Employee benefit program administrator PayFlex has announced what it calls a new and differentiated model for health savings accounts (HSAs). Expanding on existing technology, the new PayFlex HSA platform offers comprehensive support for employers, financial institutions and health insurance plans providing HSAs, according to a vendor press release.
PayFlex's new custodian-agnostic product enhances flexibility and control for employers and insurers, while extending its HSA offering to any financial institution, the vendor claims. This allows employers and health plan customers the control of choosing the financial institution of their choice, versus existing models that typically force you to utilize a designated custodian, according to the press release. Additionally, banks and health plans can select the PayFlex HSA directly to enhance their current HSA offerings with PayFlex's reconciliation expertise, the vendor says. All PayFlex benefits programs including our new HSA can be administered via the same Web portal and debit card, according to the vendor, thus providing convenient account access. The new PayFlex HSA platform offers the following additional benefits, according to the PayFlex press release:
Streamlined enrollment —PayFlex integrates with existing HSA-eligibility systems, allowing for account enrollment in minutes instead of days. Additionally, PayFlex enables efficient, signature-less online enrollment.
Ease of contribution —By interfacing with employer online forms or file transfer protocol sites, PayFlex helps streamline employer and employee deposits, for scheduled and batched contributions.
Customization —PayFlex enables employers, banks and health plans to customize the HSA user interface, helping ensure branding consistency with their existing Web site.
Supporting account-holder tax documentation—After downloading healthcare receipt images, accountholders can link them to accompanying transactions listed in the online health savings account, enhancing tax-filing documentation.
Consumer decision support tools—PayFlex recognizes that successful account management is predicated upon the consumer's ability to make choices relevant to their health-related circumstances. With that in mind, PayFlex is developing a suite of tools that is consumer friendly, easy to use and designed to engage, educate and empower the account holder.
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio