Simplifies Program Management for Employers and Reduces Complexity
MINNEAPOLIS, May 12, 2010 (BUSINESS WIRE) --U.S. Bank Healthcare Payment Solutions is expanding its consumer product
suite beyond health savings accounts (HSAs) with a comprehensive set of
services designed to make consumer-directed healthcare (CDHC) easier to
manage. U.S. Bank's new integrated set of card-based payment solutions
enables employers to offer competitive benefits plans, with tax savings
to employees, while managing costs.
U.S. Bank is complementing its HSA offering with the addition of
multi-purse cards attached to flexible spending accounts (FSAs), limited
purpose flexible spending accounts (LPFSAs), and health reimbursement
arrangements (HRAs), as well as accounts for dependent care
reimbursement and parking/transit. By managing all of these
tax-advantaged accounts together, employers reduce time and expense and
simplify healthcare-benefits management for employees.
"Employers are simply unable to continue absorbing double-digit
increases in health insurance premium costs," said Ralph Bernstein,
senior vice president of Healthcare Payment Solutions at U.S. Bank. "By
offering consumer-directed health plans and the tax advantaged accounts
that go along with them, employers can lower health benefit costs
through related tax breaks and cost-sharing with employees. U.S. Bank
continues to show its commitment to consumer-directed healthcare with a
dedicated healthcare division offering a complete and integrated set of
consumer-directed benefit payment solutions."
U.S. Bank's new offering makes it easier for consumers to manage their
healthcare accounts with two important, user-friendly features: a single
payments card and a single Web portal for online account management.
Consumers present one benefits card for payment, and the funds
are withdrawn automatically and seamlessly from the proper account based
on advanced card technology and program design. In addition, the online
account management system allows consumers to check balances and
activity for all their various U.S. Bank healthcare accounts through one
convenient log in.
"Consumers see the healthcare payment process as unnecessarily complex,"
Bernstein said. "We're giving them a full array of tools to manage these
types of accounts and make informed decisions about how they spend their
The underlying technology platform, including that of the employer and
consumer web portal, is provided by new partner, Lighthouse 1.
Lighthouse1 and its partners serve more than 2.5 million consumers,
making Lighthouse1 the nation's largest web-based healthcare solution.
It is the only solution available today that simplifies the user
experience, and satisfies workflow management needs of administration
partners, employers, and consumers.
About U.S. Bank Healthcare Payment Solutions
Healthcare Payment Solutions helps patients pay and providers collect.
An outgrowth of U.S. Bank's long-standing commitment to the healthcare
community, Healthcare Payment Solutions delivers innovations that
simplify the receipt and processing of payments, provides new and better
ways for patients to meet their financial obligations, and supports the
relationship among the participants in the healthcare continuum. For
more information about Healthcare Payment Solutions, please contact email@example.com
or call 866-285-0933.
About U.S. Bancorp
U.S. Bancorp (NYSE: USB), with $282 billion in assets as of March 31,
2010, is the parent company of U.S. Bank, the fifth largest commercial
bank in the United States. The company operates 3,025 banking offices in
24 states and 5,312 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. Visit U.S. Bancorp
on the web at usbank.com.
SOURCE: U.S. Bank
U.S. Bank Media Relations
Teri Charest, 612-303-0732