This post was originally published on PRNewswire.
CHICAGO, IL — November 12, 2020 / PRNewswire / — Today, Jellyvision and HSA Bank, a division of Webster Bank, N.A., announced the official launch of ALEX HSA, a new type of HSA empowering employees to make smart healthcare and savings choices year-round.
As a result of the pandemic, healthcare costs for employers are projected to continue rising in 20211. To add to the complexity, many employees don’t understand their healthcare benefits, which can lead to less informed decisions—putting both employees and employers at a huge financial disadvantage. According to the third annual HSA Bank Health & Wealth IndexSM, 42% of employees didn’t know if their healthcare plan was HSA-eligible2.
ALEX HSA aims to address these challenges by pairing HSA Bank’s world-class suite of account solutions, including HSAs, FSAs, HRAs, Commuter Benefits and COBRA accounts— with Jellyvision’s benefits education expertise.
“ALEX is already proven to be more effective at communicating the value of an HSA than most traditional methods,” said Amanda Lannert, CEO of Jellyvision. “In fact, ALEX users contribute 36% more to their HSAs than the national average. So we’re thrilled to build upon that success, in partnership with HSA Bank, by creating a platform for millions of employees to manage their HSAs and get meaningful, actionable financial advice in one place.”
The first of its kind, ALEX HSA leverages behavioral science principles and personalized, one-on-one guidance through an interactive experience to help employees fully understand and optimize their HSAs—turning them into better healthcare consumers and saving hundreds of thousands of dollars for themselves and their employers.
“Through our partnership with Jellyvision, consumers will be able to better understand the financial impact of their healthcare decisions to make smart choices for long-term savings,” said Chad Wilkins, President of HSA Bank.
1According to a recent survey of medical insurers by Willis Towers Watson, global healthcare costs for employers are expected to rise into 2021.
2A 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 retirement 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 35,000 employer groups to “own your health” by making it easy to access, understand, and afford healthcare. As of September 30, 2020, HSA Bank has $9.4 billion in total footings (assets) comprising $7 billion in deposit balances and $2.4 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 that creates ALEX®, interactive software that talks people through complex, confusing, and snooze-inducing decisions related to their pay, their benefits, and their savings. ALEX turns daunting topics into delightful, actionable guidance with a calculated blend of subject matter expertise, behavioral science, and mighty tech.
ALEX provides individualized guidance that’s unbiased, transparent and human. The benefits and savings guidance platform is trusted by more than 1,500 companies, including more than 20% of the Fortune 500®. Since 2015, users have had 14 million conversations with ALEX for a total of 110 million minutes, helping them make smart choices for over $169 billion in healthcare premiums.
ALEX shows employees how their benefits and finances connect, offering personalized help to take smart actions – which health plan to choose, what to set aside for medical costs, or how much to save for retirement – during open enrollment and throughout the year. To learn more visit jellyvision.com