Press Release: HSA Bank expands product offerings with COBRA administration
Milwaukee, June 19, 2018 — HSA Bank, a division of Webster Bank, N.A., announced today it now offers a COBRA third-party administration solution in addition to its leading Health Savings Account (HSA) solution and other tax-advantaged accounts, including Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Commuter Benefits.
Generally, employers averaging more than 20 employees within a year are required to offer COBRA, the option of continuing healthcare benefits to qualified beneficiaries – at their own expense – who would otherwise lose their health benefits. COBRA administration can be challenging for employers; with a host of dates and deadlines, there is minimal room for error.
HSA Bank's COBRA solution, powered by WEX Health technology, features a dedicated team supported by a fully-automated software package that enables employers to manage their COBRA program online. The COBRA employer portal allows employers to monitor terminations and elections, respond to employee questions and issues, view member statements and history, use financial accounting tools, and run reports.
"The addition of COBRA administration to HSA Bank’s suite of products will allow our clients to centralize more of their employee benefits with one trusted partner," said Chad Wilkins, president of HSA Bank. "The expansion of our product offering will further enable both employers and members to better access, understand, and pay for healthcare services."
Individuals that choose COBRA can fully manage their benefits online and through the HSA Bank mobile app to elect coverage, make payments, and get answers to questions. This comprehensive, online functionality makes it easier for the employer to provide COBRA benefits and reduces inquiries to the employers’ benefits team.
For more information on HSA Bank’s COBRA administration solution, visit http://www.hsabank.com/hsabank/learning-center/cobra.
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.