SAN FRANCISCO - October 12, 2010
As a leading provider of health savings accounts (HSAs), Wells Fargo & Company (NYSE: WFC) announced several enhancements to its HSA product. With improved online employee enrollment, enhanced statements and online reporting, and the convenience of ATM access, Wells Fargo is providing customers and employers increased access and flexibility – whether they’re managing or providing HSAs.
“Wells Fargo is committed to helping our customers navigate through the decisions surrounding HSAs and, ultimately, make smarter healthcare-spending decisions,” said Elizabeth Ryan, head of Wells Fargo Health Benefit Services. “These new features take advantage of Wells Fargo’s industry leading expertise in ATMs, online financial services, and information delivery to make health savings accounts easier to use and manage.”
New benefits for customers include:
- Free withdrawals at more than 12,000 Wells Fargo and Wachovia ATMs nationwide
- Convenient deposits, withdrawals, and transfers at all Wells Fargo banking stores
- Optional payment by HSA checks or online reimbursement into another Wells Fargo account
- Expanded suite of mutual fund investment options, providing more long-term savings choices
- Simplified online access to transaction details, monthly account statements, and tax documents
- Updated Wells Fargo Visa® HSA debit card can be used at any merchant that accepts Visa debit cards
New benefits for employers include:
- Easy online maintenance to view, enroll, change, and remove employee accounts through the Wells Fargo Commercial Electronic Office® Health Benefit Services (CEO® HBS) portal
- Improved contribution options, including ACH direct contributions as well as other efficient online contributions
- Secure online access to new Census, contribution, and enrollment reports available in a variety of downloadable formats
- Continued and growing library of employer education materials and full-service support of annual enrollment activities
Community Health Partnership, Inc. (CHP) based in Eau Claire, Wisconsin, is a current Wells Fargo HSA customer. “We did our homework and found that a high deductible health plan combined with an HSA program could help us control costs,” said Patricia McCown, Benefits Administrator at CHP. “Wells Fargo’s HSA program stood out because of its cost efficiency, strong customer support and ease of administration. The educational materials they provided for benefit administrators, as well as employees, were also very helpful.”
The number of companies providing employees with HSA options is continuing to grow. According to the National Business Group on Health, 61 percent of large employers will offer a consumer-directed health plan (CDHP) in 2011. Among those employers offering a CDHP, the number offering a CDHP plan, and no other health plan, doubled from 10% this year to 20% in 2011.
Wells Fargo Health Benefit Services (HBS) is a premier provider of health and wealth management solutions for companies across the nation. As of September 30, 2010, Wells Fargo HBS has approximately 250,000 HSA accounts, with $475 million in assets. For more information, visit http://www.wellsfargo.com/hsa
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 banking stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.