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U.S. Bank Offers Health Savings Account to Individuals with High Deductible Health Insurance

MINNEAPOLIS--(BUSINESS WIRE)--Oct. 17, 2005--U.S. Bank, a leader in providing health savings account (HSA) services to institutions, has now made it easier for individuals and small businesses to receive the same tax-free savings benefit if they have a high deductible health insurance plan.

U.S. Bank began offering the U.S. Bank Health Savings Account (HSA) for individuals and small businesses on Oct. 3, 2005 through its branches, 24-hour call center and online at usbank.com. HSAs allow consumers to direct pre-tax money to the account either directly or through their employer. Additionally, the benefits are portable, owned and controlled by the individual regardless of changes in employer or health plan. The funds in the account also roll over from year to year as accumulated tax-free savings.

Funds may be withdrawn at any time, before or after retirement, to pay for qualified medical expenses of that individual and his or her dependents. After age 65, funds may be withdrawn as supplemental income and used for other things besides health care, taxed at the normal tax rate. The U.S. Bank HSA also benefits employers (typically small businesses) that offer high deductible health plans to their employees by making high deductible plans more appealing when combined with an HSA.

One of the highlights of the U.S. Bank HSA is the Coverage Advisor(TM) provided by Subimo. This tool allows a person to compare health coverage plans based on usage and the costs of care in a particular region. Subimo licenses a suite of decision tools which provide a unique combination of data, content and personalized, interactive models so consumers can easily select insurance coverage, fund their tax preferred accounts, determine costs for medical services, and select hospitals, drugs and physicians.

"HSAs have become a valuable tool for individuals who choose a low-cost, high deductible plan as their health insurance option, and want the ability to carry over contributions from year to year if not used," said Steve SaLoutos, senior vice president of consumer products and services at U.S. Bank. "The U.S. Bank HSA demonstrates our commitment to not only understanding our customers' needs but also giving them a thoughtful, valuable solution to what may otherwise be a financial challenge."

HSAs were created by Congress and became effective Jan. 1, 2004 to address the issues of cost and affordability of healthcare by offering individuals the ability to save for current and future health care expenses, on a tax-advantaged basis. HSAs are expected to encourage a culture of personal accountability so individuals become better health care consumers. More than 1.3 million people have opened an HSA since its inception and industry analysts estimate that there will be more than 6.3 million accountholders by the end of 2008.

U.S. Bank was one of the early entrants into the institutional HSA product market. Dan Kelly, manager of HSA Services for U.S. Bank Institutional Trust & Custody, said, "The retail HSA products nicely complement what U.S. Bank has successfully offered institutional clients for nearly a year. U.S. Bank Health Savings Solution combines competitive HSA product features with the national presence of the U.S. Bank brand, and is designed to be flexible to support the needs of our clients and their employees."

Visit usbank.com/hsa for more information about the U.S. Bank Health Savings Account.

For more information on the institutional HSA offering visit U.S. Bank Institutional Trust & Custody at healthsavings.usbank.com. U.S. Bank Institutional Trust & Custody is a division of U.S. Bank N.A. that focuses on retirement, investment, trust and custody services for institutional clients. Its product offerings include retirement plans (401(k), profit sharing or money purchase pension plans, and defined benefit), institutional trust and custody services, master trust services and health savings accounts.

U.S. Bancorp (NYSE:USB), with $204 billion in assets, is the 6th largest financial holding company in the United States. The company operates 2,383 banking offices and 4,877 ATMs in 24 states, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee in which the company pays customers if certain key banking benefits and services are not met. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.

CONTACT: U.S. Bank Media Relations
Teri Charest, 612-303-0732
teri.charest@usbank.com

SOURCE: U.S. Bank

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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