Saturna Capital Upgrades Consumer Direct Health Savings Account (HSA) to Align With Independent, Top Tier Industry Standards
July 18 2024 - 10:17AM
Business Wire
Saturna Capital Corporation announced it has revamped its
Consumer Direct Health Savings Account (HSA) offering to closely
follow guidance from the 2023 Health Savings Account Landscape
Report by Morningstar, an independent research firm focused on
empowering investors.
The plan provides a simpler, more effective experience for
accountholders, with an enhanced emphasis on:
- A curated list of highly rated mutual funds with no investment
minimum
- Intuitive user platform that makes selecting investments,
paying for qualified medical expenses, and reimbursement of
expenses a breeze
- Modern account features and benefits including easy receipt
record retention
- A Spending Account that offers the benefits and stability
accountholders expect from a top tier plan.
Saturna has been a trusted provider of Health Savings Accounts
(HSAs) for decades, and recently earned investing accolades from
Investor’s Business Daily as one of the top 12 Best Health Savings
Account Providers for 2024. Even with this longstanding success,
Saturna significantly enhanced its HSA offerings this year. This
initiative was influenced by the latest industry standards provided
in Morningstar’s 2023 Health Savings Account Landscape Report.
“Whether we are designing an HSA plan or managing our own fund
lineup, our investors always come first,” stated Jane Carten,
President of Saturna Capital. “We listened to our customer base and
put the focus on two areas: bolstering our Spending Account
features and flexibility, and taking a close look at our Investment
Account to identify any areas for improvement. Morningstar’s report
provided important direction to ensure that our upgraded HSA will
put accountholders in an excellent position to save and invest for
future healthcare needs.”
Saturna teamed up with banking partner UMB Financial Corporation
(NASDAQ:UMBF) for account management and custodial services. The
collaboration with UMB allows Saturna to offer features including
FDIC-insured bank accounts, associated debit cards, and $0 monthly
maintenance fees.
“We’re thrilled to collaborate with Saturna Capital on its HSA
product by providing institutional banking support that elevates
plan flexibility and security, while allowing Saturna to focus on
what it does best: taking care of its investors,” said Brian
Hutchin, executive vice president, director, Healthcare Services at
UMB. “We’re proud to play a role in expanding access to this
important benefit for employers and individuals alike.”
The HSA is a tax-advantaged savings account designed to help
accountholders save and pay for qualified medical expenses.
Individuals who participate in a Qualified High Deductible Health
Plan can enroll in an HSA to benefit from tax-free contributions,
tax-free earnings, and tax-free withdrawals, among other advantages
(to learn more, visit Saturna’s online guide to HSAs).
About Saturna Capital Corporation
“Active investing to reflect your values”
Saturna Capital Corporation, established in 1989 in Bellingham,
Washington, USA, is a private, employee-owned, investment adviser
with US$8.9 billion in assets under management as of June 30, 2024,
providing investment advisory services to mutual funds,
institutions, businesses, individuals, and endowments. Saturna
Capital is adviser to the Amana Mutual Funds Trust, the oldest and
largest family of funds in the US that follow principles of Islamic
finance. Saturna Capital is also adviser to the US-based Sextant
Mutual Funds and Saturna Sustainable Funds.
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Alex DeBlois, Longview Strategies
adeblois@longviewstrategies.com 1.978.225.9253