HSA Bank Offers Support for Managing Healthcare Benefits during the Pandemic

Rhea-AI Summary

HSA Bank has released a new white paper titled "A guide to pandemic regulatory and legislative updates" aimed at assisting employers with healthcare benefits administration amid COVID-19 changes. The document highlights key updates from the CARES Act and discusses impacts on Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and more. It emphasizes the importance of communication between employers and employees regarding healthcare benefits and encourages increased HSA contributions to manage rising medical expenses. As of March 31, 2020, HSA Bank holds $8.6 billion in total assets.

Positive

• The publication of the white paper demonstrates proactive support for employers navigating pandemic-related changes.
• HSA Bank encourages increased contributions to HSAs, potentially leading to higher customer satisfaction and retention.
• The bank reported total assets of $8.6 billion as of March 31, 2020, reflecting strong financial stability.

Negative

• None.

MILWAUKEE, June 30, 2020 /PRNewswire/ -- HSA Bank, a division of Webster Bank, N.A. released a new white paper today titled, "A guide to pandemic regulatory and legislative updates" to help employers better understand the many changes that directly impact healthcare benefits administration.

This white paper offers guidance on the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as well as recent legislative and regulatory changes impacting Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and COBRA administration.

Reminding employees of their healthcare benefits and how to use them can be reassuring. This is particularly true during this time, since many employees may be caring for loved ones or resuming their own medical appointments.

HSA Bank encourages employers to listen to their employees' concerns, and consider increasing or accelerating HSA contributions to assist with possible increased medical expenses. Employees may also need additional insight from their employers on how to address unspent dollars in FSAs, deadlines on when they must be spent by, and how to change elections midyear.

"In this time of constant change, employers can provide peace of mind to their employees by increasing their communications and offering strong healthcare benefits," said Chad Wilkins, president of HSA Bank.

To learn more about regulatory and legislative updates and recommendations, click here to download the white paper.

About HSA Bank:
HSA Bank is a trusted leader in consumer-directed healthcare (CDH), focusing on Health Savings Accounts (HSAs) for over two decades and serving as both the bank and administrator. Discover how we can support your benefits strategy with our comprehensive account-based health benefit solutions that include HSAs, Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), Commuter Benefits, COBRA Administration, and HSA investment solutions such as HSAdvisor+. With a reputation for outstanding service and thought leadership in the CDH space, we offer one platform and one portal for all of our members. HSA Bank inspires 3 million members and more than 35,000 employer groups to "own your health" by making it easy to access, understand, and afford healthcare. As of March 31, 2020, HSA Bank has $8.6 billion in total footings (assets) comprising $6.7 billion in deposit balances and $1.9 billion in assets under administration through linked investment accounts, and is a division of Webster Bank, N.A., Member FDIC.

Media Contact:		Media Contact:
Alice Ferreira		Jennifer Dean
Webster Bank		HSA Bank
(203) 578-2610		(920) 453-5286
acferreira@websterbank.com		jedean@hsabank.com

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SOURCE HSA Bank

FAQ

What is in HSA Bank's new white paper released on June 30, 2020?

The white paper provides guidance on pandemic-related regulatory updates, focusing on changes to health benefit accounts impacted by the CARES Act.

How does the CARES Act affect Health Savings Accounts?

The CARES Act introduces changes that impact the administration and use of Health Savings Accounts, as outlined in HSA Bank's white paper.

What financial information does HSA Bank report as of March 31, 2020?

As of March 31, 2020, HSA Bank holds $8.6 billion in total assets, with $6.7 billion in deposits and $1.9 billion under administration.

How can employers assist employees with healthcare benefits during the pandemic according to HSA Bank?

Employers are encouraged to increase communication about healthcare benefits and consider raising HSA contributions to mitigate medical expenses.