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Health savings account (HSA)/high-deductible health plan enrollment is increasing.
To help third-party administrators (TPAs) compete in the HSA market, DataPath is expanding Summit, its cloud-based consumer-driven health (CDH) and COBRA administration platform, to include HSA and investment functionality.
The company claims that when Summit is expanded to include HSA and investment functionality this March, it will be the only platform in the industry to have fully-unified CDH, Investment and COBRA billing functionality.
Summit allows TPAs to be more efficient by keeping all administration together in one system and saves time by eliminating the need for separate CDH and Billing systems. The inclusion of HSA and investment functionality will help TPAs increase revenue and deliver greater client satisfaction due to the platform’s low investment threshold, customer support and intuitive interface. As a custodial platform, Summit offers TPAs a single relationship and point of contact for HSA management and investments; there is no need for separate partnerships with banks or other entities. This not only makes it easy to use, but also reduces security issues.
More information is here.