Press Release: HSA Bank Announces Innovative Safety Net Solution through MedPut Partnership
Milwaukee, WI November 17, 2020 — HSA Bank, a division of Webster Bank, N.A., today announced a new partnership with MedPut to provide an exclusive ground-breaking benefit solution for employees that will help ease some of the financial stress and burden caused by healthcare expenses.
MedPut is an innovative employee benefit that makes healthcare expenses more manageable for employees. By paying healthcare expenses upfront on employees’ behalf, MedPut helps the employee spread the expense out via payroll deductions over time. MedPut can also help lower healthcare costs for users by attempting to negotiate the amount owed and sharing the savings with the employee if successful.
Through the new partnership with MedPut, HSA Bank gives employees the option to pay for healthcare expenses with their Health Savings Account (HSA), Flexible Spending Account (FSA), or Health Reimbursement Arrangement (HRA), resulting in maximized tax savings.
"We’re excited to debut our new partnership with MedPut," said Chad Wilkins, President of HSA Bank. "Together, we'll be able to deliver greater peace of mind and ease the burden of healthcare expenses for our customers."
"MedPut’s interest-free payment plan and bill negotiation service empowers consumers to get treatment when they need it, without worrying about the immediate cost," said Harsha Puvvada, Co-Founder of MedPut. "This encourages employees to appropriately seek care and reduce overall healthcare spend, while increasing HSA contributions, which also helps employers with payroll tax savings over time."
To learn more about HSA Bank's solutions, visit hsabank.com/hsa.
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 retirement 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 35,000 employer groups to “own your health” by making it easy to access, understand, and afford healthcare. As of September 30, 2020, HSA Bank has $9.4 billion in total footings (assets) comprising $7.0 billion in deposit balances and $2.4 billion in assets under administration through linked investment accounts, and is a division of Webster Bank, N.A., Member FDIC.
MedPut is a revolutionary employee benefit that provides interest-free repayment plans and automatic bill discount negotiations for employees’ healthcare expenses. MedPut pays for medical, dental, vision, and elective expenses at any healthcare provider in the United States with no network restrictions. As a pioneer in the healthcare funding space, MedPut today serves thousands of members across the U.S. by paying for their out-of-pocket health expenses. MedPut makes consumer-directed health plans more powerful, saving costs for employers, while empowering employees to stay healthy – physically, and financially.