Employees (Webster Bank, N.A., Member FDIC) Approximately 3,000 Headquarters Wisconsin Parent organization Webster Bank N.A. | Type Public (NYSE: WBS) Founded 1913 | |
 | ||
Key People Charles "Chad" Wilkins, EVP of Webster Bank and head of HSA Bank
Itamar Romanini, SVP, Director of Business Development and Sales; Kevin Robertson, SVP, Director of Sales; Jason Kessler, SVP, Director of Product Management; Mark Siebold, SVP, Director of Marketing; Charlotte Kienbaum, SVP, Director of Operations and Contact Center; Tim Patneaude, SVP, Director of IT and PMO Industry Consumer-directed healthcare; financial services Products HSA, FSA, HRA, Commuter Benefits Revenue (Webster Bank, N.A., Member FDIC) 700 million USD (FY 2005) Profiles | ||
Hsa bank what is a health savings account hsa
HSA Bank is one of the nation's oldest and largest health savings account (HSA) administrators. Based in Milwaukee and Sheboygan, Wisconsin, the company focuses on the administration, service, and support of health accounts including Health Savings Accounts, Flexible Spending Accounts, and Health Reimbursement Arrangements. It serves more than 2 million members with over 5 billion dollars in total assets.
Contents
- Hsa bank what is a health savings account hsa
- Hsa bank member website introduction to health savings accounts hsas
- Origin of HSA Bank
- Growth of HSA Bank
- References
In 1997, HSA Bank entered the consumer-directed healthcare market by providing medical savings accounts (MSA) to small employers and the self-employed. Since the passage of the Medicare Prescription Drug, Improvement and Modernization Act in 2003 and the creation of health savings accounts in 2004, HSA Bank has serviced and administered health savings accounts to companies of all sizes as well as individuals.
HSA Bank is a division of Webster Bank, N.A., Member FDIC, a subsidiary of Webster Financial Corporation (New York Stock Exchange symbol: WBS).
Hsa bank member website introduction to health savings accounts hsas
Origin of HSA Bank
HSA Bank began as the State Bank of Howards Grove, which opened in January 1913 in northern Sheboygan County. This rural, community bank would become HSA Bank decades later.
In 1997, State Bank of Howards Grove entered the consumer-driven healthcare market by providing MSAs.
In May 2002, the bank acquired approximately 7,000 accounts and $20 million in balances from Citizens Bank, which was in the process of merging Mellon Bank’s retail business.
State Bank of Howards Grove also began using the trade name MSA Bank in 2002.
After the advent of health savings accounts in 2004, MSA Bank redirected its energy and resources on HSAs and changed its name to HSA Bank.
Growth of HSA Bank
In March 2005, HSA Bank officially became a division of Webster Bank, N.A., Member FDIC, a subsidiary of Webster Financial Corporation.
Since the creation of health savings accounts, HSA Bank has continued to expand its HSA offering. The company currently provides its customers with multiple enrollment options, including customized online enrollment sites, and utilizes real-time Web services, Internet Banking Single Sign On (SSO) and debit cards, among other features.
In 2006, Kiplinger's Personal Finance named HSA Bank "the best place to go" for an HSA, citing the company's "low fees, a knowledgeable call center and plenty of investment choices.”
In 2008, HSA Bank became the first HSA administrator to surpass $500 million in HSA deposits.
In 2013, HSA Bank was listed in Kiplinger's "Best of Everything" . In 2014 HSA Bank announced a partnership with Evolution1 to expand their offerings from only HSAs to other "Consumer Driven Healthcare Solutions"