HSA Bank Creates Relationship With CareGain

WATERBURY, Conn. and EAST WINDSOR, N.J., Oct. 3 /PRNewswire/ -- HSA Bank(TM), a division of Webster Bank, N.A., a subsidiary of Webster Financial Corporation (NYSE: WBS - News), announced today it has formed a relationship with CareGain to offer a turnkey technology platform that provides a fully integrated management system for Health Reimbursement Arrangements (HRA), Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) plans with existing claims processing and payment systems. HSA Bank is the first HSA administrator to offer this innovative technology. Implementation of the system for new and existing clients began July 1, 2005.



Through CareGain's technology, insurance carriers and third-party administrators (TPAs) can offer employers multiple cost containment features while providing real-time connections to pharmacies and pharmacy benefit managers. Additionally, real-time claims adjudication allows account holders to assess their health care costs and make educated decisions regarding their health care. HSA Bank and CareGain combine to provide one streamlined implementation process, which reduces implementation costs as well as time to market.



"Partnering with HSA Bank allows us to provide an integrated HSA model central to members and providers," states Dr. Amit Gupta, CareGain's president and COO. "This new solution will offer the market a payment system solution that enables a direct to provider payment option."



HSA Bank's accountholders will have the choice of allowing direct access to their accounts for claims payment, or the control of reviewing an Explanation of Benefits before making payment. The accountholder would have the option to set the account in a "spend" or "save" mode. While in a "spend" mode, the health plan or TPA pulls funds from the HSA to pay the provider directly whereas in the "save" mode, the accountholder is invoiced and selects his/her preferred payment method.



"As the number of large employers offering HSAs increases, there will be a significant need for services that integrate current FSA and HRA plans with HSAs. CareGain has developed an innovative technology that will assist our insurance carrier and TPA relationships to provide efficient and cost- effective solutions," said Kirk Hoewisch, president of HSA Bank.