SHEBOYGAN, Wis., April 22, 2014 /PRNewswire/ -- HSA Bank, a division of Webster Bank, N.A. and national leader in Health Savings Account (HSA) administration, today announced a sweeping expansion of its product suite. Beginning May 1, 2014, HSA Bank will offer more choices for consumers to save and pay for healthcare, dependent care, and commuter expenses on a pre-tax basis.
Working with benefit technology partner Evolution1 -- the nation's largest electronic payment, on-premise, and cloud computing healthcare solution -- HSA Bank is pleased to offer Health Reimbursement Arrangements (HRAs), Flexible Spending Accounts (FSAs) including Health & Dependent Care FSAs, and Commuter Benefits plans (transit and parking accounts) in addition to its industry-leading HSA.
HSAs are created at financial institutions, in the individuals' names, allowing them to pay for IRS-qualified medical expenses tax-free. HRAs are employer-owned and funded tax-advantaged accounts which reimburse employees for out-of-pocket medical expenses as defined by the employer. FSAs are tax-advantaged accounts established through an employer to pay for various healthcare and dependent care, not covered for by another plan. Commuter Benefits plans enable employees to set aside money tax free to pay for eligible workplace parking and mass transit expenses.
HSA Bank also brings a Defined Contribution offering to the marketplace that is seamlessly connected to its account-based benefits with a highly-flexible integration to private exchanges. With a Defined Contribution model, employers provide employees with a fixed amount of money with which to purchase insurance.
"This is the most exciting product advancement HSA Bank has made in our 17 years of focusing on consumer-driven health benefits," said Chad Wilkins, executive vice president of Webster Bank and head of HSA Bank. "With a record 50% increase in new accounts in the first quarter over last year, we are excited to offer our 700,000+ HSA accountholders an enhanced user experience with capabilities such as online bill pay, expense tracking, and an award-winning mobile application."
"HSA Bank has built a powerful reputation in the industry with its best-in-class products and customer service," said Jeff Young, chairman and chief executive officer at Evolution1. "We are honored to be a preferred partner and to help HSA Bank support the growing needs of their customers."
About HSA Bank:
HSA Bank is a trusted leader in consumer-driven healthcare focusing on Health Savings Accounts (HSAs) since the beginning, serving as both the bank and administrator. Discover how we can support your benefits strategy with our comprehensive account-based health benefit solutions such as HSAs, Health Reimbursement Arrangements (HRAs), Flexible Spending Accounts (FSAs), and Commuter Benefits (mass transit and/or parking accounts). We offer one platform and one portal for all consumer-driven accounts with a reputation for outstanding service. With more than $2 billion in assets, HSA Bank is a division of Webster Bank, N.A., a subsidiary of Webster Financial Corporation (NYSE: WBS), Member FDIC. For more information, visit www.hsabank.com
Evolution1 and its Partners serve large health plans, banks, payroll providers, private exchanges, and leading third-party administrators across the country, providing healthcare and other reimbursement account services -- including Defined Contribution, HSAs, HRAs, FSAs, Wellness, and Transit Plans -- to more than 90,000 employers and more than 10,000,000 consumers.
Media Contact: Brenda Greene, (401) 228-2083
Investor Contact: Terry Mangan, (203) 578-2318
SOURCE HSA Bank