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 ACS Chooses U.S. Bank Health Savings SolutionSM
Additional Custodial Choice Broadens ACS Offerings
ACS, one of the top five health savings account (HSA) providers in the U.S., has partnered with U.S. Bank Institutional Trust & Custody to provide an additional custodial option, U.S. Bank Health Savings Solution, to its HSA partners.
"As a multinational consulting firm, ACS is well-entrenched in the health-care marketplace," says Daniel Kelly, senior vice president, Health Savings Solution. "ACS has an existing HSA product in partnership with Mellon. However, in response to customer demands, ACS decided to add to their custodial choices. They chose us for our highly competitive HSA solution as well as the strength, quality and market presence of U.S. Bank."
U.S. Bank will continue to offer and sell its core HSA product, Health Savings Solution. The ACS/U.S. Bank HSA is separate from that product and will be offered only to the health plans with which ACS has contracted.
Benefits All Around
The ACS/U.S. Bank partnership will create a synergy that benefits all parties involved. "It's definitely a win-win," Kelly says. "ACS will gain tremendous brand exposure by using the U.S. Bank brand HSA product within its distribution channel, as well as satisfy the demands of ACS partners who wanted another custodial choice. Because U.S. Bank is the sixth-largest financial holding company in the country, ACS will be able to offer a well-recognized, high-quality HSA alternative to clients.
"U.S. Bank and its partners and consultants will benefit from the tremendous distribution opportunity through ACS's established plan channel," Kelly adds. "ACS has contracted with more than 55 health plans covering more than 50 million members. This partnership will significantly increase the HSA opportunity for both ACS and U.S. Bank and provides U.S. Bank with tremendous access to the health plan distribution channel."
Finally, employers and employees who choose the ACS/U.S. Bank HSA custodial option will benefit from working with a proven HSA service provider. "U.S. Bank was an early entrant to the HSA marketplace since the inception of HSAs in January 2004," Kelly says. "We offer improved product features, including integrated investments and improved debit card technology. The U.S. Bank interactive voice response system provides convenience and simplicity, and our Web-based access offers valuable and user-friendly education and information about managing an HSA and controlling health-care expenses.
"Since the product features, branding and pricing will be slightly different from the existing ACS/Mellon product, employers will appreciate having another custodial choice."
Greater Choice in the New Year
Select distribution partners of ACS will be able to offer the U.S. Bank HSA to employers beginning this month for January 2007 enrollment.
"Health savings accounts are rapidly evolving into a multi-billion dollar industry that delivers cost savings to employers and provides employees with the flexibility they demand to meet rising health care costs," Kelly says. "The partnership we have announced with ACS will help U.S. Bank introduce HSAs to thousands of individuals with one goal in mind – making health care easier and more affordable."
To view the press release announcing the ACS/U.S. Bank partnership, click here. To learn more about the U.S. Bank Health Savings Solution, visit www.usbank.com/hsa or call 1-800-334-9207.
INVESTMENT AND INSURANCE PRODUCTS:
NOT FDIC-INSURED · NO BANK GUARANTEE · MAY LOSE VALUE
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