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First HSA Provides Enthusiastic Endorsement of Inovius 'Do the HSA ...

Inovius, Inc., a pioneer in the development of interactive healthcare proposal building and comparison systems, has introduced a web-based "Do the HSA Math" Toolkit for brokers, banks and other Health Savings Account administrators. The Toolkit includes interactive "Build and Compare an HSA Plan" and "Employee Out-of-Pocket Comparison" Dashboards, Future Savings and Costs Calculators, and an HSA Learning Center with video tutorials and resource information.

Inovius, Inc.

"The Inovius Toolkit is phenomenal", says Bill West, founder and CEO of First HSA, one of the country's leading HSA administrators. "The biggest challenge we see in the HSA market is helping people objectively evaluate and compare their health plan options. The joy of these great interactive tools is that employers and employees can, in a few clicks, easily 'do the math' in comparing an HSA-compatible plan with other plans."

Projected HSA Enrollment Rates Increase by Over 600%

According to West, "Some of our large employer clients who were projecting only 7% HSA enrollment rates have increased their projected acceptance rates to 50% as a result of using the Inovius decision tools. The easy-to-use dashboards powerfully demonstrate that under these employers' plan designs, there is literally no scenario where the employee is not better off under the HSA plan. Our clients are thrilled."

"We created these tools for our own HSA business as a result of seeing too many employers walk away from hundreds of thousands of dollars in potential premium savings because they were afraid the high-deductible plan would increase the out-of-pocket risk for their employees," says Jim Phillips, founder and president of Inovius and its HSA administrator affiliate, Veritas Health Systems.

"Once we were able to demonstrate that they could use some of their premium savings to fund employee HSAs while still realizing double digit savings and leave their employees even better off under an HSA plan, it became much easier to sell the concept. Visually illustrating 'the HSA Math' demystifies the decision-making process for both employer and employees."

Employer Funding of Employee HSAs is Key

"It's not enough to just add an HSA plan," Phillips points out. "Some level of employer funding of the employee HSA is critical. This issue often gets overlooked in HSA plan design and sales, but it's the single most important factor in determining employee enrollment.

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