MINNEAPOLIS--(BUSINESS WIRE)--July 6, 2006--Health Savings
Accounts (HSAs), especially bank-owned accounts like the U.S. Bank
HSA, are proving to be a popular option for individuals and small
businesses. The U.S. Bank HSA offers individuals and small businesses
an affordable and convenient alternative to the plans offered by the
insurance companies that bundle a high deductible with an HSA.
"The great thing about a U.S. Bank HSA is that it can be paired
with any HSA-qualifying high-deductible health plan," said Steve
SaLoutos, senior vice president of consumer products and services at
U.S. Bank. "This means that small business owners and individuals can
make the right health care plan choice without impacting their HSA.
Small businesses generally change health insurance plans every couple
of years. Individuals also change plans through annual open
enrollment, or because of a job change or unemployment. Since an HSA
is personally owned and can grow over time, it makes sense to open an
HSA with a trusted financial institution."
U.S. Bank began offering the HSA for individuals and small
businesses in October 2005 through its retail channels. Consumers can
direct tax-deductible money to the account either directly or through
their employer, and the funds in the account also roll over from year
to year as accumulated tax-free savings. The individual is in control
and chooses how much money to put into the account, whether to use the
money for current expenses or save it for the future, which expenses
to pay and which company will hold the account.
Funds may be withdrawn at any time, before or after retirement, to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 After age 65, funds may be withdrawn as supplemental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.
More than 3.1 million people have opened an HSA as of January
2006, according to America's Health Insurance Plans, and industry
analysts estimate that there will be more than 14 million
accountholders by the end of 2010.
In addition to providing an HSA product for individuals and small
businesses through its branch network, U.S. Bank Institutional Trust &
Custody also partners with self-insured businesses, third-party
administrators, healthcare providers and business services companies
to provide HSAs. For more information, visit
www.healthsavings.usbank.com. Visit www.usbank.com/hsa for more
information about the U.S. Bank Health Savings Account for individuals
and small businesses.
U.S. Bancorp (NYSE:USB), with assets of $210 billion, is the 6th
largest financial holding company in the United States. The company
operates 2,430 banking offices and 4,941 ATMs, 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 the parent company of U.S. Bank.
Visit U.S. Bancorp on the web at www.usbank.com.
CONTACT: U.S. Bank Media Relations
Teri Charest, 612-303-0732
SOURCE: U.S. Bank