SelectAccount, a leading provider of medical savings accounts, celebrates 25 years dedicated to health care account administration. A legacy built on a business model focused solely on medical account management and providing the greatest consumer value through a tiered product offering, no traditional banking fees or hidden costs and dedication to customer service. A legacy now portrayed in a bold new brand.
“As we pause to look back on our accomplishments over the last 25 years,” Carol Kraft, President and Chief Operating Officer of SelectAccount reflected, “I am proud of the leadership role we have played in shaping the medical savings account market. Innovations that span from our first Flexible Spending Accounts (FSA) offered in 1989, to enhanced member reimbursement through electronic claims crossover in 1994, then being one of the first companies to administer Health Saving Accounts (HSA) nationwide in 2004, pioneering tiered HSA plans in 2007 and the online member tools and education provided today. We are extremely proud of the fact that 11 of the groups that joined us in 1989 as our very first FSA customers are still with us today. A figure most of our competitors would be hard pressed to match.”
Continued growth in consumer-directed health plans and the necessity to create better health care consumers is fueling interest in HSAs as a solution to not only pay for current medical expenses but to plan for future health care needs. According to David Cantu, SelectAccount Vice President of Marketing, Sales and Public Relations, “We are seeing our member’s perspective transform from health spending accounts to health savings accounts as evidenced by the growth in our average base account balances. A focus reflected in our new brand symbolizing consumer choice and our continued commitment to protecting and guiding our clients as they navigate, plan and take control of their health care expenses.”