ConnectYourCare Announces Record Growth in Adoption of its Consumer-directed Healthcare Savings Platform as Health Savings Account Enrollment Accelerates
Continued growth in HSAs expected under current tax and regulatory conditions
HUNT VALLEY, MD – Feb. 27, 2013- ConnectYourCare, a leader in consumer-directed healthcare (CDH) and health savings account (HSA) solutions, today announced a 72% increase in HSA enrollment and a 131% increase in HSA contributions for 2013 over 2012.
ConnectYourCare is outpacing industry benchmarks – recent data from financial services firm Devenir states that the number of HSAs across the industry as a whole increased 22% and total HSA account assets grew 27%.ConnectYourCare attributes its rapid growth to the strength and differentiation of its consumer-directed healthcare platform, which is designed to enable employers, healthcare providers and financial institutions to quickly and easily offer consumers the latest consumer-directed healthcare tools, including HSAs, with minimal overhead. ConnectYourCare and its banking custodians together have approximately $3.6 billion in HSA assets.
“Recent research shows that U.S. health spending will continue to increase at such a rate that by 2019, healthcare is predicted to account for nearly 20% of every dollar spent,” said Jamie Spriggs, CEO of ConnectYourCare. “Health savings accounts are a vehicle to help manage and slow the rate of health spending, as they allow for tax-free accumulation of healthcare funds, lower costs for employers and empower individual responsibility over health spend. HSA owners consistently exhibit a pattern of greater care adherence and more conscientious healthcare consumption, which benefits the entire healthcare industry.”
With the need to control healthcare costs more pressing than ever, the environment is primed for a dramatic increase in the number of health savings accounts (HSAs). In 2013, the average healthcare cost per employee will jump 6.3% from $10,522 to $11,188, about 21% of which will be an individual’s expected premium contribution, according to resource consulting firm Aon Hewitt.
“Market trends are clearly pointing to employers moving aggressively toward HSAs as the solution to mitigate rising healthcare costs,” said Spriggs. “Large employers are already replacing their traditional plans with HSA-compatible offerings, and I predict we are only a few years away from HSAs being as ubiquitous as 401(k)s,” said Spriggs. “And ConnectYourCare is committed to being the most innovative, agile and easy to use platform for managing these accounts.”
ConnectYourCare’s consumer-directed healthcare (CDH) benefit delivery platform provides a pathway for migration to account-based health plans, supplying tools for consumers to better manage their healthcare dollars. ConnectYourCare’s core strategy is based upon providing stewardship to our customers by helping them simplify complex health benefit concepts, motivate individuals to act, and execute a successful solution, resulting in long-term health benefit cost containment. Please visit ConnectYourCare.com for more information.