PFPC Jumps into HSA Servicing

November 10, 2004 ( - The Wilmington, Delaware-based PFPC Inc. announced that it will now service health savings accounts (HSAs).

A PFPC news release said its HSA servicing will also be available to insurance industry customers of PNC Bank, N.A., another member of The PNC Financial Services Group, Inc. “PNC Bank recognizes the value of HSAs in providing a viable solution to escalating healthcare costs,” said James Graham, executive vice president of Corporate Banking at PNC Bank, National Association, in the news release.

According to PFPC, HSA account services include:

  • online enrollment and account administration
  • custodial services
  • private-label option
  • marketing and fulfillment services
  • payroll deduction
  • automatic claims reimbursement if PFPC is integrated with the health plan provider.

As part of its new HSA servicing capabilities, PFPC offers a multi-manager mutual fund platform, the company said.

Signed into law in December 2003, health savings accounts are tax-advantaged investment accounts for medical expenses. HSAs function like self-directed IRAs for health care.