Bend Financial's Bend HSA Simplifies Health Savings Account Ownership
Gina Veazy, Nov 13, 2018 10:00:00 AM
Bend Financial's Bend HSA Simplifies Health Savings Account Ownership with Artificial Intelligence-Driven Guidance for Individuals
Bend Financial began enrolling Bend HSA account holders in October.
Bend will implement Bend Advisor for 2019 effective date accounts, thought to be first use of AI to help individuals maximize the tax and financial benefits of an HSA and achieve financial wellness.
BOSTON, Mass. November 13, 2018
Bend Financial (Bend), which began enrolling Bend HSA account holders in October, announced a new, artificial intelligence-enabled feature today, Bend Advisor. Working in conjunction, Bend HSA with Bend Advisor will help account holders maximize the tax and financial benefits of health savings account (HSA) ownership and achieve financial wellness. Bend Advisor is thought to represent the first application of artificial intelligence to simplify HSA ownership.
Existing Bend HSA account holders will benefit from the December 2018 implementation of Bend Advisor immediately. Bend HSA with Bend Advisor is being actively marketed to additional employer groups and brokers throughout the United States for the 2019 effective date season.
“Not everyone is a financial guru – and we don’t think people should have to be to use and maximize their HSA,” said Tom Torre, Bend Financial CEO. “Technology can be a partner that gives people confidence in their ability to get the most tax and financial benefit from an HSA, and technology can also make it less costly and less time-consuming for employers to administer those benefits.”
A stark departure from HSAs that have come before it, Bend’s HSA, through its Bend Advisor feature, learns about individual circumstances and offers advice tailored to help account holders maximize tax savings and health spending, save and grow their accounts and achieve financial wellness. As employees link up their preferred methods of payments and accounts, Bend Advisor monitors all types of transactions and simplifies, organizes and advises the account holder as to the best actions to take next. This information is also used to generate a dashboard with information such as contribution goals, details about how HSA dollars are being spent and guidance to help the individual get even more value from their HSA.
Importantly, Bend’s HSA, with its Bend Advisor feature also reduces employer tax burdens by increasing employee HSA contributions. Unlike other HSAs, the Bend platform is uniquely capable of helping consumers move from non-funders to spenders, to savers, then investors. Bend does this by identifying HSA-eligible expenses and making it easy for account holders to increase or initiate pre-tax payroll contributions throughout the year. This feature promotes employee satisfaction while reducing employer payroll taxes. In addition, the system streamlines employer plan administration through tight integration with the payroll system, automating frequent updates to employee payroll deductions.
Bend Financial also makes it easy for employers, partners such as brokers, and ultimately account holders, to get additional information or sign up. Its web site, www.bendhsa.com, features screen shots and thoughtful FAQs geared to the specific needs of each group, as well as contact information for sales and customer support.
About Bend Financial
Bend Financial is a Boston-based technology and services company that provides health savings account and financial wellness solutions to individuals, employers and organizations in the group benefits distribution market. Its innovative approach and product offerings simplify the use of HSAs while making the product attractive to all types of health care consumers.