Cincinnati - Fifth Third Bank has introduced a new Consumer Directed Healthcare Solution, making it easier for business customers to administer high-deductible health plans paired with tax-advantaged financial accounts such as a Health Savings Account (HSA), Flexible Spending Account (FSA) and a Health Reimbursement Arrangement (HRA).
Fifth Third joined Chard Snyder along with technology platform provider WEX Health to deliver a seamless experience and create one-stop shopping for employers. The solution aligns Fifth Third’s strength and stability with WEX Health’s leading technology and culture of innovation and Chard Snyder’s excellent customer service.
“It’s one more way we can help businesses save money and help their employees understand and utilize these tax-savings accounts,” said Jimm Bell, director of card services for Fifth Third Bank. “As benefits become even more important for employee retention, it’s a smart service for companies to offer.”
Fifth Third recognizes that delivering affordable health care is one of the biggest challenges for its clients. More companies are moving to high-deductible health plans which can help save on medical costs by having its employees more actively engage in saving, and paying for their own health care. Fifth Third’s Consumer Directed Healthcare Solution is a comprehensive solution, with easy administration, that can support its customers as their benefits offerings change.
The Fifth Third CDH Solution also makes it easier for employees to manage their healthcare dollars and tax-advantaged accounts.
Chard Snyder, a leading national employee benefits administrator, will administer the plan and help educate employers and employees on pre-tax benefits and long-term savings goals.
“Fifth Third has a similar philosophy as we do: We want to enable collaborative relationships and give clients the tools to understand their benefit plans’ performance,” said Jodi Graham, vice president of sales for Chard Snyder. “And we want employees to feel confident they have the resources needed to manage their healthcare expenses.”
WEX Health technology platforms provide healthcare payment solutions to more than 200,000 employer groups and more than 17 million consumers. “Fifth Third has built a powerful reputation by delivering on its mission to improve lives in all the markets it serves,” said Jeff Brunsberg, chief market officer at WEX Health. ”It is an honor to deepen our relationship with Fifth Third and to help further enhance the company’s best-in-class products and service.”
The Fifth Third CDH Solution allows companies to streamline the administration of benefits with all tax-advantaged accounts under one umbrella. Fifth Third delivers one experience: A single platform, portal, login, and Multi-Benefit card bringing multiple accounts together into one, easy-to-use offering for both the employer and employee.
The Fifth Third Consumer Directed Healthcare Solution offers employers:
- Easy-to-use portals to provide enrollment and eligibility management, account funding, automated communications and employee management.
- Flawless implementation and servicing.
- Reporting for quick and easy access to data.
- Fraud protection and security.
The Fifth Third Consumer Directed Healthcare Solution offers employees:
- Easy-to-use portal to track expenses, manage payments, plan and budget for future healthcare needs.
- Multi-Benefit card that provides flexible payment options with the ability to access more than one account on the same card, and pull funds from the appropriate accounts.
- Mobile application providing complete access to all accounts with one password.
- On-site education and enrollment support.
“Fifth Third wants to empower its clients to offer the right account and the right solutions for their employees to take control and manage their own healthcare expenses,” Bell said.
Employees can use the Fifth Third Multi-Benefit card for all accounts – including HSA, FSA and HRA.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $144 billion in assets and operates 1,191 full-service Banking Centers, including 94 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,541 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth and Asset Management. Fifth Third also has an 18.3% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2016, had $305 billion in assets under care, of which it managed $26 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Member FDIC, Equal Housing Lender.
About Chard Snyder:
Chard Snyder Benefit Solutions empower people to make their earned dollars go further in the areas they need most to care for their families. Our easy-to-understand and even easier-to-use benefit services for Savings and Spending Accounts, Benefit Continuation, FMLA Leave Administration, and Plan Documents are powered by sophisticated technology but supported by real people. Headquartered in Cincinnati, OH, we’ve been committed to creating a simpler today and more secure tomorrow for our clients, partners, and participants since 1988. Find out more about Chard Snyder Benefit Solutions at www.chard-snyder.com or 800.982.7715.
About WEX Health
At WEX Health, we simplify the business of healthcare. We do that through WEX Health Cloud, a cloud-based healthcare financial management platform that drives efficiency for benefit administration technology, consumer engagement, and advanced billing and payments. Our network of partner organizations enables us to deliver our industry-leading and award-winning solution to 200,000 employers and more than 17 million consumers across the United States and Canada. Together we take the complexity out of defined contribution, HSAs, HRAs, FSAs, VEBAs, PRAs, premium billing, public and private health insurance exchanges, COBRA, wellness plans, and transit plans. Learn more at www.wexhealthinc.com, and follow WEX Health at @WEXHealthInc.