Health Savings Accounts (HSAs)

Fiserv ISS offers HSAs as a retirement plan outsourcing solution for financial institutions only at this time. For more information on bringing HSAs to your institution or plan specifics, call our Retirement Plan Outsourcing Services team at 800-492-0165.

Capitalize on the growing HSA market with our outsourcing solutions

HSAs were created in Medicare Legislation that became law in late 2003. An HSA is an account that allows an individual to save money to pay for qualified medical expenses potentially tax-free.

Since HSAs are a new way to obtain affordable health care – and the number of financial institutions currently offering HSAs is still small – this represents a large pool of potential new customers for you.

Fiserv ISS will allow you to offer HSAs by providing training to your staff, all of the documents necessary to open HSAs, tax reporting and compliance support. We will also take on the role as Trustee that we perform for retirement plan outsourcing.

The number of HSAs in the U.S. has increased seven-fold since 2004. Since HSAs became available in 2004, more than 3.2 million have been opened. A study recently released by the U.S. Department of Treasury predicts that 21 million individuals will be covered by HSA policies by the year 2010!

The statistic your financial institution may find the most interesting is that 65% of individuals with HSAs said he/she would be likely to recommend HSAs to others. Several surveys have also suggested that the number of employers offering HSAs will double every six months in the years to come.

IMPORTANT REMINDER: To be eligible to have an HSA, an individual must also have a qualifying High Deductible Health Plan (HDHP). HDHPs are a specific type of health insurance that may be offered by an employer or obtained through an insurance company.

Offering HSAs will be much like offering retirement plans, such as Individual Retirement Arrangements (IRAs). Fiserv ISS will provide all of the IRS documents necessary for your institution to offer HSAs.

As with our retirement plan products, we will also ensure that your institution is in (and remains in) compliance with all HSA rules and regulations and completes all necessary tax reporting requirements. Fiserv ISS, through Trust Industrial Bank, will act as the Trustee of HSAs in the same manner as we currently act as Trustee for your institution’s retirement plans. The HSA funds will be held at your institution, and the funds can be invested in a wide variety of investments.