To support insurers initiatives in the health savings account (HSA) market, Portland, Ore.-based MyHealthBank is collaborating with HSA Bank, Howards Grove, Wis., to provide insurers with a highly integrated banking and technology offering for health savings account-based plans.Through this relationship, MyHealthBank will integrate technology from HSA Bank for health savings account banking transactions with MyHealthBanks Unify platform, a Web-based, self-service platform for broker quoting, member enrollment and benefits administration.
In addition to heath savings accounts and traditional bank account functions, such as checking and savings accounts, HSA Bank also offers brokerage investment services, through which consumers can invest their health savings account cash balances. This capability is a result of HAS Banks agreement with Fiserv Inc., a Brookfield, Wis.-based provider of information management systems and services to the financial industry.
The brokerage capability from HSA Bank and Fiserv introduces additional self-service capabilities to MyHealthBanks Unify platform. It provides members access to their health savings account-based details in one
place. Through the MyHealthBank Unify platform members can access their brokerage account any time to place trades, get stock quotes, retrieve news and economic reports, track their investment portfolio for their HSA, research securities and chart stock histories.
"Currently, insurers are rushing to have HSA-based products in place to take advantage of the tremendous interest among employers," said Steve Sterba, president and CEO of MyHealthBank. "Many of our customers are looking for ways to develop the infrastructure to support HSA-based plans, without going to an outside bank partner. By having integrated functionality for brokerage and banking transactions, self-service insurance shopping, enrollment, and cash account options all available through MyHealthBank, an insurer can respond quickly to the demand with minimal resource commitment."
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