DRAPER, Utah, June 30, 2020 (GLOBE NEWSWIRE) — HealthEquity, Inc. (NASDAQ: HQY) the nation’s largest independent provider of health savings accounts (HSAs), today introduced the release of Health Savings Score™ – a proprietary, HSA analytics innovation to track, measure and optimize employee health savings.
With Health Savings Score, employers gain true visibility into how their employees are using HSAs to build long-term savings for health and retirement. They can use those insights to help employees better prepare to manage healthcare costs in retirement, track the impact of plan design changes and education efforts, and accurately benchmark performance against industry peers.
“Many Americans are in need of additional support in saving for retirement or major medical expenses, and Health Savings Score combines innovative technology with data analytics to give employers a crucial edge in connecting health and wealth for their employees,” said Ted Bloomberg, chief operating officer for HealthEquity. “Health Savings Score insights will help employers implement and measure targeted benefits initiatives that improve the financial preparedness of their employees.”
Health Savings Score draws on two decades of data from more than four million HealthEquity HSAs to measure key elements of health savings success. After assigning performance scores, the tool highlights actions an employer can take with HealthEquity to improve their HSA outcomes.
“Health Savings Score empowers employers with a comprehensive health savings analytics, distilled down into one easy-to-use report,” Bloomberg added.
The tool leverages HealthEquity’s leading position to measure an organization’s performance across four key elements of HSA utilization:
- How active and engaged the member is in using their HSA
- How much is being contributed compared to the maximum allowed
- The member’s ability to cover typical unexpected expenses from their HSA
- How well a member is positioned to manage healthcare costs in retirement
Employers looking to learn more about Health Savings Score can contact their HealthEquity relationship manager, or visit https://healthequity.com/hsa/health-savings-score/.
HealthEquity administers health savings accounts (HSAs) and other consumer directed benefits for nearly 12 million members in partnership with employers, benefits advisors and health and retirement plan providers who share our mission to connect health and wealth and value our culture of remarkable “Purple” service. For more information, visit www.healthequity.com.