Press Release: HSA Bank Provides Clarity in Health Plan Selection through Advanced Decision Support
Decision support empowers employees to make the right decisions at open enrollment
Milwaukee, June 18, 2020 — HSA Bank, a division of Webster Bank, N.A. announced today that in partnership with MyHealthMath and Tango Health, its employer clients across the country now have access to Advanced Decision Support, designed to help employees during open enrollment and year-round, confidently select the health plan that’s right for them from a total cost perspective. By combining decision support tools with consumer-driven healthcare account offerings, HSA Bank aims to help employers focus on reducing their overall healthcare expenses for their employee population.
Advanced Decision Support offers personalized, unbiased, and confidential tools that pre-load an employer’s specific health plan options, add to HSA Bank’s consumer engagement toolset, and enhance the bank’s long-term efforts to lower out-of-pocket healthcare costs. Each decision support tool offers a unique approach and may appeal to different employers based on the demographic of their employee population:
MyHealthMath features Decision Support Analysts that interview employees during a one-on-one phone call about their health services and prescription usage. Using proprietary software, the employee receives a personalized report which provides a clear comparison of expected total costs under each plan so they can make the best financial decision.
Tango Decision AssistTM, a web-based tool offered by Tango Health, gives employees a personalized plan recommendation in as little as three minutes based on their own or "people like me" claims for their specific healthcare services.
"Employers work hard to offer the right benefit options for their workforce," said Chad Wilkins, President of HSA Bank. "When it comes to healthcare, decision support tools can help employees make more informed decisions, and take some of the confusion out of choosing the right health plan during enrollment."
Advanced Decision Support is available to employers in addition to HSA Bank’s self-service, online calculators which include the Health Plan Comparison Calculator, HSA Contribution Calculator, and HSA Savings Calculator.
Employers can learn more about our decision support tools and preferred pricing through HSA Bank by clicking here.
About HSA Bank
HSA Bank is a trusted leader in consumer-directed healthcare (CDH), focusing on Health Savings Accounts (HSAs) for over two decades and serving as both the bank and administrator. Discover how we can support your benefits strategy with our comprehensive account-based health benefit solutions that include HSAs, Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), Commuter Benefits, COBRA Administration, and HSA investment solutions such as HSAdvisor+. With a reputation for outstanding service and thought leadership in the CDH space, we offer one platform and one portal for all of our members. HSA Bank inspires 3 million members and more than 35,000 employer groups to "own your health" by making it easy to access, understand, and afford healthcare. As of March 31, 2020, HSA Bank has $8.6 billion in total footings (assets) comprising $6.7 billion in deposit balances and $1.9 billion in assets under administration through linked investment accounts, and is a division of Webster Bank, N.A., Member FDIC.
MyHealthMath is an Insurtech firm enabling efficiency and savings for employers and their employees through the collective power of informed decisions. Combining innovative decision-support technology and human interaction, MyHealthMath reduces health insurance costs and optimizes the health insurance marketplace. Based in Portland, Maine, MyHealthMath has direct and SaaS clients throughout the U.S. As a neutral third-party, MyHealthMath guarantees objectivity and confidentiality for all individual use data collected from claim reports and individual interviews. Learn more at myhealthmath.com or follow @MyHealthMath on Facebook, LinkedIn and Twitter.
About Tango Health:
Tango Health supports companies to deliver a better benefits experience. Tango Decision Assist software guides employees to get the most out of their benefits with personalized decision support, education and communications. Claims data is used to provide a more realistic cost estimate and recommendation in as little as three minutes. Tango also offers a benefits engagement platform and a full-service solution that helps organizations with accurate ACA compliance and reporting. To learn more about Tango Health visit https://www.tangohealth.com.