DataPath's HSA Solution
DataPath is opening up the HSA market to PSPs with its latest product, HSAtoday, a turn-key solution that revolves around the Plan Service Provider. HSAtoday offers two approaches to the HSA market in order to meet the unique needs of its users:
Approach 1: HSA Administration and Certification. In this approach the employee gains account access through myRSC.com and can electronically make contributions, request withdrawals, and receive monthly statements—all under the PSP's watchful eye. This way the PSP can provide certification that the employee's contributions and the distributions meet the IRS requirements.
Approach 2: Custodial Account Management. This approach provides the necessary system for HSA Custodial Account Management and Customer Service. (The system facilitating this approach will be the first released by DataPath.)
HSAtoday gives the PSP access to:
- A new way to earn commissions and residuals
- Easy HSA administration solutions for groups and individuals
- Immediate entry into the HSA market
- An HSA Custodian for your clients
And opens up opportunities for the PSP to profit through:
- HSA Fee Participation
- Account Setup
- Monthly Fees
- HSA Access
- You will have clients calling you, not calling your competitors.
- You can serve as the Customer Service Representative for the custodian and as the Agent for the account holder.
- HSA Portability
- You can have a client for life, not just for the length of employment.
- Value-Added Services
- You will have more flexibility and can coordinate HSAs with your other plan designs.
HSAtoday provides a complete software solution with marketing materials, documents and forms, and a solid financial institution to act as your HSA custodian plus access to myRSC.com for on-line self service. This myRSC.com access prevents you or your clients from being bombarded daily with questions or bogged down with paperwork.
When this product was presented at the DataPath Annual Conference, one attendee commented, “Let's get this going NOW!!! We want to market and have people waiting.” The market is there, and DataPath is dedicated to giving you the necessary tools to compete in the market.
Go to myHSAtoday.com to learn more about this exciting new product, and watch this newsletter for further information and release dates.