MINNEAPOLIS — A recent Wolters Kluwer Financial Services surveyfinds that for financial institutions offering Health SavingsAccounts represent a growing business opportunity.
|Sixty-two percent of the survey's respondents, a majority ofwhich were community banks and credit unions, said they areoffering HSAs while more than one in three of the respondents whosaid they weren't, are planning to do so in the next threemonths.
|The top four reasons cited for offering HSAs are customer andmember demand (80%); ability to generate new accounts (58%);increasing cross-sell opportunities (51%); and growing revenue(51%).
|The majority of institutions responding to the survey reported asmall number of HSA accounts. Sixty-nine percent of respondentsreported 100 or less HSA accounts, 18% reported 101 to 500 accountsand 7% listed more than 500.
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