Continued healthy growth in HSAs expected under new tax and regulatory conditionsHUNT VALLEY, Md., March 18, 2014
ConnectYourCare, a national leader in consumer-directed healthcare (CDH) and health savings account (HSA) solutions, today announced that growth in its HSA accounts quadrupled in 2013 with HSA assets of clients totaling nearly $2 billion.
ConnectYourCare continues to be a leader in HSA administration – recent data from financial services firm Devenir states that the number of HSA accounts across the industry as a whole increased 30%. ConnectYourCare attributes its rapid growth to the strength and differentiation of its consumer-directed healthcare platform, which is designed to enable employers, healthcare providers and financial institutions to quickly and easily offer consumers the latest consumer-directed healthcare tools, including HSAs, with minimal overhead.
“Recent research shows that rising healthcare costs will continue to put pressure on employers and employees to find alternatives to traditional insurance plans,” said Reese Feuerman, CFO of ConnectYourCare. “HSAs help slow the rate of health spending by employers and empower employees by allowing tax-free accumulation of healthcare funds to use or save as they see fit.”
With the need to control healthcare costs more pressing than ever, the environment is primed for a dramatic increase in the number of HSAs. In 2014, the average healthcare cost per employee is expected to hit $ $11,176 of which about 22.4%, or $2,499, will be an individual’s expected premium contribution, according to human resource consulting firm Aon Hewitt.
“Substantial hikes in premiums for traditional health insurance and the implementation of exchanges have driven greater demand for HSAs,” said Feuerman. “Increased consumer engagement requires a platform that is easy to use, innovative and agile. ConnectYourCare is committed to making our platform simple, flexible and powerful so that users can easily manage all aspects of their accounts.”
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.