J. P. Morgan Treasury Services, one of the nation's largest administrators of health savings accounts, is launching an HSA broker program.
The New York-based company will provide brokers and third party administrators with a dedicated service and support unit. The company currently serves more than 550,000 HSA account holders, supports more than 10,000 employers and manages deposits approaching $1 billion.
As part of the new program, J.P. Morgan will provide access to administrative, marketing, education and sales tools to facilitate brokers in their dialogue with clients. The company assists brokers with their proposals to clients and provides detailed cost estimates and relevant statistical data needed to support sales efforts. Once a client is up and running, the company will continue to provide support to help ensure the ongoing success of each program, as well as updates on any pending changes to HSA regulations.
"Over the past year, J.P. Morgan has seen a significant increase in the number of brokers and third party administrators looking to work directly with us to provide best-in-class HSA programs to small and large employers nationwide," said David Josephs, managing director of J.P. Morgan Treasury Services. "We are pleased to offer a new level of service for brokers and TPAs as businesses continue to see the value in offering health savings accounts to their employees."
For small and mid-sized companies, J.P. Morgan offers HSA programs that can be set up in as little as five days. The company also offers more customizable plans for TPAs and large companies with more complex benefit needs.
Denver-based Gundzik & Associates, which has been providing employee and executive benefits products since 1973 and has worked with J.P. Morgan since 2009, helped pilot the new program.
"Teaming with J.P. Morgan enables me to offer a quality brand to clients and the ability to pair the HSA with high deductible health plans from any insurance company," said Michael J. Gundzik, founder of Gundzik & Associates. "My clients don't have to switch HSA administrators just because they switch health plans."