The Monett, Mo., technology vendor Jack Henry & Associates Inc. announced an agreement Thursday to offer its customers health savings accounts from HealthEquity Inc. of American Fork, Utah.
The accounts are similar to individual retirement accounts — both use pretax dollars to reduce the account holders' taxable income — but unlike IRAs, HSAs have both transactional and savings components, and purchases at places like pharmacies are subject to eligibility tests against the customer's insurance plan.
"We respect the expertise and infrastructure it takes to administer these qualified accounts, and we determined it was in the best interest of our clients and our company to partner with an established company that offers a proven solution," Debbie Wood, Jack Henry's general manager of marketing and strategic initiatives, said in a press release.
Citing figures from the Treasury Department, Jack Henry said that 3.2 million people have established HSAs since they became available 2004, with more than $1 billion going into the accounts.
