Tango Health, the premier provider of health savings account (HSA) management software and services, and SelectAccount®, one of the Top 10 HSA custodians in the country, announced today an agreement to deliver best-in-class flexible spending account (FSA) and HSA solutions to employers.
Beginning in January 2013, SelectAccount, a Minnesota-licensed insurance company and affiliated business of Blue Cross and Blue Shield of Minnesota, will become a preferred custodial banking option for Tango Health customers. This arrangement gives employers an opportunity to combine the consumer-directed health care and technology expertise of two proven leaders. Through the bundling of SelectAccount’s industry-leading medical spending accounts with Tango Health’s innovative HSA management software and tools, employers can have a single source for maximizing savings and tackling the increasingly complex challenges of regulatory compliance.
Tango Health’s flagship Web-based HSA solution is the only platform that serves the needs of an employer’s entire population, ensuring they get the maximum engagement, satisfaction, compliance and tax benefit for themselves and their employees. Tango Health’s employer clients have an HSA account-opening rate among eligible employees of more than 95 percent, compared to an industry average of 55 percent, and client payroll contribution dollars are two times the industry average.
A recognized expert in medical spending accounts, SelectAccount is one of the country’s most successful and largest account custodians. An early innovator in FSA, HSA and HRA products, SelectAccount was among the first to offer tiered HSA plan designs, multiple account stacking options and HSA investment options.
“SelectAccount has developed a value proposition that sets us apart from other custodians, based upon consistently fulfilling our commitment to deliver no hidden bank fees and a keen understanding of both the health care and HSA markets,” said Dave Spalding, CEO of SelectAccount. “Our collaboration with Tango Health is an excellent platform for bringing best-in-class health spending solutions to an even broader base of account holders and employers, all while helping customers realize the greatest savings potential and a simplified regulatory compliance process with Tango’s state-of-the-art HSA management platform.”
“We’re continuing to see tremendous growth in consumer-directed health care due to the huge financial benefits for employers and employees alike,” said Duncan Van Dusen, co-founder and CEO of Tango Health. “Working with SelectAccount to deliver an integrated FSA and HSA product expands our lineup and customer reach. It also helps us deliver on our mission to help employers reduce the total cost of health benefits by offering a single source for health accounts from seasoned providers with the industry’s best customer service and management platform.”
Van Dusen added that the opportunity for employers and their employees to reduce health-benefit costs through lower premiums and increased tax savings is driving the growth of CDHP products. However, the growth of FSA and HSAs is also driving a need for increased regulatory compliance controls. The Tango platform not only helps drive health care savings but provides eligibility cross-checking to ensure that employers are compliant with IRS regulations.
MII Life, Inc., doing business as SelectAccount, is a Minnesota-licensed insurance company regulated by the Minnesota Department of Commerce, and approved by the U.S. Department of Treasury as a non-bank HSA Trustee. An affiliated company of Blue Cross and Blue Shield of Minnesota, SelectAccount is owned by Aware Integrated Inc. For more than 20 years, SelectAccount has offered innovative and industry-leading spending accounts. Today, SelectAccount provides health care saving solutions in all 50 states, including service to members through 14 regional health plans and nearly 7,000 employers. SelectAccount now has approximately $400 million in consumer medical savings assets under management, making it among the 10 largest account administrators in the country. Visit SelectAccount.com to learn more.
About Tango Health
Tango Health helps reduce the total cost of health benefits for employers and employees by maximizing the performance of consumer directed health plans. Employers that are focused on containing or reducing their health care costs have come to rely on Tango because its industry leading management software and services slash the total cost of health benefits through dramatically increased HDHP participation as well as FICA Tax savings. In addition, Tango provides seamless compliance with IRS regulations concerning employee directed health accounts, enhanced employee training and ease of account administration. To find out more about Tango HSA and FSA solutions and reducing your health care costs, visit www.tangohealth.com or call 855-468-2646.