Evolution Benefits, The Bancorp Bank Team on Health Savings Accounts
Evolution Benefits and The Bancorp Bank have announced an agreement to "provide an integrated solution combining The Bancorp Bank’s health savings accounts and EB’s prepaid benefits card known as Benny to support advanced consumer-directed healthcare programs. The companies’ integrated product will be available in early June."
“As a result of this agreement,” explained Robert Patricelli, chairman and CEO of Evolution Benefits, “EB and The Bancorp Bank can offer to health plans and third party administrators a turnkey HSA/prepaid card product that integrates seamlessly with other benefits, such as flexible spending accounts (FSAs) and healthcare reimbursement arrangements (HRAs). We think many employers will offer HSAs with other benefit accounts. EB is uniquely positioned to address this need with our proven multi-account capability.”The Bancorp Bank strongly supports consumer-directed healthcare initiatives and has been an industry leader since the 2004 introduction of HSAs. “We believe that empowering the consumer to make decisions regarding healthcare ultimately leads to better care and lower costs,” said Jill Kelly, senior vice president at The Bancorp Bank. “We are specialists in the delivery of private-labeled, Internet-enabled banking services to the healthcare industry, specifically health plans and third party administrators. Our customized HSA solution is branded to serve the specialized requirements of each partner’s customers. We are pleased about our new alliance with Evolution Benefits, an industry leader in innovative payment technologies. It will enable us to enhance our offerings by coordinating multiple accounts on one card and providing cutting-edge auto-substantiation technology. The convenience, flexibility and ease of using just one card to access funds in multiple accounts will be a great benefit for our partners and their employees.”
Under the arrangement, The Bancorp Bank will serve as the trustee for the health savings accounts and will provide enrollment services, account documentation, check processing, and access to investment services via its partners. Evolution Benefits will furnish prepaid card services and technology links to administrators. The Bancorp Bank has gained its national leadership position for HSA solutions through a technology driven infrastructure, robust custom branding process and comprehensive service delivery.
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