Industry-first service powers critical health spending solutions for innovative HSA organizations like Lively and Alice
August 13, 2020 – New York, NY – Ribbon Health, an innovative health data platform, today announced the launch of Ribbon HSA Eligibility Service to help consumers understand health plan benefit information, inform health savings account engagement, and take advantage of tax savings benefits. Health savings account (HSA) companies can rapidly implement this service to build cost calculators, help consumers understand which plans are HSA eligible, and increase overall consumer engagement.
As experts warn that the remainder of 2020 and 2021 could hold an outsized increase in healthcare spending, a growing number of Americans are in high deductible health plans, leaving them exposed to financial risk. A third of consumers in HSA-eligible high deductible health plans are not enrolled in an HSA. Of those who are enrolled, only half contributed money to the account in the last twelve months. This data supports a need for more education and transparency, and innovative HSA companies are leaning in to fill this gap.
“Healthcare continues to be the number one reason Americans go into debt. HSAs are an unparalleled savings vehicle, and we are committed to equipping consumers with the information they need to take care of their health and financial well-being, now and in the future,” said Alex Cyriac, CEO and co-founder of Lively. “Understanding health plan coverage and saving for potential out of pocket costs is a key component of this. Ribbon is helping us strengthen our consumer tools by providing simple transparency into consumer deductible progress.”
“The data consumers need to inform critical decisions, such as how to plan for potentially expensive care, is often both inaccurate and difficult to access,” said Nate Maslak, CEO and co-founder of Ribbon Health. “We are addressing this gap with a seamless API layer that delivers the most comprehensive and accurate information available. By integrating this eligibility service into consumer-facing workflows, HSA companies can better empower consumers by offering clarity around eligibility, contributions, and deductibles.”
Ribbon HSA Eligibility Service is an extension of Ribbon’s next-generation layer of comprehensive provider information, enabling organizations across the healthcare industry to rapidly integrate information on providers, health plan coverage, and costs and quality of care directly into their workflows. The service is live in consumer-facing workflows of several partners, including Lively and Alice.
To learn more about how Ribbon HSA Eligibility Service works in practice, download the one-pager here.