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"We are pleased to have the opportunity to provide our HSA outsourcedsolution to Jack Henry's large base of financial institution customers," saidSteve Neeleman, CEO of HealthEquity, Inc. "Our HSA solution will provide aneasy-to-use and cost-effective means for these banks and credit unions tooffer HSAs to their employees and their consumer customers."
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According to Debbie Wood, general manager of Marketing and StrategicInitiatives for Jack Henry & Associates, "One of our fundamental goals is toprovide the broad array of technology solutions financial institutions need torespond to today's consumer demands. Based on the projected growth of HSAs,an administrative solution for these accounts is a natural expansion of ourproduct offering. We respect the expertise and infrastructure it takes toadminister these qualified accounts, and we determined it was in the bestinterest of our clients and our company to partner with an established companythat offers a proven solution. We are confident that HealthEquity's HSAsolution is consistent with our high standards for product and servicequality, and will meet the expectations of our valued clients."
Health savings accounts were created by the Medicare Prescription Drug,Improvement and Modernization Act of 2003. These accounts enable individualsto pay for current medical expenses and save for future qualified medicalexpenses on a tax-free basis. All HSA funds are held on deposit in omnibusaccounts at banks and credit unions.
According to the United States Department of the Treasury, approximately3.2 million individuals have established HSAs since 2004 and collectively haveinvested more than $1 billion. The Treasury Department projects that more than14 million HSAs representing 40 to 45 million Americans will be opened by2010.
The HSA solution offered by HealthEquity will provide Jack Henry's bankand credit union clients with a turnkey, outsourced administration solutionthat encompasses convenient deposit and withdrawal alternatives, multipleinvestment options, 24-hour customer service, and a state-of-the-art portalfor account holders.
About HealthEquity, Inc.
HealthEquity is a personal healthcare financial services company thatprovides health insurers, benefits administrators, employers, and financialinstitutions with an integrated health savings account, claims payment, andadvisory service platform. HealthEquity helps consumers understand and managethe financial side of health care by aggregating consumer information,analyzing personal data, and advising consumers on how to best manage theirhealth equity. Every HealthEquity member is supported by 24/7 access to aknowledgeable health advisor dedicated to helping consumers better understandand manage the financial side of health care. To learn more aboutHealthEquity, please visit http://www.healthequity.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc. (Nasdaq: JKHY) is a leading provider ofcomputer systems and ATM/debit card/ACH transaction processing servicesprimarily for financial services organizations. Its technology solutions,which are now serving more than 8,700 customers nationwide, are marketed andsupported through three primary brands. Jack Henry Banking supports banksranging from de novo to mid-tier institutions with information and transactionprocessing solutions. Symitar(TM) is the leading provider of information andtran
