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Health Savings Account Calculators Now Available
Seattle, Wash. – (March 30, 2007) – Fuze Digital Solutions announced the addition of Health Savings Account (HSA) calculators to its array of financial calculators and personal finance knowledge pack content maintained and updated by Fuze for its credit union clients.
These HSA calculators fill an important need for members wanting to determine how much their HSA will be worth over time or to determine the amount they are allowed to contribute for the current tax year.
Health Savings Accounts are a tax-advantaged account established to pay for qualified medical expenses of an accountholder who is covered under a high-deductible health plan. With money from this account, consumers pay for healthcare expenses until their deductible is met. Any unused funds are theirs to retain in an HSA and accumulate towards future healthcare expenses or retirement.
According to Fuze partner, Callahan & Associates, “In just two years, the Health Savings Account (HSA) market has grown from a mere legislative concept to a burgeoning market opportunity with over 3.2 million individuals covered by an HSA. By 2008, industry experts estimate that there will be over 6 million HSA accounts with over $5 billion in assets. Such explosive growth represents a tremendous new opportunity for financial institutions in general and credit unions in particular.”
With HSAs having a significant financial impact on tens of millions of consumers, credit unions should strongly consider extending these types of tools regardless if they offer HSAs themselves or not.