Capturing the Health
and Wealth Opportunity
HSA adoption is at an all-time high, and financial institutions have the opportunity to help consumers invest their contributions for long-term use by creating new products, services and communication strategies to reach these users and take advantage of the HSA ‘disruption.’ With WEX Health Cloud you can expand business by rethinking your deposit capturing strategy, grow revenue by administering HSAs as a new or enhanced revenue opportunity, leverage HSA momentum to realize untapped growth opportunity through HSA availability and education all while offering flexible, trusted solutions to address your employer & accountholder needs.
Financial Institutions Industry News
Who We Help
More employees are enrolling in high-deductible health plans and along with that, opening and funding health savings accounts to pay for future healthcare expenditures. Financial institutions see the writing on the wall and many are offering accounts and some are even looking for ways to grow in this market.
Like 401(k)s, HSAs can increase assets under management while giving financial institutions another valuable service they can offer to customers. More people are beginning to use their health savings accounts in conjunction with their 401(k)s to reduce taxable income and save for retirement.
Even smaller financial institutions are finding value in entering the HSA market as demand for this product reaches the local/community level. Because HSAs allow banks and credit unions to reach not only employers, but to also engage their employees which can lead to additional interactions and ultimately more business for the bank or credit union.
“WEX Health Cloud provides us with an all-encompassing CDH solution so that in addition to HSAs, we’re able to offer FSAs, HRAs and commuter benefits—all on one debit card and through one online experience. Our focus is on HSAs and consumer directed healthcare, and WEX Health Cloud helps us win in an ever-changing marketplace.”
– Mark Siebold, HSA Bank Marketing
Ready To Get Started?
Contact Helene Cole, Vice President Financial Institution Market.