HSAs are an Opportunity for CUs Now – but How?
Last week we announced our new autoENROLL for HSAs capability and some of you might be wondering why we launched a new module to address this need. Pretty simple actually … because Health Savings Accounts represent a solid opportunity for credit unions of all sizes to expand services to existing members or to attract new members.
It is interesting to me that most credit unions I’ve come into contact with just sort of add HSAs to their list of accounts that members or non-members could open at the CU. By doing so, my opinion is that they are missing out on the biggest opportunity for accumulation of these accounts – which is working with their SEGs rather than the individual consumers.
Sure, you need to offer these accounts to consumers. But, do you have an active strategy to pursue your business partners for their support? Credit unions of all sizes have relationships with employee groups of both small and large companies. If you are a sizable institution or have a really great relationship with a large employer you might stand a chance to earn that business … which is most likely handled by some corporate HR types at headquarters.
If you deal with smaller businesses you stand a GREAT chance to land that business. And there is a real business reason that the leaders of that organization are considering moving their plans over to an HSA model in the near future.
Our own company moved to an HSA two years ago to save money on health care premiums for both the company and our staff. We did so with the help of our insurance broker – because the most important part of the equation for us was choosing the right HDHP policy. After selecting that policy the next step is to figure out where to point employees for opening their accounts, and I asked my broker for a recommendation … his answer is the institution that now holds our HSAs.
As a small business leader I really only have the time to choose from available choices in a situation like this. I had one choice and it was OK so we went with it. You can win the approval and earn the accounts of small to medium sized businesses you work with simply by being a choice. You already have some kind of relationship because you have a signed SEG deal with them – but do these SEGs know that you can help them with this need too?
By the way, we created autoENROLL for HSAs with multi-branding capability so that you could be creative with your marketing of these products. If you find an employer – or other group - who represent significant enough potential you can give them a ‘branded’ site that feeds application data to open these accounts consistent with your other HSAs. You might want to check it out.
And if you need help understanding the marketing opportunity - here is a link to some recent research I found about how quickly businesses and individuals are moving over to HDHP plans. The research points to a growth rate of 40 or 50% per year for the next several years. These days that sounds pretty good!
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