JPMorgan issued a report titled “Best Practices for Implementing a Health Savings Account (HSA) Program” providing a step-by-step guide for employers who want to offer an HSA program to employees.
Many companies are finding that the addition of an HSA option to their healthcare benefits menu presents a practical solution to the health insurance challenges they face. The adoption of HSAs has seen significant growth since they were created in 2004. By year-end 2008, there were an estimated three million HSAs with deposits of over $3 billion – and the number of HSA accounts is expected to quadruple by 2012, according to Celent.
“HSAs provide an affordable health insurance option and continue to grow in popularity,” said David Josephs, head of consumer-directed healthcare at JPMorgan. “This report shares the lessons learned in areas that have resulted in successful programs for many of our clients and provides a framework to ensure that a company’s benefit offering is competitive in the marketplace and offers the best value for both the employees and the company.
JPMorgan was one of the first banks to offer HSAs and has extensive experience in the consumer-directed healthcare industry. The bank administers HSA programs for nearly 10,000 companies and provides HSA cash and investment services for hundreds of thousands of individuals nationwide.
The best practices presented in this report reflect JPMorgan’s experience meeting the needs of companies representing the full spectrum of American employers – ranging from small companies with two employees to large firms with more than 100,000 employees.
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