CDH Partnership Offers Combined HSA Services For Brokers, Carriers, TPAs
UMB Healthcare Services, a division of UMB Financial Corporation, has partnered with ConnectYourCare, a leading consumer-directed healthcare (CDH) company, to provide custodial, investment and health payment card services for Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs).
The new partnership is among the first to have available a comprehensive CDH portal and account administration, a multi-purse payment card, and banking and investments priced for one simple fee.
The offering is marketed to brokers, carriers and third-party administrators who want to offer their customers a progressive CDH solution. The group claims that the program can be implemented in a matter of weeks.
UMB Healthcare Services was among the pioneers insupport of Medical Savings Accounts. ConnectYourCare was created in 2003 expressly to engage consumers in their personal health management by offering a superior health account management experience together with tools and programs fostering healthy lifestyles.
The new offering integrates ConnectYourCare's CDH platform of consumer healthcare account tools and wellness solutions with UMB's portfolio of financial services. The combined solution includes:
- a healthcare account portal and claims adjudication for HRAs and FSAs;
- a multi-purse debit card; hospital and drug comparisons;
- medical research; health advocacy; wellness and exercise guides; and
- health assessment tied to account-based incentives.
When combined with UMB's FDIC-insured bank accounts and a diverse selection of mutual funds through UMB Financial Services, Inc., employers have a complete solution to offer employees for a simple monthly fee.
Employees have a better experience using one health payment card to access multiple accounts.
"UMB is pleased to partner with a progressive company like ConnectYourCare," said Dennis Triplett, president of UMB Healthcare Services. "CYC is a leader in the industry and its CDH platform will transform the way people pay for their medical care and how they save for the future. Financial institutions' importance in this market is increasing as consumers gain greater control of their healthcare choices and dollars."
"As more employers opt for consumer-directed healthcare, many are looking to their financial institutions to provide solutions," said Terry Hunter, CEO of ConnectYourCare. "UMB is a valued partner to us as we continue to be first-to-market with innovative solutions in this space."
