SAN ANTONIO—Harland Clarke said it is now extending its payment and marketing services offering to the rapidly growing health/wealth vertical market of Health Savings Accounts (HSAs). The company said it is well-positioned to provide a solution, as it provides payment and marketing services capabilities and many of its financial institution clients offer and act as custodians for HSAs.
Harland Clarke, which said it works with more than 5,000 financial institutions across the U.S. said its “rich history of knowing financial institutions, knowing their customers and understanding their regulatory climate and security requirements” makes it uniquely equipped to help them connect with employers to increase HSA knowledge, participation and balance growth.
“We have been engaged with one of the largest HSA third-party administrators in the country for several years now,” said Geoffrey Thomas, chief product officer, Harland Clarke. “It has opened our eyes to the importance of HSAs in supporting consumers’ healthcare expenses now and in retirement. Our solutions – tailored for financial institutions to grow and retain deposits – are perfectly suited to support the HSA vertical.”
The Solutions
Harland Clark said the solutions behind its HSA strategy include:
- Contact center inbound and outbound support to augment in-house specialists or handle increased call volumes during peak times, like during open enrollment and onboarding.
- Card services including personalization and manufacturing.
- Marketing services through both print and digital channels.
- Communications including statements and tax forms.
$275K in Medical Expenses
Harland Clarke cited a 2018 Fidelity Investments study estimated that a couple in retirement will spend more than $275,000 on medical expenses. While the retirement industry has been acknowledging the growing importance of HSAs for an employee’s financial well-being, the rising popularity of HSAs is a relatively new phenomenon, Harland Clarke added.
“We are very excited about the continued growth opportunity of HSAs in the U.S.,” continued Thomas. “These accounts were first introduced in 2004, but they are just now really starting to take hold. Double-digit growth rates are likely for the foreseeable future. We welcome the opportunity to enable third-party benefit administrators and financial institutions to not only grow, but also educate consumers about the benefits of an HSA.
Reaffirmed Commitment
In a move the company said reinforces its commitment to helping the HSA industry grow, Harland Clarke, already a member of the American Bankers Association HSA Council, said it will become a full board member in 2020. The council is an organization of industry leaders committed to working together to raise the awareness and adoption of HSAs to help Americans pay for healthcare. It represents its members before Congress, the White House and U.S. courts.
“We could not be happier that Harland Clarke is part of the HSA Council. We welcome their support and leadership in driving awareness around the need for health and wealth retirement strategies,” said J. Kevin A. McKechnie, executive director of the ABA HSA Council. “With its triple tax benefit, next to a 401K or Roth IRA, an HSA may be the best savings and investment account in the country. We need to continue to inform, educate and advocate for consumers about this significant benefit.”