Fifth Third Bank, Chard Snyder and WEX Health Introduce New Consumer Directed Healthcare Solution
Solution Streamlines Benefits and Offers, Makes it Easier for
Employers to Administer Health Plans and Tax-Advantaged Financial
Accounts
CINCINNATI–(BUSINESS WIRE)–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, 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.
Copyright © 2016. Fifth Third Bank, Member FDIC, Equal Housing Lender,
All Rights Reserved.
Contacts
Fifth Third Bank
Laura Trujillo, 513-534-4361
Laura.trujillo@53.com
