HSAs are a growth opportunity
Grow your deposit base and gain and retain customers.
of Health Savings Accounts are employer sponsored.
Companies are looking for ways to save on healthcare that seamlessly integrate with their banking, benefits, and investing.
37They are also looking for ways to streamline their administration and a “one stop shop” for their banking needs. Offering a Health Savings Account gives financial institutions an opportunity to grow their deposit base while helping their commercial customers save. Healthcare is only getting more expensive: According to the Kaiser Family Foundation, as of 2022, the average family health insurance premium has increased a staggering 43% since 2012. To combat this, many employers now offer high deductible health plans (HDHPs), which feature lower premiums. In fact, 53% of Americans are already enrolled in an HDHP, and their employer is most likely already offering an HSA to pair with it from a competing institution. HSAs can offset the cost of the high deductible and are growing in popularity: According to Devenir, as of mid-year 2024 there are now over 38 million accounts with over $137 billion in assets. HSAs are owned by the account holder, allowing them to grow their balance over time.
of Americans are enrolled in a High Deductible Health Plan, a requirement for HSA eligibility.
HSA accounts
HSAs are an opportunity for growth.
HSAs are high-balance, high-retention accounts that drive stability and growth for financial institutions, and enable you to generate cross sales and bring in new customers. Employer-sponsored HSAs make up 60% of the HSA market, according to Devenir, so focusing on capturing the commercial HSA market can ensure your balances grow even faster.
Offering an HSA enables you to:
- Drive new retail and commercial customers to your financial institution
- Grow your core deposit base and generate revenue through interchanged and fixed-fee income
- Retain and increase deposits from current customers that may be offering an HSA solution through one of your competitors or another provider
- Differentiate yourself against competing financial institutions
in assets in HSA accounts
With over half of employers currently offering HSA-compatible High Deductible Health Plans, your commercial customers likely already offer an HSA with another provider. When you offer your commercial customers an HSA, you can deepen your relationship with them and expand opportunities for growth.
Why HSAs are a Powerful Tool for Financial Institutions to Gain and Retain Commercial Customers
Get more insight into how partnering with the right HSA provider can provide a pathway to cross-selling and create a revenue stream that can increase the overall lifetime value of each customer.
Why the Popularity of High Deductible Health Plans is a Business Opportunity for Financial Institutions
Over 50% of Americans are enrolled in a high deductible health plan. Learn more about how this translates into a business opportunity for financial institutions, who can expand their banking relationships with commercial customers by offering an HSA.
Lively
HSA partnership solution for financial institutions.