J.P. Morgan Treasury Services, one of the largest administrators of health savings accounts nationally, announced it is expanding its nationwide sales drive by launching an HSA broker program.
In response to market demand, the unit of JPMorgan Chase & Co. will provide brokers and third party administrators with a dedicated service and support unit. The unit currently serves more than 550,000 HSA account holders, supports more than 10,000 employers and manages deposits approaching $1 billion.
As part of its new program, J.P. Morgan Treasury Services provides access to administrative, marketing, education and sales tools to broker. The platform was built to help brokers with proposals to clients, and provides cost estimates and the statistical data to support sales.
After a client is signed, the unit continues to provide support and updates on any pending changes to HSA regulations.
For small and mid-sized companies, J.P. Morgan Treasury Services offers easy-to-implement HSA programs that can be set up in five days. It also offers more customizable plans for third-party administrators and larger companies.
“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, a managing director at 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.”