HSA Bank is a
health savings account
A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject to federal inco ...
(HSA) administrator in the United States. Based in
Milwaukee
Milwaukee ( ), officially the City of Milwaukee, is both the most populous and most densely populated city in the U.S. state of Wisconsin and the county seat of Milwaukee County. With a population of 577,222 at the 2020 census, Milwaukee is ...
and
Sheboygan, Wisconsin
Sheboygan () is a city in and the county seat of Sheboygan County, Wisconsin, United States. The population was 49,929 at the 2020 census. It is the principal city of the Sheboygan, Wisconsin Metropolitan Statistical Area, which has a populatio ...
, the company focuses on the administration, service, and support of health accounts including Health Savings Accounts, Flexible Spending Accounts, and Health Reimbursement Arrangements. It serves more than 2 million members with over 5 billion dollars in total assets.
In 1997, HSA Bank entered the consumer-directed healthcare market by providing
medical savings account
A medical savings account (MSA) is an account into which tax-deferred amounts from income can be deposited. The amounts are often called contributions and may be made by a worker, an employer, or both, depending on a country's laws.
The money in ...
s (MSA) to small employers and the self-employed. Since the passage of the
Medicare Prescription Drug, Improvement and Modernization Act in 2003 and the creation of health savings accounts in 2004, HSA Bank has serviced and administered health savings accounts to companies of all sizes as well as individuals.
HSA Bank is a division of
Webster Bank, N.A.,
Member FDIC, a subsidiary of Webster Financial Corporation.
History
Origin of HSA Bank
HSA Bank began as the State Bank of
Howards Grove, which opened in January 1913 in northern Sheboygan County. This rural, community bank would become HSA Bank decades later.
In 1997, State Bank of Howards Grove entered the consumer-driven healthcare market by providing MSAs.
In May 2002, the bank acquired approximately 7,000 accounts and $20 million in balances from
Citizens Bank, which was in the process of merging
Mellon Bank
Mellon Financial Corporation was an investment firm which was once one of the world's largest money management firms. Based in Pittsburgh, Pennsylvania, it was in the business of institutional and high-net-worth individual asset management, inc ...
’s retail business.
State Bank of Howards Grove also began using the trade name MSA Bank in 2002.
After the advent of health savings accounts in 2004, MSA Bank redirected its energy and resources on HSAs and changed its name to HSA Bank.
Growth of HSA Bank
In March 2005, HSA Bank officially became a division of Webster Bank, N.A., Member FDIC, a subsidiary of Webster Financial Corporation.
Since the creation of health savings accounts, HSA Bank has continued to expand its HSA offering. The company currently provides its customers with multiple enrollment options, including customized online enrollment sites, and utilizes real-time Web services, Internet Banking Single Sign On (SSO) and debit cards, among other features.
In 2006, ''Kiplinger's Personal Finance'' named HSA Bank "the best place to go" for an HSA, citing the company's "low fees, a knowledgeable call center and plenty of investment choices.”
In 2008, HSA Bank became the first HSA administrator to surpass $500 million in HSA deposits.
In 2013, HSA Bank was listed in Kiplinger's "Best of Everything" .
In 2014 HSA Bank announced a partnership with Evolution1 to expand their offerings from only HSAs to other "Consumer Driven Healthcare Solutions".
References
External links
Official site
{{DEFAULTSORT:Hsa Bank
Banks based in Wisconsin