WageWorks and HSA Bank Team Up to Take Consumer-Driven Plans to the Next Level

Jun 29, 2010, 11:28 ET from WageWorks, Inc.

SAN MATEO, Calif., June 29 /PRNewswire-USNewswire/ -- WageWorks, the nation's largest independent provider of consumer-directed benefits solutions, today announced a partnership with a leading health savings account (HSA) custodian, HSA Bank. The partnership expands and strengthens WageWorks' already deep HSA offering and will provide HSA participants with even more flexibility and options to make important investment and health care decisions.

"Now that health care reform has passed, health savings accounts are only going to increase in importance," said Joe Jackson, WageWorks' CEO.  "While an HSA is an individual choice, the partnership we created with HSA Bank removes many of the traditional barriers to entry and enables employers to offer a high-quality, low-cost health benefit that truly anyone at any company can participate in."

A WageWorks-HSA Bank health savings account offers plan participants the following features:

Dollar one investment account funding

Unlike most competing offerings, the WageWorks-HSA Bank health savings account has no minimum balance requirement that has to be met before funds can be invested. With this offering, dollar one of account balances can be invested in a trading account and/or one of the many mutual funds offered through HSA Bank.

Multiple investment and savings options

With a WageWorks-HSA Bank health savings account, participants can choose between multiple investment and savings options, including an FDIC-insured interest bearing account, a low-fee trading account, or a collection of 12 pre-selected no-load mutual funds.

Seamless, one-step enrollment

The WageWorks-HSA Bank partnership simplifies and streamlines the HSA enrollment process. Unlike the two or three steps typical of most HSA offerings, the HSA Bank application is processed simultaneously with the WageWorks benefit enrollment, eliminating risk and saving participants valuable time and inconvenience.

"Our partnership with WageWorks brings tremendous benefits to the large group employer market by joining two best of breed organizations and products into one convenient delivery point," said Itamar Romanini, senior vice president of business development for HSA Bank. "From a seamless enrollment process to unified servicing, we bring excellence in service and member experience to the market place."

About HSA Bank

HSA Bank is one of the nation's most experienced HSA administrators and one of the few administrators with an exclusive focus on HSAs. HSA Bank works with individuals and companies of all sizes and complexities. HSA Bank actively listens to the needs of our clients and customers to develop solutions and create flexible HSA programs that include online access for employers and individuals. HSA Bank offers reliable and responsive support to its business partners and accountholders from friendly, knowledgeable service staff. Discover how easy it can be to have or manage an HSA at www.hsabank.com.

HSA Bank is a division of Webster Bank N.A. FDIC Insured, NAB, subsidiary of Webster Financial Corporation (NYSE: WBS).

About WageWorks

WageWorks, Inc. is the leading provider of consumer-directed benefits solutions.  Products include: flexible spending accounts (FSA), health reimbursement accounts (HRA), health savings accounts (HSA), COBRA and commuter products and services. WageWorks is the only company to deliver a completely integrated spending account solution. It offers products on a single platform with built-in debit cards for health care and convenient account management tools such as electronic-bill payment, cash reimbursement and transit-pass home-delivery services. This reduces the cost of plan administration, while maximizing plan participation and value for employees.

WageWorks is headquartered in San Mateo, California, with offices in major locations throughout the United States. For more information, please visit the Web site at www.wageworks.com.

SOURCE WageWorks, Inc.