WATERBURY, Conn., April 30 /PRNewswire-FirstCall/ -- HSA Bank(R), a division of Webster Bank, N.A., a subsidiary of Webster Financial Corporation (NYSE: WBS), announced today that more accountholders enrolled in a health savings account (HSA) using HSA Bank's Group Online Enrollment option than its paper application option in the first quarter of 2008. Over the first three months of this year, the percentage of all applications that were processed through HSA Bank's Group Online Enrollment option jumped to 40.6 percent, which represents an 11.5 percent increase from the first quarter of 2007.
The first quarter of 2008 marks the first time that any of HSA Bank's other enrollment options surpassed paper applications. HSA Bank offers four enrollment methods: Individual Online Enrollment (14.6 percent), Group Online Enrollment (40.6 percent), Electronic Enrollment (5.2 percent) and Paper Applications (39.6 percent).
"People are very busy, and they don't want to spend extra time completing paperwork to enroll in an HSA," said Kirk Hoewisch, president of HSA Bank. "Our Group Online Enrollment option allows people to enroll in their HSA quickly and conveniently at the same time they are enrolling for their other employer-sponsored benefits."
HSA Bank's Group Online Enrollment option has grown in popularity each year since it was first offered in October 2005. Group Online Enrollment allows the employer to send its employees a customized link to enroll in the HSA. Currently, nearly 2,300 employers use this option, including UHS-Pruitt, a privately-owned company with more than 16,000 employees.
"HSA Bank's Group Online Enrollment system allowed us to manage effectively our employees' HSA enrollment by ensuring timely entry of application information from our employees and immediate notification of missing enrollment information," said Alrie Kenney, benefits administrator with UHS-Pruitt.
HSA Bank serves customers in every state in the nation and has more than 10 years of experience with health care savings accounts. HSA Bank continuously strives to offer the best HSA product in the industry. HSA Bank combines convenience, service and savings with low account maintenance fees, competitive interest rates, several investment options, 24-hour account access online or through its automated telephone system, and outstanding personal service.
For more information about HSA Bank, visit the HSA Bank website at www.hsabank.com.
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $17.2 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 181 banking offices, 484 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, the insurance premium finance company Budget Installment Corp., Center Capital Corporation, an equipment finance company headquartered in Farmington, Connecticut and provides health savings account trustee and administrative services through HSA Bank. Member FDIC and equal housing lender.
For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websteronline.com.
SOURCE HSA Bank