HSA Bank Teams up With Jellyvision to Design an HSA and Consumerism Platform to Help Employers Reduce Healthcare Costs
HSA Bank, a division of Webster Bank, N.A., and Jellyvision, makers of ALEX, announced a partnership to develop a first-of-its-kind Health Savings Account (HSA) product that will focus on user education, healthcare consumerism, and highlight just-in-time benefits for employees.
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Most employees don’t understand their monthly health expenditures. According to a recent HSA Bank report, four in five Americans are confused by terms like premium, copay, coinsurance, deductible, and out-of-pocket maximum. The report goes on to detail that 15 percent of people surveyed were unable to identify their health insurance plan type, possibly putting them at a disadvantage when they try to access healthcare services as they may not understand the coverage and cost requirements associated with their health plan*.
Jellyvision’s ALEX platform aims to solve this problem by providing personalized benefits guidance, today serving more than five million users. The new HSA experience, powered by HSA Bank, will be available as an add-on to ALEX to help bring even more clarity to health insurance options. Together, these pioneering companies will reach even more employees with a combination of behavioral science and engaging user experience. Employees will be more likely to make smart healthcare decisions when they feel empowered and guided year-round towards a plan for saving and spending their healthcare dollars.
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“By educating employees through the ALEX Platform, we’re not only increasing involvement in their health, but we’re also helping them understand the financial impact of their healthcare decisions to make smart choices for long-term savings,” says Chad Wilkins, President of HSA Bank.
Adds Jellyvision CEO Amanda Lannert: “When people are confused by their benefits, they tend to make less-than-ideal decisions that end up hurting themselves financially. We’re thrilled to be teaming up with HSA Bank, a market leader in HSAs, to help turn that around for potentially millions of American employees.”