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A summary of the articles included in the March 2022 edition:
- HSA Bank Accelerates Advanced Digital Experience Initiative
- Lively Releases 2021 Data Showing COVID-19 Continues to Impact Routine Healthcare Spending
- Why HSAs Should Be Included in Your Benefits Package
- HealthEquity Reports Record HSA Sales, Asset Growth
- HSA Search: State of HSAs – 2022
HSA Bank Accelerates Advanced Digital Experience Initiative
HSA Bank announced that its parent Webster Financial Corporation has signed a definitive agreement to acquire Bend Financial, Inc., a cloud-based health savings account (HSA) solutions provider.
This investment will further advance efforts to deliver differentiation to customers through a simplified and modern approach to HSA management and engagement.
Lively Releases 2021 Data Showing COVID-19 Continues to Impact Routine Healthcare Spending
Lively released its fourth annual HSA Spend Report, giving a view into how and where consumers spend on healthcare costs each year. Findings show that despite hopes that COVID-19 would be a thing of the past in 2021, the pandemic and unusual healthcare spending associated with it have persisted for another year. Even with widespread vaccine rollouts, booster approvals, lifted mask mandates, and return to work plans in place, 2021, unfortunately, looked a lot like 2020.
Overall, in 2021 there was very little percentage change in HSA spending across the majority of categories from last year.
Why HSAs Should Be Included in Your Benefits Package
In addition to helping employees save for the future, health savings accounts are a must-have benefit that can help employers not only with reducing health costs, but also with recruitment and retention, according to a recent Fiduciary Fitness Podcast.
Host Colin Clark, Senior Vice President with the Washington Financial Group, a division of HUB International, along with guest Tina Tucker, Vice President of Employee Benefits at HUB, discuss how HSAs are growing in popularity among employees.
From a recruiting standpoint, Clark and Tucker discuss how it is important for employers to have an HSA in place as part of their benefits package, partially due to the portability aspect. “A lot of employees are coming from HSA programs, and they want to park that money with their new employer, so it really is in an employer’s best interest to have that as an offering,” Tucker emphasizes.
HealthEquity Reports Record HSA Sales, Asset Growth
HealthEquity announced HSA Assets and Total Accounts as of its fiscal year ended January 31, 2022. The Company also announced updated FY22 guidance and FY23 revenue guidance.
The total number of HSAs as of January 31, 2022 was 7.2 million, an increase of 25%, from 5.8 million as of January 31, 2021. The Company closed its fiscal year 2022 with 14.4 million Total Accounts, an increase of 12%, from 12.8 million as of January 31, 2021. HSA Assets grew to $19.6 billion as of January 31, 2022, an increase of 37% from $14.3 billion a year earlier.
HSA Search: State of HSAs – 2022
Health savings accounts (HSAs) are a revolutionary account that has saved health care consumers a lot of money through their unique triple-tax advantages. HSAs are a unique account with many different characteristics that can vary depending on the provider. We wanted to provide a snapshot of some of the key characteristics (minimum opening balance, monthly maintenance fee, and investments) to consider when evaluating a health savings account provider.