Wells Fargo & Co. in San Francisco said Monday that its health savings account deposits have grown 41% for the year to date, to $264 million.
Wells Fargo health benefit services, a Minneapolis division of Wells Fargo Bank, has more than 150,000 health savings account holders.
Jose Becquer, the unit's head, said its customers took advantage of tax law changes to save more toward health costs. Health savings accounts were created as part of the Medicare Prescription Drug, Improvement and Modernization Act of 2003 to help people manage their health-care spending and save pretax dollars to cover medical expenses.
The accounts are open to people enrolled in high-deductible health plans, either individually or through their employers. Wells Fargo introduced its HSA platform in 2003.
