ConnectYourCare, a national leader in consumer-directed healthcare account solutions, is pleased to mark the 10th anniversary of health savings accounts (HSA) with its account innovation, HSA On Demand®.
President George W. Bush introduced HSAs into law a decade ago on December 8, 2003 as part of the Medicare Prescription Drug, Improvement, and Modernization Act. Since that time, HSAs have enabled millions of Americans to preserve more of their income and save on healthcare. Forward-thinking employers who embraced HSAs as an integral part of their benefits plans have also experienced significant healthcare savings in the face of rising healthcare costs.
Since inception, HSAs have dramatically evolved, adding numerous convenience features like mobile apps and investment options that were simply not available 10 years ago.
ConnectYourCare’s HSA On Demand is a modern HSA advancement that helps eliminate a major potential barrier to HSA enrollment: the notion of incurring a large, unanticipated medical expense early in the plan year before accruing sufficient health savings funds. HSA On Demand allows employees to access their full year’s contribution at any time of the year to pay for a medical expense. Employers using HSA On Demand also benefit from greater satisfaction and increased enrollment in these cost-effective savings plans.
“We believe that HSAs can help every employee reap the rewards of their hard work over a lifetime by having more of their money there when they need it, whether it’s to pay medical bills now or for more profound needs in retirement,” said Jamie Spriggs, CEO of ConnectYourCare. “This milestone marks a great opportunity to not only celebrate the savings achieved over the years, but also to evangelize product evolutions that have taken place in the marketplace.”
ConnectYourCare, an HSA leader since 2003 and the nation’s largest independent HSA provider, celebrated the 10 year HSA anniversary by sponsoring a private event with HSA policy influencers on December 10, 2013, in Washington, DC. Hosted by John C. Goodman, president and CEO of the National Center for Policy Analysis (NCPA), the event included guests with distinguished HSA pedigrees: former Texas Senator Phil Gramm; Joel White, former staff director for Ways and Means Health Subcommittee; Roy Ramthun, President George W. Bush’s former health care policy advisor; Greg Scandlen, founder of Consumers for Health Care Choice; and William F. Sweetnam former Benefits Tax Counsel in the Office of the Tax Policy at the U.S. Department of the Treasury.
As people who can make sense of the evolving health care landscape, ConnectYourCare gives employers a fighting chance against skyrocketing health care costs—while offering employees a valuable benefit they use and appreciate to better manage health savings. Delivering ROI and efficiencies at every turn; giving individuals tools they can use to make better-informed choices, including our renowned service representatives; simplifying the entire process with market-setting technology solutions—and continually developing new features and options—these are the core competencies that have allowed us to grow a loyal and highly satisfied client base of organizations of every size. Learn more at connectyourcare.com.