There is an informative article in the Wall Street Journal today summarizing how health savings accounts are being utilized: “Health Savings Accounts Gain Momentum.” The article reports that about “20 financial institutions, including J.P. Morgan Chase & Co. and Mellon Financial Corp., are marketing HSAs” and that “[s]ome 50 insurers, including Aetna Inc., Cigna Corp. and Anthem Blue Cross & Blue Shield . . have introduced the high-deductible health policies that people must have to open an HSA.” Regarding the types of investment choices being offered, the article reports:
The HSAs themselves are available either through the health insurer or an independent “trustee,” such as First HSA, Entrust New Direction IRA and Health Savings Administrators. . . Insurers generally offer simple interest-bearing accounts that don’t offer investment choices. But some are also teaming up with financial-services firms that act as trustees and offer accounts with more investment options. For instance, J.P. Morgan Chase has joined with several insurers, including Cigna and Anthem, to offer HSAs that invest in stocks, bonds and mutual funds. The independent trustees also offer a range of investment options.
(You can access previous posts about HSAs here.)