Press Release: HSA Bank Teams Up with Jellyvision to Design an HSA and Consumerism Platform to Help Employers Reduce Healthcare Costs
Milwaukee, April 14, 2020 — HSA Bank, a division of Webster Bank, N.A., and Jellyvision, makers of ALEX®, today announced a partnership to develop a first-of-its-kind Health Savings Account (HSA) product that will focus on user education, healthcare consumerism, and highlight just-in-time benefits for employees.
Most employees don’t understand their monthly health expenditures. According to a recent HSA Bank report, four in five Americans are confused by terms like premium, copay, coinsurance, deductible, and out-of-pocket maximum. The report goes on to detail that 15 percent of people surveyed were unable to identify their health insurance plan type, possibly putting them at a disadvantage when they try to access healthcare services as they may not understand the coverage and cost requirements associated with their health plan*.
Jellyvision’s ALEX platform aims to solve this problem by providing personalized benefits guidance, today serving more than five million users. The new HSA experience, powered by HSA Bank, will be available as an add-on to ALEX to help bring even more clarity to health insurance options. Together, these pioneering companies will reach even more employees with a combination of behavioral science and an engaging user experience. Employees will be more likely to make smart healthcare decisions when they feel empowered and guided year-round towards a plan for saving and spending their healthcare dollars.
"By educating employees through the ALEX Platform, we’re not only increasing involvement in their health, but we’re also helping them understand the financial impact of their healthcare decisions to make smart choices for long-term savings," says Chad Wilkins, President of HSA Bank. Adds Jellyvision CEO Amanda Lannert: "When people are confused by their benefits, they tend to make less-than-ideal decisions that end up hurting themselves financially. We’re thrilled to be teaming up with HSA Bank, a market leader in HSAs, to help turn that around for potentially millions of American employees."
Jellyvision and HSA Bank’s new product will be available to select customers in the fourth quarter of 2020. For more information on the partnership, contact HSA Bank or Jellyvision.
*A survey of 2,000 randomly selected U.S. adults ages 18+ was conducted in order to gauge physical and financial health across the country. It was designed to provide participants with an overall health and wealth consumer index score. The survey was commissioned by HSA Bank and executed by a third-party organization. The margin of error for this sample size is +/- 2.18% at the 95% confidence level. Smaller subgroups have larger margins of error. The report is available online at hsabank.com/index2019.
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 December 31, 2019, HSA Bank has $8.5 billion in total footings (assets) comprising $6.4 billion in deposit balances and $2.1 billion in assets under administration through linked investment accounts, and is a division of Webster Bank, N.A., Member FDIC.
Jellyvision is an award-winning technology company whose interactive software, ALEX, talks people through important, complex, and stressful life decisions...everything from choosing health insurance to saving for retirement to taking a leave of absence. More than 1,500 companies, including 114 of the Fortune 500 and two-fifths of the country's largest companies, use ALEX to help their employees make smart choices about their benefits and their pay in a way that's unbiased, transparent, and human. Jellyvision's customers represent more than 18 million employees with insurance premiums totaling more than $115 billion.