This milestone makes it clear that more Americans understand that allocating part of their savings to a tax-free HSA is a must.
Hunt Valley, MD (PRWEB) June 12, 2013
ConnectYourCare, one of the nation’s leading Health Savings Account (HSA) administrators and a recognized industry expert in FSA, HRA, and Retirement benefit account administration, is pleased to announce that in 2014 its HSA coverage will top two million members.
“This milestone makes it clear that more Americans understand that allocating part of their savings to a tax-free HSA is a must,” said Jamie Spriggs, CEO of ConnectYourCare. “An HSA is a powerful way to fight the rising cost of health insurance and our simplified experience, seamless access and unique coaching model have proven successful in helping customers save and grow.”
An HSA is an individually-owned savings and investment account coupled with a high-deductible health plan. Unlike older flexible spending accounts, there is no ‘use-it or lose-it’ rule and qualified medical expenses can be withdrawn tax-free year after year. In addition to their own tax-free contributions, many ConnectYourCare participants also receive tax-free contributions from their employers. Additionally, HSA deposits earn tax-free interest and can be withdrawn without penalty to pay for medical expenses.
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.