PayFlex Systems USA Inc. has launched a differentiated model for health savings accounts. Expanding on existing technology, the new PayFlex HSA platform offers comprehensive support for employers, financial institutions, and health insurance plans providing HSAs. PayFlex’s new custodian-agnostic product enhances flexibility and control for employers and insurers, while extending its HSA offering to any financial institution.
This allows employers and health plan customers the ability to choose the financial institution, versus existing models that typically force you to utilize a designated custodian. Additionally, banks and health plans can select the PayFlex HSA directly to enhance their current HSA offerings with PayFlex’s reconciliation expertise. PayFlex offers the benefits of a comprehensive solution at one destination, as it can now handle all key technologies and services related to administering HSAs. These include account reconciliation, an account investment platform, an integrated reimbursement payment solution, an easy-to-use consumer web interface, debit cards for accessing HSA funds, IRS compliance expertise, and call center support. Its latest product includes a new web and payments platform for processing consumer bill payments, and delivery of account statements to individuals.