Employers and health plans that can deliver scalable and integrated multi-account administration solutions, coupled with long-term savings, can more readily meet consumer needs in the evolving benefit marketplace.
Hunt Valley, MD (PRWEB) June 25, 2013
Broadening its portfolio of solutions that simplify the business aspects of health care, Xerox (NYSE: XRX) recently introduced BenefitWallet™, A Xerox Solution. ConnectYourCare, a leading consumer-directed healthcare (CDH) account administrator, was selected as the platform to bring integrated health spending account solutions to BenefitWallet clients.
BenefitWallet is the nation’s top HSA administrator. In conjunction with BNY Mellon as custodian, BenefitWallet serves 27,000 HSA employer customers and manages accounts for more than 2 million account holders and dependents with an accumulated $1.4 billion of HSA assets.
By consolidating and integrating the management of health spending accounts, employers and health plans can achieve several goals, including: improving benefit enrollment and account opening; consolidating customer service; simplifying communications; and streamlining account funding and management.
BenefitWallet will expand on the HSA service offering to provide employers and health plans a broad spectrum of tax-advantaged accounts with multi-pursing capabilities, incentive programs, decision support tools and education programs. BenefitWallet can be readily added to existing benefit administration applications. Employers and health plans can offer account holders any combination of account-based benefits powered by ConnectYourCare’s cutting-edge account administration technology.
“BenefitWallet’s commitment to tax-advantaged accounts reinforces the growing need to provide employers and employees with superior technology, enabling individuals to become more effective healthcare consumers,” said Allen Pease, Vice President of Sales for ConnectYourCare. “Employers and health plans that can deliver scalable and integrated multi-account administration solutions, coupled with long-term savings, can more readily meet consumer needs in the evolving benefit marketplace.”
ConnectYourCare's leading CDH platform technology includes:
- Multi-purse account administration
- Advanced debit card transactions with automatic substantiation capability
- Paperless, completely automated financial account claims substantiation
- Mobile technology, including mobile applications and two-way texting
- Industry-leading claims processing times
- Consumer engagement and learning tools
“The adoption of tax-advantaged savings accounts continues to grow as more consumers learn about the advantages of these accounts, and more employers recognize them as an effective strategy to manage health care costs,” said Gregg Larson, SVP and managing director, Healthcare Consumerism at Xerox. “Adding advanced FSA and HRA solutions to our strong portfolio of HSA services is essential to meeting growing customer needs.”
ConnectYourCare's consumer-directed healthcare platform provides a fast path to account-based health plans, enabling firms to lower health benefit costs while empowering consumers with the tools they need to better manage health savings. The solution of choice for large employers, health plans and banks, ConnectYourCare offers a fresh approach to health savings by combining a simplified experience, seamless access and a unique coaching model to accelerate savings and consumer engagement. By removing complexity and motivating individuals to take control of health savings, ConnectYourCare maximizes return on investment for all participants in the healthcare benefits value chain and enables everyone to simplify, save and grow.