self-service new member enrollment and for member service-led enrollment at a call center or branch that is all integrated with the credit union's current systems. In addition the package includes easy to use, wizard-based benefit plan calculators to determine if an HSA plan is right for the user; health advisory tools to help members comparison shop for price and quality; prescription drug comparison tools to evaluate brand vs. generic options, as well as detailed information about cost-saving measures and suggestions; and a community-specific physician and care services referrals and directories database.

"So many still don't really understand what HDHPs or HSAs mean to them–they need help with more sophisticated tools to save money, constrain costs and even generate their wealth," said Barnard. "Members with these plans have new responsibilities now and credit unions are uniquely positioned to be a potent force by providing the tools and education for them to be successful. It is an opportunity that speaks to the very core of credit unions to do what's best for the member and make their members' lives easier."

Barnard says HSAs are not for everyone and it is not a panacea but it does have legislative momentum so education and building awareness is vital. He adds that a true consumer focus has been missing in the current consumer directed health care equation and credit unions can have a national presence in this kind of solution.

"It is rare to see such a 'win-win' situation. Credit unions get an entirely new deposit stream and an expanded member base. Members benefit from powerful tax incentives and more control over their healthcare," said Barnard.

Additional information about Members Health Network's HSA services can be found on its Web site at www.membershealth.net. Interested credit unions can also register at this site to receive an informative white paper, entitled "Health Savings Accounts–A Strategic Outlook."

This is Members United's second wholly-owned CUSO; the other is Balance Sheet Solutions, LLC, an SEC registered broker-dealer and investment advisor. The corporate is also part owner of CU Business Group, LLC.

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