Glastonbury, Connecticut – (The Hosting News) – April 19, 2007 – Web host and integrated enabling financial technologies firm, Open Solutions, has co-hosted an event for financial institutions on Health Savings Accounts (HSAs) in Washington, D.C., along with New Jersey-based Information Strategies Inc.
The private briefing, attended by approximately 70 senior executives sponsored by Information Strategies at the Old Executive Office Building, was followed by a luncheon sponsored by Open Solutions. Open Solutions offers major trustees, insurance carriers, third-party administrators to insurance carriers (TPAs) and other eligible financial institutions a comprehensive, outsourced processing solution for HSAs.
Representatives from major HSA custodial institutions, insurance companies, community banks and credit unions from more than 95 percent of all U.S. HSA account holders attended the briefing and luncheon. This yearâ€™s HSA briefing and luncheon provided Open Solutionsâ€™ HSA clients and prospects the opportunity to learn more about recent legislation proposals, trends affecting the HSA market, and the commitment level to HSAs of the political parties involved.
Keynote speaker at the briefing was Keith Hennessey, Deputy Assistant to the President on Economic Policy, National Economic Council, who spoke about the strong belief and commitment the current Administration has in HSAs and expressed delight at the way the HSA market has taken off and wants it to continue to flourish. He also reinforced the commitment for system changes such as the proposed new standard tax deduction for health insurance that would provide everyone with equal treatment when it comes to purchasing health insurance.
Joining Mr. Hennessey was Howard Radzley, acting Deputy Secretary, Department of Labor and William Thomas Reeder, benefits tax counsel, Office of Tax Policy, Department of the Treasury. Mr. Radzley discussed how the Administration wants a health insurance system that is based on individual freedom of choice as well as removing the barriers from HSA adoption by employers. Mr. Reeder said that new guidance would be released within the next two months addressing comparability rule inconsistencies with respect to contributions, and a Q and A document that will address frequently asked questions.
Following the briefing, a luncheon was held for attendees to further examine HSA-related issues. Addressing the group were two leading healthcare-related policy makers — Jon Sheiner, Chief Healthcare Advisor to Rep. Charles Rangel (D-NY), Chairman of the House Ways and Means Committee, and Brendan Dunn, Legislative Assistant to Sen. Orin Hatch (R-UT).
Rob Pinataro, Vice President and General Manager of Open Solutions Corporate Financial Solutions (CFS) remarked, ”Open Solutions was very happy to co-sponsor this event with Information Strategies Inc. for a second year in a row. Although still a relatively new market, there is increasing interest in High Deductible Health Plans (HDHPs) and Health Savings Accounts as a means of reducing the costs of high quality healthcare. Members of the National Economic Council and the Department of Labor introduced provocative thoughts and principles for government and business to make healthcare more affordable for all Americans. We look forward to working with the healthcare and financial industries to bring these visions to reality.”
The Open Solutions CFS division provides outsourced information processing in the area of asset retention, corporate and healthcare banking, and insured deposit services for banks, insurance companies and major corporations. Open Solutions has developed a comprehensive and flexible suite of technology and services to enable HSA service delivery for all the participants in the healthcare market from the individual consumer and employer to third-party administrators, banks and investment brokers. Its proven solution provides a compliant, secure set of services that enables the full range of HSA activities from enrolment and contribution, to payments, account management and investment.
Open Solutions Inc. offers a product platform designed to integrate core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, web hosting and design, and payment and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States and Canada to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
To learn more about Open Solutions, please visit: www.opensolutions.com.