The U.S. Bank unit of U.S. Bancorp in Minneapolis is emphasizing the flexibility its health savings account offers small-business customers because it is not bundled with a high-deductible health plan, leaving that choice to the business.
The U.S. Bank HSA offers individuals and small businesses an affordable alternative to the plans marketed by insurance companies that bundle their high-deductible plans with an HSA, the bank said on Thursday. Its product gives business owners and employee account holders the flexibility to change high-deductible plans as they will.
U.S. Bank began offering its HSA for individuals and small businesses in October 2005 through its retail channels.
More than 3.1 million people had opened an HSA as of January, according to America's Health Insurance Plans, and industry analysts have estimated that there will be more than 14 million account holders by the end of 2010.
U.S. Bank's institutional trust and custody division also has partnerships with self-insured businesses, third-party administrators, health-care providers, and business services companies to provide HSAs.
