We recently announced that we will deliver the market’s first truly smart health savings account (HSA).
Sounds good, right? But, what does it actually mean?
In this article, we’ll explain what the smart HSA is and where it will enhance the benefits lifecycle and each stakeholder in the consumer-driven healthcare (CDH) market.
But, before we get to that, it’s important to understand why we decided to create a smart HSA in the first place.
Challenges in the CDH market
The CDH market has flourished over the past decade.
According to Mercer, 72% of large employers will offer a consumer-driven health plan (CDHP) in 2019, compared with 20% just a decade earlier, and health benefit accounts (particularly HSAs) have also seen a huge increase in both adoption and account contributions.
Despite CDH’s ability to help the ongoing cost crisis in the US healthcare system, the CDH market still has challenges to overcome:
As a result of these challenges, health benefit accounts continue to be chronically underfunded and underutilized, and often deliver sub-optimal user experiences.
Here’s where the big problem lies. CDH requires more involvement (and financial “skin in the game”) from consumers, so they naturally start to take a more active interest in the selection and use of their plans.
And, when their money is on the line, consumers will not tolerate a poor user experience.
Over the past decade, technology has conditioned consumers to expect high levels of user experience in nearly every area of their lives. Now, as the CDH market reaches a critical moment in its development, it’s time for technology to play a role in solving the challenges we’ve outlined above.
What the industry needs (vs. what it has right now)
Right now, the CDH market has a bland selection of commodity-style account solutions with very little consumer support at any stage of the benefits lifecycle. And, most accounts offer only the most basic administrative capabilities that focus solely on supporting account transactions.
If the CDH market is going to continue to grow in the coming years, there needs to be major improvements in the consumer experience. Account solutions need to be:
How can this be achieved? This is where our smart HSA comes into play.
Introducing the Alegeus Smart HSA
The Alegeus Smart HSA takes advantage of modern technologies, like artificial intelligence (AI) and machine learning (ML), to provide four essential benefits that have been missing in the CDH market, until now:
To make this possible, Alegeus is in the process of making focused investments to improve the consumer healthcare experience and outcomes. While many of these enhancements are designed with account holders in mind, they will undoubtedly add huge value for all CDH stakeholders in the form of reduced costs, improved differentiation, and greater consumer engagement and satisfaction.
How smart technologies improve account solutions
Very briefly, here are a few of the benefits CDH stakeholders can expect from the Smart HSA:
It’s all happening this year
At this point, hopefully you’re eager to see the Smart HSA in action, and, the good news is, you don’t have long to wait.
The Smart HSA will be presented for the first time during the 2019 Alegeus Client Conference this May. This event will mark the first opportunity for clients, prospects and other industry stakeholders to see a detailed demonstration of the new Alegeus innovation that delivers a more intuitive, personalized, and self-guided account experience.
Stay tuned to our blog for more information and updates.