MyHealthBank and HSA Bank Collaborate For Web-Based Banking, Insurance Systems

Wednesday 9 June 2004 17:01 CET | News

To support insurers initiatives in the health savings account (HSA) market, MyHealthBank today announced it has begun collaborating with HSA Bank to provide its customers with a highly integrated banking and technology offering for health savings account-based plans.
Through this relationship, MyHealthBank will integrate technology from HSA Bank for health savings account banking transactions with MyHealthBanks Unify platform, a Web-based, self-service platform for broker quoting, member enrollment and benefits administration. Following the introduction of health savings accounts in December 2003 by Congress, HSAs have garnered significant interest among employers looking to control continually rising health care costs. The increased adoption of HSAs was underscored in a recent study by Mercer Human Resource Consulting, in which nearly 73 percent of employers said they were likely to offer employees health savings accounts by 2006. In addition to Health Savings Accounts and traditional bank account functionalities, such as checking and savings accounts, HSA Bank also offers brokerage investment services, through which consumers can invest their Health Savings Account cash balances. This capability is a result of HSA Banks agreement with Fiserv, a provider of industry leading information management systems and services to the financial industry. The brokerage capability from HSA Bank and Fiserv introduces additional self-service capabilities to MyHealthBanks Unify platform. It provides members access to all their health savings account-based details from one convenient place. Through the MyHealthBank Unify platform members can access to their brokerage account anytime, to place trades, get stock quotes, retrieve news and economic reports, track their investment portfolio for their HSA, research securities and chart stock histories. To offer a health savings account paired with the required high-deductible health plan, an insurer must have a highly integrated banking and technology offering in order to sell and enroll members in these HSA-based plans, and process insurance and cash account claims in a seamless manner. MyHealthBank will incorporate HSA Banks functionality into the following software systems: -- MyHealthBank Direct, to allow shoppers to apply for a high deductible HSA-qualified health plan and apply for the HSA online as part of a unified shopping experience; -- MyHealthBank Transact, allowing employees to select qualified HSA plans and complete an online application for the HSA; -- MyHealthBank Finance, where employers can capture election information and facilitate the movement of payroll deduction funds into HSA Bank. This integration of technologies will allow for a seamless flow of transactions between insurance and cash account products. To further promote a higher level of efficiency, this integrated functionality will allow shoppers to apply for a high-deductible HSA account health plan online, enhancing the consumer-driven health care shopping experience by giving them an opportunity to shop comparatively. Insurers will also have the chance to co-brand the HSA Bank Internet Banking platform, which allows for greater freedom in account management, while satisfying members desires to check their HSA balance online, anywhere and at anytime.

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Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
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Banking & Fintech