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If the U.S. job market is weakening, that could help health savings account sales.
James Lucania, the chief financial officer at HealthEquity, a longtime HSA program services provider, made that prediction Tuesday, during a conference call with securities analysts.
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The company ended the second quarter administering 9 million HSAs and $29 billion in HSA assets, or more than $2,000 per HSA.
An analyst asked company executives about the effects of softer employment.
"When the job market softens, we don't like it," Lucania said. "But, when it softens, we do have employers say, 'Look, we need to take a look at our costs.'"
For an employer trying to cut costs but maintain good benefits, one way is to combine a consumer-directed health plan, or high-deductible health plan, with a health savings account, Lucania said.
"So, there's a lot of enthusiasm," Lucania said.
HealthEquity sales reps are as excited now as they've ever been, Lucania added.
Executives also talked about a new medical finance program. The program will help HSA users with too little HSA value to pay for medical procedures borrow the money needed to pay for care, through a no-interest loan, up front.
HealthEquity was planning to set up the program before the 2007-2009 Great Recession began and has been working on that project ever since, executives said.
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Allison Bell
Allison Bell, a senior reporter at ThinkAdvisor and BenefitsPRO, previously was an associate editor at National Underwriter Life & Health. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached through X at @Think_Allison.
