Press Release: HSA Bank Partners with Liazon to offer Health Savings Accounts and other CDH Accounts on the Bright Choices Exchange
Industry Leaders Work Together to Empower Consumers to Take Control and Ownership of Benefits Decisions
SHEBOYGAN, Wis., March 3, 2016 — HSA Bank, a division of Webster Bank, N.A., has announced a partnership with Liazon, operator of the industry-leading private benefits exchange, Bright Choices®. As the leading Health Savings Account (HSA) provider in the country, HSA Bank will now also make its account-based benefit solutions available to consumers through Bright Choices and other Liazon-powered exchanges. With this partnership, companies of all sizes on the exchanges nationwide will have access to HSA Bank's products.
"Being able to offer our products in Liazon's online stores not only provides a strong distribution channel, but it also enables us to reach larger employers in particular," said Itamar Romanini, HSA Bank's senior vice president and director of business development. "With many employers moving to funding benefits through defined contribution models, we see private exchanges as a key growth area for our business, and our new partnership with Liazon strongly aligns with this new direction."
HSA Bank offers a broad suite of products to help clients and customers manage their benefits spending including HSAs, HRAs, Medical FSAs, and Commuter Benefits (mass transit and parking accounts). It also offers online investment tools, education, and guidance to help HSA customers manage their funds and healthcare decision-making, as well as the ability to view and pay bills easily and conveniently. By partnering with Liazon, HSA Bank will gain exposure to new employers seeking to expand their offerings.
"Over half of people using Liazon exchanges choose an HSA-qualified plan, compared to the national average of 20 percent," said Alan Cohen, co-founder and chief strategy officer, Liazon. "Most of those people also open an HSA, and many of those who don't, open an FSA. This exciting new partnership allows us to offer even more choice among these heavily-demanded products on our exchange."
About HSA Bank
HSA Bank is a trusted leader in consumer-directed healthcare focusing on Health Savings Accounts (HSAs) since the beginning, serving as both the bank and administrator. Discover how we can support your benefits strategy with our comprehensive account-based health benefit solutions such as HSAs, Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Commuter Benefits. We offer one platform and one portal for all consumer-directed accounts with a reputation for outstanding service. HSA Bank empowers 2 million members to own their health. HSA Bank, with nearly $5 billion in assets, is a division of Webster Bank, N.A., Member FDIC.
Founded in 2007, Liazon Corporation operates the industry-leading private benefits exchange for businesses. Its flagship product, the Bright Choices® Exchange, is an online benefits store that is changing the way employers and employees buy benefits. Bright Choices helps employers manage their health care costs by setting predictable budgets through a defined contribution funding strategy while guiding employees to purchase better coverage of health, dental, vision, life, disability and other benefits. Advanced cloud computing infrastructure and robust security protection ensures continual access and safeguards confidentiality of data transmission. Liazon works with top national and regional insurance providers and supports businesses nationwide through a distribution network of leading broker partners. Liazon was acquired by Towers Watson, now Willis Towers Watson, in 2013. To learn more about Liazon and the Bright Choices Exchange, go to www.liazon.com.