New HealthEquity Partnership Enhances Employee Access to Healthcare
DRAPER, Utah, Sept. 03, 2024 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ:HQY), the nation's largest Health Savings Account ("HSA") custodian, today announced a new collaboration with Paytient, a healthcare technology firm, to offer employees greater confidence pursuing healthcare through Health Payment Accounts (HPAs).
Forty percent of workplace-insured Americans reported deferring care due to cost.1 With HPAs, employers can offer employees and their families the option to better manage copays over time for medical, dental, vision, Rx and behavioral care—it even works for pet care at the vet. This safety net improves access to essential care, eliminates the hassle and embarrassment of credit applications, and saves employees money on interest and fees.
"HPAs help employees who might forgo care due to the worry over their ability to pay and fear of racking up high-interest debt," said Jon Kessler, CEO and president at HealthEquity. "HPAs offer more control and peace of mind for employees while also supporting their employers' goals of retention, health equity, and cost savings."2
Nearly half of adults are not able to pay an unexpected medical bill of $500 in full,3 creating uncertainty for many employees. HealthEquity client R.R. Donnelley found Health Payment Accounts were a great way to give employees more confidence while increasing the value of their benefits. Christy Goldberg-Hirsh, senior vice president of Total Rewards at R.R. Donnelley, has observed a more satisfied workforce among hourly employees since launch.
"We continue to receive feedback indicating that people appreciate not having to worry about the cost of a doctor visit or procedure," said Goldberg-Hirsh. "The consistent word in the feedback is ‘dignity.' Our people don't have to face the embarrassment of saying, ‘I can't afford that.' They know they can use their Health Payment Account."
The HPA benefit complements consumer-directed benefits such as Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Accounts (HRAs). With the HPA, employees can select the medical plan that best fits their families' needs, without worrying about draining their savings or going into debt.
No credit checks are required for HPA users, and there is no impact on credit scores for using a Health Payment Account. Members have control over their HPA payment with flexible payment options and repayment methods. Meanwhile, employers save both near term as employees choose less expensive health coverage and long term as better access to treatment reduces high-cost claims.
"As health expenses continue to soar, our partnership with HealthEquity will address an important gap in many Americans' health benefits—dramatically improving the pre-deductible experience so that more employees can feel the value of their benefits," said Brian Whorley, CEO at Paytient. "We look forward to helping employers provide their people with confidence that they can obtain the care they need when they need it, without unnecessary stress or financial harm."
To learn more about how the HealthEquity Health Payment Account, and our partnership with Paytient is steering the future of health benefits, visit www.healthequity.com/hpa.
References
1Nonfiction Research "The Hidden Lives of Workplace Insured Americans" March 2024. https://www.paytient.com/hidden-lives-report
2 The HPA card is a line of credit that is subject to approval and works with providers in approved merchant categories. All charges made to the HPA card must be repaid according to the terms outline in the cardholder agreement.
3 Hamel, Liz, Lopes, Lunna, Montero, Alex, Presiado, Marley, Americans' Challenges with HealthCare Costs. In Health Costs Issue Brief, (KFF, March 1, 2024) Americans' Challenges with Health Care Costs | KFF
About HealthEquity
HealthEquity and its subsidiaries administer HSAs and various other consumer-directed benefits for over 16 million accounts, working in close partnership with employers, benefits advisors, and health and retirement plan providers who share our unwavering commitment to our mission of saving and improving lives by empowering healthcare consumers. Through cutting-edge solutions, innovation, and a relentless focus on improving health outcomes, we empower individuals to take control of their healthcare journey while ultimately enhancing their overall well-being. Learn more about our "Purple service" and approach at www.healthequity.com.
About Paytient
Paytient is a healthcare technology company that helps companies ensure their health plan members can easily access and afford healthcare. The Paytient card unlocks access to care with interest-free credit, while the app allows members to better manage and organize their healthcare spending. Founded in 2018, Paytient partners with 1000+ enterprise clients in the U.S. and is headquartered in Columbia, MO.
Media Contacts:
HealthEquity
Amy Cerny
[email protected]
Paytient
Michelle Kafka
[email protected]
