13 Jun Fiserv enters health-care savings accounts business
Milwaukee — Brookfield-based Fiserv Inc. has unveiled a program of healthcare savings accounts, leveraging the company’s positions in financial processing and health-plan administration.
Spurred on by HSA authorization by Congress in 2004, healthcare banking is a set of services which includes managing tax-advantaged healthcare accounts for consumers and moving payments between parties in healthcare transactions.
“Our financial institution clients have a great deal of interest in recent healthcare legislation and the emergence of healthcare banking,” said Norm Balthasar, Fiserv’s chief operating officer. “At the same time, there’s a lot of confusion in the market today, especially regarding HSAs and their implication for the financial industry.”
Similar to 401(k) and individual retirement accounts, HSAs allow families covered by high-deductible health insurance plans to make annual contributions of up to $5,250 in pre-tax earnings ($2,650 for individuals). The goal is to put the ownership of everyday health spending decisions with consumers and to make insurance responsible for more catastrophic events.