PacificSource of Springfield, Ore., has selected State Bank of Howards Grove in Wisconsin to be the trustee and administrator for its clients' health savings accounts.
The partnership, announced Thursday, will offer employers enrollment management, billing, and administration for health plans and health savings accounts through a single source.
State Bank uses the trademark HSA Bank. Last month it announced a deal to sell itself to Webster Financial Corp. of Waterbury, Conn.
Through the partnership between PacificSource and State Bank, employees will have debit card access, personal account tracking, and investment options that include stocks, bonds, and mutual funds, PacificSource said. Employers and employees will be able to enroll electronically, and employees will be able to transfer contributions electronically to a bank account that will be controlled by the employee.
Employers will be able to complete the plan enrollment and bank account setup in one step through PacificSource. After the initial setup, PacificSource will provide the employer with integrated billing for the entire package and will complete payment and account funding automatically via electronic funds transfer.
