NU Online News Service, Feb. 16, 2005, 7:08 p.m. EST

A financial institution that specializes in the personal health account market is distributing a new electronic administration feature.[@@]

The company, HSA Bank, Sheboygan, Wis., has introduced the HSA Reconciler service for health plans and benefit plan administrators.

The service, run by an outside firm, helps consumers who belong to HSA programs track HSA deposits and expenses through the Web.

The service also gives consumers the ability to send messages to HSA Bank or their health plans.

Later this year, the service will give consumers the ability to send electronic payments directly from their HSAs to providers’ bank accounts, HSA Bank says.

HSA Bank is a unit of Webster Financial Corp., Waterbury, Conn.