Fidelity Information Services, a division of Fidelity National Financial Inc. in Jacksonville, Fla., has announced that it is offering banks a "flexible deposits solution" that works in tandem with health savings accounts.
Financial services companies became eligible to offer health savings accounts to small-business and individual customers last year under a law that gives a tax exemption to payroll deductions for accounts meant to cover medical expenses not reimbursed by high-deductible health insurance.
"Funds can be deposited into liquid or longer-term investment accounts," Roger Leitner, the president of Fidelity Information Services' enterprise banking solutions division, said in a press release last Wednesday. "The solution is positioned to accommodate clients whose customers require immediate access to the funds, customers who are in a position to invest the funds for future access, or a combination of both."
TowerGroup, a Massachusetts research company, says it expects 1.88 million HSAs to have been opened by yearend, and 6.2 million by 2010. Fidelity National Financial is a provider of products and outsourced services and solutions to financial institutions and the real estate industry.
