Feb 3 2010
Chase today announced that its Health Savings Account (HSA) business has
grown by 30 percent over the last year, adding more than 115,000
accounts and $220 million in deposits. Chase now has more than 500,000
account holders who hold over $740 million in their HSAs.
“Upgrading features such as online bill pay, automatic funds transfers
for investing, and enhanced reporting for employers provides increased
flexibility for accountholders and clients.”
Much of the growth came through Chase’s partnerships with national and
regional health plans and by offering its HSA program directly to
employers. Chase gained 700 new clients in 2009, ranging from Fortune
500 companies to small businesses across the U.S.
“We continue to innovate to meet the needs of our customers,” said David
Josephs, managing director at J.P. Morgan, which manages the Chase HSA.
“Upgrading features such as online bill pay, automatic funds transfers
for investing, and enhanced reporting for employers provides increased
flexibility for accountholders and clients.”
Customers are taking advantage of the long-term savings benefit the HSA
offers. Chase saw a 45 percent increase in customers who began investing
their balances in one or more of the mutual funds offered through its
investment program.
Helping clients
The bank developed a comprehensive adoption kit to help companies
educate their employees on how to take advantage of account features,
maximize their tax savings and contributions, and learn about federal
and state tax requirements.
Chase HSA customers can now log on to the secure website and transfer
funds directly from their checking or savings account to their HSA. They
can also pay their medical expenses online from their HSA, avoiding the
hassle of writing and mailing checks.
Source:
J.P. Morgan Healthcare Solutions