Products December 16, 2008

SunTrust Introduces HSAs

December 16, 2008 (PLANSPONSOR.com) - SunTrust Banks, Inc. has announced what it called a turn-key Consumer-Directed Healthcare (CDH) solution for employers seeking to take control of their healthcare costs.
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According to a press release, the SunTrust Health Savings Account (HSA) combines administrative and financial components, including a healthcare payment card, integrated account management, online healthcare tools, and HSA investment options, offered through a single custodial partner.

In partnership with ConnectYourCare, a provider of CDH tools and account administration, the SunTrust HSA incorporates a user friendly web portal with wellness information to “empower individuals to take greater control of their healthcare financial planning,” according to the firm.

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According to the announcement, benefits of the new service include:

  • Real-time Employer Reporting and Control Tools: Employers can manage their employee and account data through access to the Employer Dashboard, an online management tool that enables employers to maintain and update employee information, such as employment status, demographic information, direct deposit, and payroll deductions. Employers also have access to a variety of reports to help monitor account activity related to claims, as well as treasury-related money movement controls.
  • Participant Health Education and Empowerment Tools: The web portal provides a suite of online health-related tools such as hospital and drug comparisons, wellness and exercise guides, and medical research.
  • Healthcare Payment Card: The healthcare payment card provides a consumer-friendly process for expense reimbursement.
  • Banking and Investment Platform: Account holders will have access to HSA investments through a single sign-on portal, where they can view and select investment choices that include an FDIC insured deposit account and several mutual funds.

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