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| Benefitfocus and HSA Bank to offer Consumer Directed Healthcare solution |
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Mount Pleasant, SC and Waterbury, Conn. - July 10, 2006 - Benefitfocus is pleased to announce an integrated relationship with HSA Bank™ to offer a new Consumer Directed Healthcare solution. By integrating HSA Bank’s industry leading Health Savings Account product with the award winning online services provided by Benefitfocus, consumers will have a seamless experience that guides them in the purchase and management of their healthcare and healthcare finances. Available by the fourth quarter of 2006, the integrated solution will provide ongoing management services for consumers and businesses.
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"Our experience and expertise in HSAs, as well as our dedication to serving our customers will be integrated as part of the single source enrollment engine, allowing for seamless health planning and healthcare financial management," said Kirk Hoewisch, president of HSA Bank.
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HSA Bank now manages more than 150,000 accounts and nearly 29% of the almost $1 billion reported in HSA deposits nationwide. The industry leader in terms of HSA volume and deposits, its new integrated platform can now offer speed to market and consumer directed technology to health plans across the United States.
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"This solution will be particularly strategic for health plans who wish to offer comprehensive Consumer Directed Healthcare. No longer will they need to ‘build out’ a custom integration with a bank and integrate services from other CDH vendors," said Doug Moreland CTO of Benefitfocus. "This partnership provides a turnkey solution that requires no additional health plan infrastructure."
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Benefitfocus already offers online enrollment, wellness programs, electronic billing and data exchange to over 33.5 million subscribers and 150 insurance partners. Accessible via the Web, its new services will include online banking, electronic group and account setup, and electronic employer and employee contribution administration. This partnership will benefit not only consumers and businesses but health plans seeking to offer a complete Consumer Directed Healthcare product. Future releases will address consumer education on spending and saving, as well as claims payment and remittance.
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"By tightly bundling health plan administration with health savings account administration and presenting it in an easy to use online setting," added Moreland, "consumers will be able to fully understand, access, and manage their health and personal healthcare finance."
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About Benefitfocus
Benefitfocus.com, Inc. (Benefitfocus) is a leading provider of benefits administration software and services, offering employees and employers access to all benefits and human resource information securely over the Internet. Linking this data to payroll vendors and benefit providers, Benefitfocus applications seamlessly exchange data, therefore reducing errors and costs associated with traditional paper-based forms. Benefitfocus applications are designed to make companies more efficient, cost-effective, and more focused on delivering actual benefits instead of spending time on undue paperwork.
The company is headquartered in Mount Pleasant, SC (Charleston), and has an established client base of over 8,000 corporate employers in all fifty states.
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About HSA Bank
HSA Bank serves customers in every state in the nation and is one of the first financial institutions nationwide to offer health savings accounts. HSA Bank combines convenience, service and savings with low account maintenance fees, high interest rates for investments, 24-hour account access online or through an automated telephone system and outstanding personal service. For more information about HSA Bank, visit the HSA Bank website at www.hsabank.com. HSA Bank is a division of Webster Bank, N.A. and is FDIC insured.
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