HSA On DemandSM program expected to accelerate HSA adoption by allowing employees to access full HSA contribution any time of yearHUNT VALLEY, Md., May 07, 2013
ConnectYourCare, one of the nation’s leading providers of consumer-directed healthcare (CDH) account solutions, has launched HSA On Demand, a product that can help accelerate growth in consumer-driven healthcare and lower benefit costs by driving employee adoption of Health Savings Accounts (HSAs) and their corresponding High Deductible Health Plans (HDHPs).
ConnectYourCare’s innovative HSA on Demand solution instantly moves future contributions into an employee’s HSA when a claim exceeds the account balance, seamlessly paying the claim with no additional action required or fees charged to the employee. Similar to overdraft protection on a checking account, HSA On Demand ensures employees are covered when funds are needed most – at the time a qualified medical expense is incurred.
“As HSAs become an increasingly appealing solution for employers looking to control healthcare costs, HSA On Demand brings HSA administration to a new level, adding even more flexibility and value to these accounts,” said ConnectYourCare CEO Jamie Spriggs. “We firmly believe that HSAs are the most consumer-friendly way to pay for healthcare, and our HSA On Demand offering gives employees even more power over how they access HSA contributions and manage their healthcare needs using a simple, secure platform.”
ConnectYourCare’s HSA On Demand solution enables participants to access their full year’s HSA contribution at any time of year to pay for a qualified medical expense, driving employee adoption in these plan designs. Increased employee adoption in turn makes it easier than ever for organizations to adopt HSAs as part of a comprehensive, consumer-focused benefits strategy.
Automatic advancement of funds into the HSA can be triggered through any of ConnectYourCare’s convenient payment options, including healthcare payment card (debit card) swipes, manually submitted claims and web-based Click-to-Pay claims from employers’ health plan(s). Advanced funds are automatically paid back to the employer through the employee’s future payroll contributions.
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.