Lawrenceville, Ill. - UnitedHealthcare's Golden Rule Insurance Co. is offering its HSA customers a selection of mutual fund investment options as well as a debit card and online account management and bill paying services through Salt Lake City-based Exante Bank.Golden Rule helped pave the way for HSAs when it introduced a medical savings account more than a decade ago. More than 41% of the Lawrenceville, Ill.-based insurer's customers currently are covered by health insurance plans that include health savings accounts. As of June 30, 2006, these customers had accumulated more than $170 million in their health savings accounts; the average account balance exceeded $2,400.

With Exante Bank serving as custodian, Golden Rule HSA customers earn 4% to 5% interest on their FDIC-insured accounts. Once the balance in their health savings account reaches $2,000, customers have the option to invest any amount in excess of $2,000 in a choice of eight no-load mutual funds, all of which have a Morningstar rating of 4-Stars or higher.

New online account management tools enable Golden Rule HSA customers to monitor and change their investments at any time, check balances, pay bills and withdraw funds. The customer, at no charge, can set up automated recurring mutual fund purchases to occur whenever the account balance exceeds $2,000.

Moreover, the Exante MasterCard Prepaid Debit Card provides Golden Rule customers with multiple ways to access their HSA funds, including use at participating pharmacies and doctors' offices or through ATM withdrawals. In addition to the debit card and online bill paying features, customers can use wire transfers as well as a more traditional checkbook if they choose.

"The mutual fund options greatly enhance the long-term savings potential for our HSA customers, while other new consumer-friendly capabilities expand consumers' choices and the ease of using their HSA," says Golden Rule CEO Rich Collins.

Collins says the application process is seamless for consumers, and HSA deposits are set up on the same payment plan as premiums for the Golden Rule health insurance coverage.

"Our experience shows that customers are saving for current and future health care needs as Congress intended when it passed enabling legislation for HSAs," adds Collins. "Today's announcement is the next step in giving consumers additional tools and resources to manage their own health care spending."

Source: Business Wire

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access