By providing HSA on Demand, employers like Sonic Automotive have given their associates even greater consumer power and control over their healthcare decisions.
Hunt Valley, MD (PRWEB) June 13, 2013
ConnectYourCare, one of the nation’s leading providers of consumer-directed healthcare (CDH) account solutions, has experienced strong growth in the HSA market following the release of its HSA On Demand program, a solution that can help accelerate adoption of consumer-driven healthcare and lower benefit costs by driving employee adoption of Health Savings Accounts (HSAs) and their corresponding High Deductible Health Plans (HDHPs).
The innovative HSA On Demand solution instantly moves future contributions into an employee’s HSA when a claim exceeds the account balance, seamlessly paying the claim with no additional action required or fees charged to the employee. Similar to overdraft protection on a checking account, HSA On Demand ensures employees are covered when funds are needed most – at the time a qualified medical expense is incurred.
Forward-looking employers are leveraging ConnectYourCare’s HSA On Demand solution as an important element of their consumer-directed healthcare plans. Sonic Automotive, ranked 307 on the Fortune 500 list and third largest automotive retailer in the United States, incorporated HSA On Demand into its consumer-directed healthcare plan to help ensure a high level of employee satisfaction with benefits.
“The HSA On Demand product is a perfect fit with our benefits strategy because it provides all the advantages of an HSA while also giving our employees the assurance that they have access to funds if and when needed,” said Sonic Automotive Benefits Manager Terri Byron. “The service is a completely seamless experience from the employee perspective and helps boost our benefits satisfaction rates.”
“By providing HSA on Demand, employers like Sonic Automotive have given their associates even greater consumer power and control over their healthcare decisions,” said ConnectYourCare CEO Jamie Spriggs. “We firmly believe that HSAs are the most consumer-friendly way to pay for healthcare, and with HSA On Demand, we have alleviated employees’ biggest fear of not having funds available for early claims.”
Automatic advancement of funds into the HSA can be triggered through any of ConnectYourCare’s convenient payment options, including healthcare payment card (debit card) swipes, manually submitted claims and web-based Click-to-Pay claims from employers’ health plan(s). Advanced funds are automatically paid back to the employer through the employee’s future payroll contributions.
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.