SAN FRANCISCO, Dec. 6, 2017 /PRNewswire/ -- Parasail Health and Lively have partnered to create a solution to the personal financial risk associated with high deductible health plans (HDHPs). Consumers who have created a Lively HSA plan and then qualify for a no-interest ProPatient payment plan from Parasail can both capture the full tax deduction for qualified medical expenses as well as pay their bills over time in affordable monthly payments – with no added interest.
Recently, as more Americans have shifted to HDHPs, interest in both Health Savings Accounts (HSAs) as well as medical bill payment plans has grown as medical debt has increased. According to the CDC, nearly 40% of people with employer-provided health care are now in a high-deductible plan – and with Open Enrollment in full swing, the number of patients with high out of pocket expenses is expected to increase. Medical debt is now the single biggest cause of personal bankruptcy in America.
HSAs are designed to provide a tax-free way to pay for qualified medical expenses, but many consumers do not understand how they work. Lively's platform allows any consumer with a qualifying HDHP to easily set up their own account, choose how to fund it, and invest the money that is there much like a 401k. With the Parasail partnership, a consumer who has established an HSA with Lively can get the full tax benefit of their HSA should they need to pay a large amount of money out of pocket. In this scenario, a patient faced with medical bills can apply for a no-interest Parasail ProPatient payment plan, which would be disbursed through the patient's HSA to pay their qualified medical expenses.
"It seems pretty clear that there is no end in sight for rising out-of-pocket medical costs," said Shobin Uralil, Co-Founder and COO of Lively. "Which is why we are excited to supplement our HSAs – which can already save consumers thousands in taxes – with the flexibility of Parasail's payment plans, which can make large medical bills affordable and cost the consumer nothing."
ProPatient plans are no-interest, no-fee payment plans created using Parasail's proprietary financial models to determine a monthly payment term that each applicant can likely afford. Providers are paid an agreed-upon amount that covers the patient's interest in full with no recourse. Providers get paid immediately and patients can spread payments out up to 36 months at no additional cost.
"HSAs are one of the only things in the healthcare payment system truly designed to benefit patients," added Adam Tibbs, CEO of Parasail. "Partnering with Lively, who makes them simple and accessible to everyone will allow people to keep their money in their pocket until they truly need to spend it – and then spend only what they need, when they need it without racking up credit card debt."
Lively is a modern Health Savings Account (HSA) platform for employers and individuals. Lively HSAs work alongside HSA compatible health insurance plans to make healthcare easier for everyone. Lively helps consumers optimize their healthcare spending, maximize their savings, and better their livelihood. Find out more at http://www.livelyme.com or follow us on Twitter (@LivelyHSA).
About Parasail Health
Parasail helps patients focus on treatment rather than worry about payment by providing affordable monthly payment plans for out-of-pocket medical expenses. With a simple application process, patients and families can qualify for 0% interest payment plans up to 36 months. Elective patients can avoid high interest credit card debt by using the free Parasail Select search engine to get fixed-rate financing offers from all of the top online lenders with a single application.
Find out more at:http://www.parasail.com.
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SOURCE Parasail Health; Lively