History of Wells Fargo Health Services
Wells Fargo & Co. is a financial services business. Among the many services it offers are health- and wealth-management programs for individuals and companies. Although Wells Fargo has a long history in the banking and brokerage fields, it is a relatively new player in the field of health benefits.
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History of Wells Fargo
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Wells Fargo & Co. was founded in 1852 by Henry Wells and William Fargo. The company offered banking services specially designed to accommodate the San Francisco gold rush. In 1858, Wells Fargo helped start the Overland Mail Company to ensure fast delivery of its business mail. By 1910, the company network included 6,000 locations, most of which were taken over by the U.S. government in 1918 as part of World War I efforts.
Diversified Services
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Throughout the 20th century, Wells Fargo rebuilt its large empire. As the bank regained its old footholds across the United States, it diversified its services to include business insurance, mortgages and investments in addition to banking. Wells Fargo Health Benefit Services began offering health savings accounts in 2004. Based in Salt Lake City, Wells Fargo Health Benefits Services helps companies provide tax-advantaged health care solutions for their employees.
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Health Saving Accounts
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The cornerstone of Wells Fargo Health Benefits Services is the Health Saving Account. The HSA is a tax-free personal savings account that can be used to pay for current and future medical expenses. An HSA must be used in conjunction with a compatible health insurance plan. It cannot be used with Medicare.
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References
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