BISYS has introduced an Internet-based service called HSA Service Center that aims to allow financial organizations to expand their market presence by providing clients with access to consumer education, “what-if” calculations, and the ability to generate signature-ready documents for health savings accounts (HSAs).
At the end of 2005, there were an estimated 1.2 million HSAs opened in the US through many different types of financial organizations. These accounts, which initially are transactional in nature, had accumulated over $2 billion in assets by the end of 2005. The average balance hovered around $1,667. HSA growth has begun to accelerate with projections of 8.2 million accounts and $48 billion in assets by 2010, raising the average balance to $7,763.
The HSA Service Center application operates on BISYS’s Web Site Administrator technology, allowing financial organizations to customize the site at their discretion while BISYS continues to support and update the core compliance and educational content. It also reflects the same user-friendly format as BISYS’ IRA Service Center, which has received accolades throughout the financial services sector as an effective marketing and compliance tool.
“At its core, the health savings account operates in a nearly parallel structure as the IRA when one considers the documentation and reporting requirements,” says Steve Christenson, vice president of BISYS Retirement Services. “Considering our 30-plus years of experience in the IRA market, it only made sense to support HSAs as they also have the potential to provide retirement income from their accumulated assets.”