What You Should Know:
– HealthEquity, the leading provider of Health Savings Accounts (HSAs), has announced a new collaboration with Paytient, a healthcare technology firm. Together, they are offering employees a powerful new benefit: Health Payment Accounts (HPAs).
– By addressing the affordability of healthcare, HPAs can improve employee satisfaction, reduce financial stress, and ultimately lead to better health outcomes.
Addressing Healthcare Affordability
Forty percent of Americans with workplace insurance have deferred care due to cost. HPAs offer a solution to this problem by allowing employees to better manage copays and other out-of-pocket expenses. This safety net improves access to essential care, eliminates the need for credit checks, and saves employees money on interest and fees.
How HPAs Work
HPAs complement other consumer-directed benefits like HSAs, FSAs, and HRAs. Employees can use HPAs to pay for medical, dental, vision, Rx, and even pet care expenses. There are no credit checks required, and HPAs do not impact credit scores. Members have flexibility in payment options and repayment methods.
Benefits for Employees and Employers
- Improved access to care: HPAs give employees greater confidence in pursuing necessary healthcare services.
- Financial relief: By managing copays over time, employees can avoid unexpected financial burdens.
- Enhanced satisfaction: A study by HealthEquity client R.R. Donnelley found that employees using HPAs were more satisfied with their benefits.
- Cost savings for employers: HPAs can help employers reduce high-cost claims by encouraging employees to seek preventive care and manage their health proactively.
“As health expenses continue to soar, our partnership with HealthEquity will address an important gap in many Americans’ health benefits—dramatically improving the pre-deductible experience so that more employees can feel the value of their benefits,” said Brian Whorley, CEO at Paytient. “We look forward to helping employers provide their people with confidence that they can obtain the care they need when they need it, without unnecessary stress or financial harm.”
