Providing market research reports, industry analysis, company profiles and country reports for strategic planning, competitive intelligence, marketing and business research.
Search for Market Research Reports:    

Health Savings Accounts: Focus on Transactions and Product Development Will Lead to Asset Growth

Published by: Javelin Strategy & Research

Published: Oct. 1, 2006 - 13 Pages


Table of Contents



Overview of Health Savings Accounts




Primary Questions




Findings and Analysis




Consumers Chosen Source of Health Savings Accounts (HSAs)




Immediate Opportunity for Financial Institutions with HSAs




Evolve HSAs Naturally




Key Additional Factors for FIs to Consider When Initiating HSA Products




Table of Figures

Figure 1: Consumers' Chosen Source of an HSA

Figure 2: Consumer Payment Preferences for HSA Transactions at Healthcare Provider

Figure 3: Sources of and Needs for HSA Product Development Expertise

Figure 4: Consumer Likelihood of Opening an HSA

Figure 5: Likelihood of HSA Adoption by Age

Figure 6: Chosen Source of HSA by Income

Abstract

Overview

Financial institutions demonstrate a high interest in Health Savings Accounts (HSAs), as they could represent a viable long term opportunity for asset growth. Implementation, product devel-opment, and product management, however, must take into account low consumer awareness and interest, and must navigate unclear and complicated business-to-business relationships to ensure profitability and account holder relationship enhancement—with the goal of consumers selecting their primary financial institutions for the products.

Primary Questions
  • How strong is consumer interest in HSAs, and how do they want to access the accounts?
  • Will consumers look for HSAs from employers, financial institutions (FIs), or other sources?
  • How can financial institutions make HSAs profitable products in the immediate term?
  • What product development initiatives must receive the highest priority?
  • What partnerships and revenue models must HSA implementation plans include?
Findings and Analysis

Consumer-driven healthcare is years from fruition, yet financial institutions and technology ven-dors must plan the right steps now to reap long-term rewards from associated products. Less than half of consumers show an interest in HSAs (a primary vehicle for consumer driven health-care), and most who do will seek the accounts from their employers. Consumers want to use a card product to access HSAs for small and large transactions alike, which provides an immedi-ate transaction fee revenue opportunity for financial institutions. Success depends on selecting HSA solution vendors that enable the simultaneous access to a multitude of financial and medi-cal information, and also enable efficient transactions. Organizationally, FIs must create HSA product management groups that incorporate expertise in payments, commercial relationships, retail relationships, and asset management.

Audience: Financial institutions, payments vendors, HSA solution providers

Get Full Details About This Report >>
US: 800.298.5699
Int'l: +1.240.747.3093
Buy this Report
Price and Delivery Options
Search Inside Report


 

About MarketResearch.com
MarketResearch.com is an online aggregator selling over 160,000 market research reports, company profiles and country profiles from over 600 research firms. Our reports will provide you with the critical business and competitive intelligence you need for strategic planning and marketing research. Coverage includes the US, UK, Europe, Asia and global markets.

 

© MarketResearch.com 2008