Innovating product offers HSA owners a safety net for health care costsHunt Valley, MD, March 11, 2015
ConnectYourCare today announced the filing of a patent application covering the unique system, components, methods and computer program product embodiments for its HSA On Demand® technology. HSA On Demand is the only technology on the market today that, when activated through an administrative platform for contribution funded accounts (CFAs) such as health savings accounts (HSAs), enables the provision of need-based, interest-free acceleration of benefits to employees with HSAs for qualifying medical expenses.
HSAs are tax-advantaged financial accounts offered as part of a cafeteria plan by an employer as a voluntary health care benefit. Employees who choose HSAs contribute pre-tax dollars each pay period starting at the beginning of the plan year. Contributions fund their accounts in order to pay for qualified medical expenses. Typically, employees only have access to the funds that have accumulated, so an employee may not have adequate funds to pay for large qualified medical expenses that occur early in a plan year.
ConnectYourCare’s HSA On Demand links with an employee’s HSA allowing access to future contributions by the employee so that the employee may be able to pay for large qualified expenses starting from the first day of the plan year.
HSA providers may typically need to manage and reconcile accounts stored in databases across multiple entities including an employer, bank and card vendor. The patent covers HSA On Demand’s new reconciliation processes that are added in the databases of the different entities, requiring further synchronization to enable uninterrupted access to HSA On Demand funds. It includes ConnectYourCare’s system, methods and/or computer program product embodiments, and/or combinations and sub-combinations that enable efficient and latency-minimized reconciliation of accelerated access.
“ConnectYourCare filed for this patent to help cushion the impact of high medical costs in a time when health care is one of the largest expenditures businesses and individuals have to face,” said Steve Grieco, ConnectYourCare’s Chief Executive Officer. “HSA On Demand facilitates an employee’s easy transition from traditional health insurance to HSA-based high-deductible health plans (HDHPs) by mitigating the impact of unexpected health claims early in a plan year. Employers seeking ways to drive adoption of HDHPs, in an attempt to curtail rising health care costs, gain a means of protecting a vulnerable employee base from costly medical hardship.”
As one of the largest and most responsive providers of health care savings accounts, and award-winning solutions, our approach to consumer directed health care is rooted in creating better, more efficient connections among the people who provide benefits, the people accessing services, and the people who deliver services. Blue chip organizations across the country turn to ConnectYourCare for our highly rated customer service and best-in-class member experience, advanced educational tools for better-informed choices, acceleration of savings with ROI efficiencies and simplification of processes with brilliant customer-focused solutions. There is a unique solution for every company and we won’t stop working until we connect you with the perfect one. How can we help ConnectYourCare?