The Silicon Review
What is often missing from the health care reform debate is discussion around the increasing cost of care, and the rising out of pocket costs for consumers in recent years. Health care has become unaffordable for many individuals.
The increased adoption of HSA-eligible plans signals a shift in how consumers view their total medical costs. HSA-eligible plans change individuals’ perspectives, helping them consider the total cost of health care versus just looking at monthly premiums. With more people looking for ways to save money on medical expenses, reframing medical costs within the context of a health savings account (HSA) is one way to do this. In fact, according to Devenir, a leading research company, HSAs are seeing an annual growth of 20 to 25 percent. People recognize the benefits of having an HSA as a supplement to their health plans, and welcome more options to help them manage their health care costs.
Fortunately, SelectAccount has been at the forefront of innovation in health spending accounts for 28 years, and has earned a reputation as one of the most experienced and trusted account administrators in the country.
The company makes saving for health care affordable and hassle-free. It does this by offering a full suite of spending solutions—from HSAs to flexible spending accounts (FSAs)—that help employers and individuals meet their health care spending needs.
The company’s expansion
SelectAccount is driven by the pursuit of making health accounts work better for people, making them intuitive, accessible and ready when you need them. The company is committed to service excellence and providing proactive guidance so that people can do more with their money. It is evolving every interaction so that it works better for people. SelectAccount is now a top 10 HSA administrator.
Started in 1989, SelectAccount began offering flexible spending accounts (FSAs). Five years later it introduced electronic claims crossover for account holders’ medical claims, and added prescription drugs to crossover in 2002. That year, it also introduced a voluntary employees’ beneficiary association (VEBA) account. Health reimbursement arrangements (HRAs) were introduced in 2003 and HSAs in 2004.
Outline on the products offered
Health Savings Account Basics
A health savings account (HSA) is a tax-advantaged account that works in conjunction with a high-deductible health plan (HDHP), which allows you the ability to save tax-free money for eligible medical expenses.
An HSA is one of the best ways to maximize the value of your HDHP. Even if your employer doesn’t offer an HSA or you are self-employed, you can open one now for free to begin taking advantage of the tax-saving benefits.
Medical Flexible Spending Account (FSA)
A flexible spending account (FSA) is a tax-advantaged financial account that can be set up through a cafeteria plan of an employer in the United States. An FSA allows an employee to set aside a portion of earnings to pay for qualified medical expenses including dental and vision expenses.
Message from the CEO
Simply knowing the health care system is complicated, and knowing that costs are rising isn’t enough. Our goal at SelectAccount is to do something about it. We want to help make health care easier and more affordable.
We want to help put you — the consumer of health care — in charge. We want to help you make better health care decisions and spend your money wisely.
How? First, we want to start by openly talking about how health care decisions are, in many ways, financial decisions for all of us. It means we need to approach health care as we would saving, or investing, or just being smart with our money.
In chat with: Matt Marek, President and CEO
What are your company’s assets?
Higher savings balances: According to the 2016 Year End Deviner Year-End HSA Market Statistics & Trends Report, released 2/22/17, SelectAccount has a 39 percent higher savings balance than the industry average across all income categories. By working side-by-side with employers and consumers to educate and inform benefits and spending, we design products and accounts that encourage savings.
Exceptional service model: Our entire customer service team is certified as HSAe-experts and is continuously trained in spending account rules and regulations. The team uses a high-touch advocacy approach to health accounts for both consumers and employers. Due to this approach, we consistently receive a 96 percent customer satisfaction rating and the highest ranking on HSAsearch.com
What is your future prospective?
At a time of rapid growth and expansion, we experienced an annual increase of 41 percent in HSA assets in 2016, surpassing $1 billion in managed assets in February 2017. HSAs are growing 20 percent annually and becoming the new norm in health care. We always had unique, proprietary technology combined with a hyper-focus on compassion for our customer and will continue to accelerate our growth in providing quality, innovative services that are affordable.
Meet the CEO
As CEO of SelectAccount, Matt Marek is responsible for running all facets of the business, including sales, operations and technology. Matt joined SelectAccount in 2016 after spending the previous 10 years at Blue Cross and Blue Shield of Minnesota, where he most recently served as vice president of product and marketing. In this role, Matt was responsible for product, marketing, innovation, digital and consumer experience.