Business
New HealthEquity Partnership Enhances Employee Access to Healthcare
Health Payment Accounts offer a no-interest, no-fee option for employees to pursue medical care with flexible payment terms DRAPER, Utah, Sept. 03, 2024
About this update from Healthequity, Inc.
[{"type":"text","content":"Health Payment Accounts offer a no-interest, no-fee option for employees to pursue medical care with flexible payment terms\nDRAPER, Utah, Sept. 03, 2024 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY), the nation’s largest Health Savings Account (“HSA”) custodian, today announced a new collaboration with Paytient, a healthcare technology firm, to offer employees greater confidence pursuing healthcare through Health Payment Accounts (HPAs). Forty percent of workplace-insured Americans reported deferring care due to cost.1 With HPAs, employers can offer employees and their families the option to better manage copays over time for medical, dental, vision, Rx and behavioral care—it even works for pet care at the vet. This safety net improves access to essential care, eliminates the hassle and embarrassment of credit applications, and saves employees money on interest and fees. “HPAs help employees who might forgo care due to the worry over their ability to pay and fear of racking up high-interest debt,” said Jon Kessler, CEO and president at HealthEquity. “HPAs offer more control and peace of mind for employees while also supporting their employers’ goals of retention, health equity, and cost savings.”2 Nearly half of adults are not able to pay an unexpected medical bill of $500 in full,3 creating uncertainty for many employees. HealthEquity client R.R. Donnelley found Health Payment Accounts were a great way to give employees more confidence while increasing the value of their benefits. Christy Goldberg-Hirsh, senior vice president of Total Rewards at R.R. Donnelley, has observed a more satisfied workforce among hourly employees since launch. “We continue to receive feedback indicating that people appreciate not having to worry about the cost of a doctor visit or procedure,” said Goldberg-Hirsh. “The consistent word in the feedback is ‘dignity.’ Our people don’t have to face the embarrassment of saying, ‘I can’t afford that.’ They know they can use their Health Payment Account.” The HPA benefit complements consumer-directed benefits such as Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Accounts (HRAs). With the HPA, employees can select the medical plan that best fits their families’ needs, without worrying about draining their savings or going into debt. No credit checks are requ...