Tax changes drive increased deposits
MINNEAPOLIS, May 19 /PRNewswire-FirstCall/ -- Wells Fargo & Company (NYSE: WFC) said today that Health Savings Accounts (HSAs) deposits increased 41 percent year to date, totaling more than a quarter-billion dollars for the first time.
Wells Fargo Health Benefit Services reported that more than 150,000 account holders -- many of whom took advantage of higher 2007 contribution limits before the April 15 deadline -- now hold $264 million in HSA deposits.
"Tax law changes helped consumers understand contribution limits and really drove these large deposit increases," said Jose Becquer, head of Wells Fargo Health Benefit Services. "Now our customers feel like they can use an HSA to meet today's health care needs and prepare for tomorrow."
HSAs, created as part of the Medicare Prescription Drug, Improvement and Modernization Act of 2003, help individuals manage their health care spending and save pretax dollars for future medical expenses. Accounts are open to consumers who are enrolled in a high-deductible health plan, either individually or through employers.
"Wells Fargo was among the first to offer HSAs, so we have the experience to help individuals and employers take full advantage of their expanded benefits," said Becquer.
Wells Fargo Health Benefit Services (HBS), a division of Wells Fargo Bank, N.A., is a premier provider of health and wealth management solutions for companies across the nation. Headed by Jose Becquer in the Wholesale Services Group, HBS helps companies provide tax-advantaged health care solutions for their employees. With a national service center in Salt Lake City, HBS began offering health savings accounts (HSAs) in 2004 and holds more than $260 million on deposit for 150,000 account holders. Learn more at http://www.wellsfargo.com/hsa.
Wells Fargo & Company is a diversified financial services company with $595 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."
|SOURCE Wells Fargo & Company|
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