Wells Fargo and Southwest Life & Health Insurance to Offer HSA's for Texas

September 13, 2004 (PLANSPONSOR.com) - Wells Fargo Institutional Trust Services and the Southwest Life & Health Insurance Company, through its FIRSTCARE Preferred product, are teaming up to offer a Health Savings Account (HSA) service for Texas, starting in October.

“Our product has been designed to meet the demands of a movement towards consumer driven health care, which is fundamentally about providing health care consumers with control, choice and information,” said John Reynolds, senior vice president of Wells Fargo Institutional Trust Services, in a press release.

Health savings account, tax-free accounts that can be used to pay for medical expenses, must be combined with a high-deductible health insurance plan. They were created in 2003 to provide consumers with more control over their own health care, as well as reduce the cost burden to employers.

FIRSTCARE Preferred  is a product of Southwest Life & Health, which is based in Texas. Wells Fargo & Company, the parent of Wells Fargo Institutional Trust Services, is a diversified financial services company with over $420 billion in assets.