A news release said the companies’ integrated product offering will be available in the first quarter of 2005. Under the arrangement, HSA Bank will serve as the trustee for the health savings accounts and will provide enrollment services, account documentation, check processing, and access to investment services via its partners and affiliates, the announcement said.
Evolution Benefits will furnish debit card services and technology links to administrators. In addition to the “Benny” debit card, customers may request a distribution through the account administrator and/or by writing a check drawn on the HSA, the news release said.
“As a result of this agreement,” said Christopher Byrd, executive vice president at Evolution Benefits, in the news release, “EB and HSA Bank can offer health plans and third party administrators a turnkey HSA/debit card product that integrates seamlessly with other benefits, such as flexible spending accounts (FSAs) and healthcare reimbursement arrangements (HRAs).”
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