HSA Bank has formed a partnership with financial advice platform Jellyvision to help create a new Health Savings Account (HSA) product.
The new service aims to boost user education, healthcare consumerism and highlight benefits for employees.
A report from HSA Bank found that four in five Americans are confused by terms such as premium, copay, coinsurance, deductible and out-of-pocket maximum. Furthermore, it states that 15% of people surveyed were unable to identify their health insurance plan type.
Jellyvision’s ALEX platform hopes to change this by giving personalised benefits guidance and bringing clarity to the health insurance space. By working together, the two companies hope to reach more customer via behavioural science and engaging user experience, they state.
Through this, they hope to help customers have a better plan for saving and spending their healthcare dollars.
HSA Bank president Chad Wilkins said, “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.”
The new solution will be available for select customers in the fourth quarter of 2020.
Jellyvision CEO Amanda Lannert said, “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.”
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