Fifth Third Releases HSA Offering

January 14, 2005 ( - Fifth Third Bank is jumping into the Health Savings Account (HSA) market with a new offering.

A Fifth Third news release said corporations, health insurance companies and third-party administrators electing to offer employees a high deductible health plan in conjunction with an HSA can do so with Fifth Third through a company-sponsored custody account.

Fifth Third will help clients with the necessary plan documents, including the Health Savings Account Disclosure Statement, Transfer/Rollover forms, and beneficiary forms. In addition, Fifth Third will provide plan participants, or employees, with an HSA and pay a market rate of return on deposit balances, offer limited check writing, access to the account via the Internet, account statements, tax reporting and brokerage investment options, according to the announcement.

“HSAs are likely to play a major role in how corporations and individuals manage the spiraling costs of healthcare in the near future,” said James Dodd, Senior Vice President of Fifth Third’s Institutional Client Group, in this announcement. “High deductible health plans have the potential to help corporations reduce their employee medical costs and enable them to continue to provide adequate health care for their workers.”