SAN FRANCISCO - March 7, 2012
Wells Fargo & Company (NYSE: WFC) today announced record growth of more than 100,000 new health savings accounts (HSAs) in 2011, representing 38 percent year-over-year growth. The company also reported a 22 percent increase in assets under the HSA program, which is offered through its Health Benefit Services group.
“We continue to see an increase in adoption as more of our customers take advantage of the long-term tax and retirement benefits of HSAs,” said Elizabeth Ryan, head of Wells Fargo Health Benefit Services. “Wells Fargo is committed to educating our customers – including corporate, small business and individual clients – on how HSAs can help people prepare for retirement and make smarter health care-spending decisions.”
Today, more than 320,000 individuals and 10,000 companies nationwide use Wells Fargo HSAs. In 2011, Wells Fargo business clients with HSA programs contributed more than 27 percent of total HSA contributions to their employees’ accounts, helping those businesses save an estimated $10 million in payroll taxes. As the average account balance increased by 10 percent to more than $2,500 (for accounts with a balance), account holders also saved an estimated $90 million in taxes last year. With more account holders taking advantage of the opportunity to invest in mutual funds through their Wells Fargo HSAs, total investment balances increased by 27 percent since last year.
Account-based health plans have surpassed $12.4 billion in assets in more than 8.4 million accounts nationwide, according to the Employee Benefit Research Institute (2012). More than 20 percent of employers offering health benefits now have this plan option, according to Mercer’s annual National Survey of Employer-Sponsored Health Plans (2011).
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 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 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.