Health Savings Accounts (HSAs) have experienced significant growth in recent years. An HSA is a tax-advantaged account that can be offered to those enrolled in qualified high-deductible health plans (HDHPs). Funds in an HSA can be used to pay for qualified medical expenses. Any unused dollars carry over year-to-year and account owners can invest their HSA dollars in mutual funds for enhanced retirement savings.
As adoption of HDHPs continues to grow nationally, more and more individuals are becoming eligible to use an HSA. According to the Society for Human Resource Management’s research report, 2018 Employee Benefits: The Evolution of Benefits, enrollment in HDHPs rose from 23% in 2017 to 40% in 2018. Of the employers who offered HDHPs last year, 56% of them offered an HSA.
“HSAs have become an effective and popular tool for employers who are striving to offer comprehensive benefits that will attract and retain top talent while controlling costs,” said Richard Argentieri, vice president of sales, Independent Health. “That’s why Independent Health has partnered with HealthEquity to add an HSA product to our portfolio. It supports our efforts to help our members become more actively engaged in their own health.
“HealthEquity is a recognized national leader in HSA administration, customer service and personalized support, and the fully-integrated approach that it provides will enhance and simplify our customers’ overall HSA experience”Richard Argentieri, Independent Health
Through this new collaboration with HealthEquity, Independent Health is now the only health plan in Western New York that offers an HSA product with complete integrated enrollment and claims payment solutions that makes it easier for employers and members to manage, use and maximize an HSA.
“We are excited to partner with Independent Health to provide a consumer-directed health care solution to their members,” said Ted Bloomberg, HealthEquity’s chief operating officer. “As more Americans take control of their health care expenses, HealthEquity is proud to lead this movement with Independent Health to support every consumer on their health care savings journey.”
Why Independent Health chose Health Equity
Founded in 2002, HealthEquity currently serves more than 45,000 employers and partners with nearly 150 health plans across the United States. As an experienced provider of integrated health savings and reimbursement accounts, HealthEquity delivers best-in-class HSA administration before, during and after enrollment.
“Typically, when an employer selects an HSA-qualified plan, it’s up to the employees to take the next steps and open an HSA. However, due to complete data integration between HealthEquity and Independent Health, our customers will experience simple account setup right from the get-go,” said Argentieri. “Working with our employer groups, all of our members who qualify for an HSA will have their eligibility and claims information imported directly into HealthEquity’s system. By eliminating paperwork and the hassle of having to keeping track of claims, we are delivering a unique experience to our members that will lead to higher participation and satisfaction.”
In addition to easy implementation and execution, HealthEquity will provide Independent Health members and employer groups:
- 24/7 customer service and support: HealthEquity’s knowledgeable team of account mentors are always available to educate Independent Health members and offer them insight to maximize their savings. HealthEquity also offers intuitive online administration tools designed specifically for consumer-driven health care, including the capability of making online claim payments to provider offices. Independent Health members can access these tools and their HSA information through both an online portal and a mobile app.
- Powerful employer resources: Dedicated support and educational resources through HealthEquity’s employer support team and employer web portal. Employers will be able to use the portal to access their group’s aggregate HSA information, which will be valuable when it comes time to consider their long-term benefits strategy.
- Investment tools*: HealthEquity is one of the first HSA administrators to provide access to member-level investment advisory services through Advisor™, powered by HealthEquity Advisors, LLC. Advisor is a web-based automated investment advisor available through the HealthEquity member portal. Independent Health members can learn how much cash to keep in their HSA, how much to invest and how to optimally diversify among the mutual funds available to minimize risk and maximize growth potential.
“Our partnership with Independent Health to provide an integrated consumer-directed health care solution empowers their members to become confident health care consumers,” said Bloomberg. “By providing an integrated solution with Independent Health, we make it easy for members to pay for health care expenses now while also educating them to reach their long-term health care savings and retirement goals.”
*Investments available to HSA holders are subject to risk, including the possible loss of the principal invested and may not be eligible for federal depository insurance by the FDIC or NCUA or guaranteed by HealthEquity, Inc. HealthEquity, Inc. does not provide financial advice. HealthEquity Advisors, LLC™, a wholly owned subsidiary of HealthEquity, Inc. and an SEC-registered investment adviser, does provide web-based investment advice to HSA holders that subscribe for its services (minimum thresholds and additional fees apply). HealthEquity Advisors, LLC also selects the mutual funds offered to HSA holders through the HealthEquity, Inc. platform. Registration does not imply endorsement by any state or agency and does not imply a level of skill, education, or training. HSA holders making investments should review the applicable fund’s prospectus. Investment options and thresholds may vary and are subject to change. Consult your advisor or the IRS with any questions regarding investments or on filing your tax return.