WASHINGTON, Aug. 23 (UPI) -- Eighty percent of financial organizations either offer Health Savings Accounts (HSAs) or plan to in the next year, a new survey says.
Fifty-four percent of the 137 financial organizations surveyed by financial services firm Walters Kluwer said they were currently offering the accounts, while another 26 percent said they plan to offer them within 12 months.
Generating new accounts and increasing cross-sell opportunities were cited by more than two-thirds of respondents as reasons these organizations were offering or planning to offer health savings accounts.
Other reasons cited by organizations included increasing deposits (62 percent) enhancing commercial account relationships (41 percent) and generating fee income (28 percent).
Fifty-seven percent of respondents who are not offering or are not planning to offer the accounts cited low customer demand as the number one reason. Twenty-four percent said a lack of knowledge regarding the product was deterring them, while 19 percent said they would not fit well into their product mix.
