Jacksonville, FL (PRWEB) February 27, 2014
Through a partnership with Avidia Bank, Medcom is able to expand the scope of its custodial bank offerings with a more comprehensive HSA solution. This offering addresses several critical client needs – including feature-rich HSA processing, account servicing, flexible account funding options and simple IRS reporting.
The Medcom Avidia HSA solution offers seamless interoperability between HSAs and other tax-advantaged account types in their product portfolio (such as FSAs and HRAs). Comprehensive online and mobile account access empowers participants to actively manage their HSAs. Through web portals, smartphones, and tablets, participants can access interactive education, balances, funding capabilities, transaction and contribution history, investments, bill pay, statements, and more. Employers gain powerful self-service capabilities to perform account maintenance, funding and reporting tasks.
“We saw this partnership as an opportunity to strengthen our position in the ‘bank-to-business’ HSA market by offering HSAs to Third Party Administrators(TPAs), like Medcom, with all of the superior customer service features that their employer clients demand,” said Robert Conery, COO, EVP, Avidia Bank.
With HSAs growing at double-digit annual rates and outpacing the growth of other benefit account types, employers are looking for more efficient access to robust self-service options for this important pre-tax program. As healthcare costs continue to increase, employers will continue to shift more of the cost to employees. Employees who become more exposed to plan costs will make different purchasing decisions. Medcom’s new partnership with Avidia helps to meets this growing demand.
“Our partnership with Avidia Bank – HSA enriches our HSA offerings, making it easier for our clients’ participants to use their Medcom HSA Debit Cards and funds,” said Michael J. Bracken, President of Medcom. “For employers of all sizes, offering employee benefits such as a Health Savings Account can serve as a powerful tool for attracting and retaining employees, and offer tax savings to employers by reducing their payroll taxes.”
“Medcom is a very innovative company who continues to introduce new ideas and technology to improve their business model. It is always a pleasure working with a company who is as committed to client satisfaction”, says Brian Cook, President of the Gardner Group, a leading employee benefit consulting firm in the Southeast.
For more information about Medcom Health Savings Account programs, visit http://www.emedcom.net.
About Avidia Bank
Avidia Bank is an FDIC insured, full-service financial institution located in Massachusetts with a focus on Health Savings Account administration. We provide private label banking as well as affinity programs, employing a partnership approach to create HSA solutions with clients’ needs in mind. We are a mutual bank with over $1 billion in assets answering to our customers’ needs and not shareholders. We offer big bank financial services at an affordable price with the personal attention provided by smaller financial institutions. We are a strategic partner with leading technology vendors such as FIS and Alegeus. Avidia Bank is committed to its independent course in an industry increasingly dominated by large, impersonal organizations. Our size combined with our strategic partners allows for a scalable solution at an affordable price.
Medcom is a leading employee benefits administrator, well-known for specializing in exceptional service offering a variety of products that are designed to help employers meet the challenges of a rapidly changing workforce. With a professional staff of specialists, Medcom offers consulting services relating to ERISA compliance, COBRA administration, Flexible Spending Account administration, Health Reimbursement Arrangement administration and Health Savings Account administration.
Founded in 1983, Medcom has grown and changed with the economy and the workforce. Medcom administers a variety of tax advantaged benefit plans using sophisticated debit card technology to meet the convenience needs of Plan participants and the administrative goals of the employer.
Medcom is a leader and innovator among Third Party Administrators. Our business continues to grow, resulting from superior personal service from our staff of customer service and other benefits professionals.
As regulatory compliance continues to increase in complexity, Medcom has expanded our scope of regulatory compliance services including seminars, technical writing, 5500 Reporting, Non-Discrimination Testing, Comprehensive ERISA Plan Reviews and other employee communications.
Medcom provides a full "turn-key solution" for employers electing to partner with us for their tax advantaged benefit plans and COBRA administration needs.