Continuing the trend to more integrated Health Savings Account (HSA) offerings, Benefitfocus will launch an integrated product with HSA Bank(TM).

The new product offers consumers a seamless experience that guides them in the purchase and management of their healthcare and healthcare finances. Available by the fourth quarter of 2006, the integrated solution will provide ongoing management services for consumers and businesses.

The announcement follows other offerings that will integrate the management of HSA accounts with provider data to better control costs and improve utilization.
"Our experience and expertise in HSAs, as well as our dedication to serving our customers will be integrated as part of the single source enrollment engine, allowing for seamless health planning and healthcare financial management," said Kirk Hoewisch, president of HSA Bank.

HSA Bank now manages more than 150,000 accounts and nearly 29% of the $1+ billion reported in HSA deposits nationwide. The industry leader in terms of HSA volume and deposits, its new integrated platform can now offer speed to market and consumer directed technology to health plans across the United States.

"This solution will be particularly strategic for health plans who wish to offer comprehensive Consumer Directed Healthcare. No longer will they need to 'build out' a custom integration with a bank and integrate services from other CDH vendors," said Doug Moreland CTO of Benefitfocus. "This partnership provides a turnkey solution that requires no additional health plan infrastructure."

Benefitfocus already offers online enrollment, wellness programs, electronic billing and data exchange to over 33.5 million subscribers and 150 insurance partners. Accessible via the Web, its new services will include online banking, electronic group and account setup, and electronic employer and employee contribution administration. This partnership will benefit not only consumers and businesses but health plans seeking to offer a complete Consumer Directed Healthcare product. Future releases will address consumer education on spending and saving, as well as claims payment and remittance.

"By tightly bundling health plan administration with health savings account administration and presenting it in an easy to use online setting," added Moreland, "consumers will be able to fully understand, access, and manage their health and personal healthcare finance."

HSA Bank, a division of Webster Bank, N.A, is one of the first financial institutions nationwide to offer health savings accounts.

Benefitfocus is a leader in consumer directed healthcare software and data transaction services for insurance carriers and businesses.