Popularity of HSAs in helping consumers plan, save and pay
for health care fuels near 50 percent increase
GOLDEN VALLEY, Minn., (August 21, 2008) – OptumHealth BankSM, Member FDIC, announced today that it reached more than $600 million in health savings account (HSA) deposits, a significant industry milestone.
“OptumHealth Bank has achieved this milestone as a result of a nearly 50 percent increase in HSA assets from one year ago, as more and more consumers choose HSAs to help them plan, save and pay for their health care,” says Kelvin Anderson, president, OptumHealth Bank. “Deposits, investments and health care spending all increased substantially even during a time of economic stress and uncertainty – a testament to the foresight of individuals who understand the value of HSAs and the need to manage their health care money wisely.”
OptumHealth Bank provides value to its customers through three types of HSA accounts that meet the varying spending and savings patterns of its account holders. Individuals can select a basic, low-cost account or choose from interest-bearing accounts that also offer mutual fund investments for long-term savers. Offered in conjunction with high-deductible health care plans, HSAs allow individuals to save for current and future medical expenses on a tax-free basis. Deposits can be made tax free, they grow tax deferred, and account holders don’t pay income tax on withdrawals used for qualified medical expenses.
OptumHealth Bank is part of the financial services unit of the nation’s largest health and wellness company, OptumHealth. In addition to HSAs, OptumHealth Financial Services provides tax-advantaged accounts for health care savings and spending, innovative medical and debit card technology, benefits administration services and print and electronic payables solutions for the health care industry. It includes Administration Resources Corp., a leading third-party benefits administrator.
About OptumHealth
OptumHealth helps individuals navigate the health care system, finance their health care needs and achieve their health and well-being goals. The company’s personalized health advocacy and engagement programs tap a unique combination of capabilities that encompass care solutions, behavioral solutions, specialty benefits and financial services. Serving more than 61 million people, OptumHealth is the nation’s largest health and wellness business and is a UnitedHealth Group (NYSE:UNH) company. More information about OptumHealth can be found at www.OptumHealth.com.
Investments are not FDIC-insured, are not guaranteed by OptumHealth Bank, and may lose value.
For more information, contact:
Brad Lotterman
Senior Manager, External Communications
(714) 445-0453
brad.lotterman@optumhealth.com
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