HSA Bank Provides Clarity in Health Plan Selection through Advanced Decision Support

Rhea-AI Summary

HSA Bank, a division of Webster Bank, has launched Advanced Decision Support in collaboration with MyHealthMath and Tango Health. This initiative allows employers to help employees select the best health plan based on total costs, enhancing consumer engagement and reducing healthcare expenses. Key features include personalized reports from MyHealthMath and quick recommendations from Tango Decision Assist. HSA Bank also offers various online calculators for health plan comparisons. As of March 31, 2020, HSA Bank manages $8.6 billion in assets, serving over 3 million members.

Positive

• Launch of Advanced Decision Support to assist employees in selecting health plans based on total costs.
• Collaboration with MyHealthMath and Tango Health enhances decision-making tools for consumers.
• HSA Bank manages $8.6 billion in total assets, showcasing strong financial positioning.

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• None.

MILWAUKEE, June 18, 2020 /PRNewswire/ -- HSA Bank, a division of Webster Bank, N.A. announced today that in partnership with MyHealthMath and Tango Health, its employer clients across the country now have access to Advanced Decision Support, designed to help employees during open enrollment and year-round, confidently select the health plan that's right for them from a total cost perspective. By combining decision support tools with consumer-driven healthcare account offerings, HSA Bank aims to help employers focus on reducing their overall healthcare expenses for their employee population.

Advanced Decision Support offers personalized, unbiased, and confidential tools that pre-load an employer's specific health plan options, add to HSA Bank's consumer engagement toolset, and enhance the bank's long-term efforts to lower out-of-pocket healthcare costs. Each decision support tool offers a unique approach and may appeal to different employers based on the demographic of their employee population:

MyHealthMath features Decision Support Analysts that interview employees during a one-on-one phone call about their health services and prescription usage. Using proprietary software, the employee receives a personalized report which provides a clear comparison of expected total costs under each plan so they can make the best financial decision.

Tango Decision Assist™, a web-based tool offered by Tango Health, gives employees a personalized plan recommendation in as little as three minutes based on their own or "people like me" claims for their specific healthcare services.

"Employers work hard to offer the right benefit options for their workforce," said Chad Wilkins, President of HSA Bank. "When it comes to healthcare, decision support tools can help employees make more informed decisions, and take some of the confusion out of choosing the right health plan during enrollment."

Advanced Decision Support is available to employers in addition to HSA Bank's self-service, online calculators which include the Health Plan Comparison Calculator, HSA Contribution Calculator, and HSA Savings Calculator.

Employers can learn more about our decision support tools and preferred pricing through HSA Bank by clicking here.

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.

About MyHealthMath:
MyHealthMath is an Insurtech firm enabling efficiency and savings for employers and their employees through the collective power of informed decisions. Combining innovative decision-support technology and human interaction, MyHealthMath reduces health insurance costs and optimizes the health insurance marketplace. Based in Portland, Maine, MyHealthMath has direct and SaaS clients throughout the U.S. As a neutral third-party, MyHealthMath guarantees objectivity and confidentiality for all individual use data collected from claim reports and individual interviews. Learn more at myhealthmath.com or follow @MyHealthMath on Facebook, LinkedIn and Twitter.

About Tango Health:
Tango Health supports companies to deliver a better benefits experience. Tango Decision Assist software guides employees to get the most out of their benefits with personalized decision support, education and communications. Claims data is used to provide a more realistic cost estimate and recommendation in as little as three minutes. Tango also offers a benefits engagement platform and a full-service solution that helps organizations with accurate ACA compliance and reporting. To learn more about Tango Health visit https://www.tangohealth.com.

Media Contact: Alice Ferreira Webster Bank (203) 578-2610 acferreira@websterbank.com

Media Contact: Jennifer Dean HSA Bank (920) 453-5286 jedean@hsabank.com

 

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SOURCE HSA Bank

FAQ

What is Advanced Decision Support released by HSA Bank?

Advanced Decision Support is a new initiative by HSA Bank that helps employees choose the best health plan based on total costs, in partnership with MyHealthMath and Tango Health.

When was Advanced Decision Support announced?

Advanced Decision Support was announced on June 18, 2020.

How does MyHealthMath contribute to HSA Bank's decision support tools?

MyHealthMath provides Decision Support Analysts who create personalized reports for employees comparing the expected costs of different health plans.

What financial information is available about HSA Bank?

As of March 31, 2020, HSA Bank has $8.6 billion in total assets, including $6.7 billion in deposit balances and $1.9 billion in assets under administration.

What tools does HSA Bank provide for health plan comparison?

HSA Bank offers online calculators including the Health Plan Comparison Calculator, HSA Contribution Calculator, and HSA Savings Calculator.