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
At HSA Bank, we’re working toward a world where everyone is empowered to save for a healthy future. By providing the right tools and resources, we make it simple for our 3 million members nationwide to maximize their savings for healthcare and long-term goals. As a leader in health accounts for over two decades, we continue to innovate. Our offerings in the healthcare savings space drive down healthcare costs, increase access, and assist with decision-making for consumers, health plans, partners, and advisors. As of September 30, 2020, HSA Bank had $9.4 billion in total footings comprising $7.0 billion in deposit balances and $2.4 billion in assets under administration through linked investment accounts.