San Mateo, CA (Tuesday, June 29, 2010)
WageWorks, the nation's largest independent provider of consumer-directed benefits solutions, today announced a partnership with a leading health savings account (HSA) custodian, HSA Bank. The partnership expands and strengthens WageWorks' already deep HSA offering and will provide HSA participants with even more flexibility and options to make important investment and health care decisions.
"Now that health care reform has passed, health savings accounts are only going to increase in importance," said Joe Jackson, WageWorks' CEO. "While an HSA is an individual choice, the partnership we created with HSA Bank removes many of the traditional barriers to entry and enables employers to offer a high-quality, low-cost health benefit that truly anyone at any company can participate in."
A WageWorks-HSA Bank health savings account offers plan participants the following features:
Dollar one investment account funding
Unlike most competing offerings, the WageWorks-HSA Bank health savings account has no minimum balance requirement that has to be met before funds can be invested. With this offering, dollar one of account balances can be invested in a trading account and/or one of the many mutual funds offered through HSA Bank.
Multiple investment and savings options With a WageWorks-HSA Bank health savings account, participants can choose between multiple investment and savings options, including an FDIC-insured interest bearing account, a low-fee trading account, or a collection of 12 pre-selected no-load mutual funds.
Seamless, one-step enrollment The WageWorks-HSA Bank partnership simplifies and streamlines the HSA enrollment process. Unlike the two or three steps typical of most HSA offerings, the HSA Bank application is processed simultaneously with the WageWorks benefit enrollment, eliminating risk and saving participants valuable time and inconvenience.
"Our partnership with WageWorks brings tremendous benefits to the large group employer market by joining two best of breed organizations and products into one convenient delivery point," said Itamar Romanini, senior vice president of business development for HSA Bank. "From a seamless enrollment process to unified servicing, we bring excellence in service and member experience to the market place."
About HSA Bank
HSA Bank is one of the nation's most experienced HSA administrators and one of the few administrators with an exclusive focus on HSAs. HSA Bank works with individuals and companies of all sizes and complexities. HSA Bank actively listens to the needs of our clients and customers to develop solutions and create flexible HSA programs that include online access for employers and individuals. HSA Bank offers reliable and responsive support to its business partners and accountholders from friendly, knowledgeable service staff. Discover how easy it can be to have or manage an HSA at www.hsabank.com.
HSA Bank is a division of Webster Bank N.A. FDIC Insured, NAB, subsidiary of Webster Financial Corporation (NYSE: WEBS).
WageWorks (NYSE: WAGE) is a leader in administering Consumer-Directed Benefits (CDBs), which empower employees to save money on taxes while also providing corporate tax advantages for employers. WageWorks is solely dedicated to administering CDBs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, COBRA, and other employee benefits. WageWorks makes it easier to understand and take advantage of Consumer-Directed Benefits for 58,000 employers and approximately 4.5 million people. WageWorks is headquartered in San Mateo, California, with offices in major locations throughout the United States. For more information, visit www.wageworks.com.