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Wells Fargo Adds New Features And Expands Health Savings Accounts–More Competition

Posted Oct 18 2010 3:58pm

With the economic structure today health savings accounts are getting more competitive, just about like straight health insurance is today.  In addition, there are also carriers like United Healthcare that has their own bank with over 1 billion on deposit with health savings account contributions.  BD

SAN FRANCISCO--(BUSINESS WIRE)-- As a leading provider of health savings accounts (HSAs), Wells Fargo & Company (NYSE:WFC) announced several enhancements to its HSA product. With improved online employee enrollment, enhanced statements and online reporting, and the convenience of ATM access, Wells Fargo is providing customers and employers increased access and flexibility – whether they’re managing or providing HSAs.

“Wells Fargo is committed to helping our customers navigate through the decisions surrounding HSAs and, ultimately, make smarter healthcare-spending decisions,” said Elizabeth Ryan, head of Wells Fargo Health Benefit Services. “These new features take advantage of Wells Fargo’s industry leading expertise in ATMs, online financial services, and information delivery to make health savings accounts easier to use and manage.”

The number of companies providing employees with HSA options is continuing to grow. According to the National Business Group on Health, 61 percent of large employers will offer a consumer-directed health plan (CDHP) in 2011. Among those employers offering a CDHP, the number offering a CDHP plan, and no other health plan, doubled from 10% this year to 20% in 2011.

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