The influence of artificial intelligence (AI) is growing and more people are willing to embrace the technology, including in their finances.
A 2018 AITE research study discovered 79 percent of 22- to 34-year-olds and 77 percent of 35- to 49-year-olds indicated interest in getting virtual financial help.
Traditionally, a health savings account (HSA) –despite being a valuable resource to pay and save for healthcare costs – is one area that remains a bit of a mystery for high-deductible health insurance plan holders. In a homogenous market with 1000+ players, the majority of whom are more traditional banking institutions, there is a significant opportunity to be a disrupter by creating a trustworthy, approachable experience for consumers.
How AI and machine learning technologies may support HSA?
Usually, HSAs are only transactional accounts that simply provide account balances to patients and forces them to learn on their own. AI solutions simplify HSA ownership, learning about the users and their financial goals to develop a guide on the next steps. AI solution will recognize patterns, suggest optimizations, and better position users to maximize their savings while enabling them to feel confident in how they are spending.
Artificial Intelligence solutions used in supporting HSAs make it easy for employees to know which expenses are eligible for HSA funds, helping them to either be reimbursed or save the expense for later reimbursement. Identifying eligible expenses is simplified since such solutions may link to employees’ preferred methods of payment, providing them with an easy way to track and manage expenses, as well as allowing them the flexibility to pay for healthcare in the way that works best for them. As the technology captures more data and better understands the transactional behavior of employees, platforms such as BendHSA can begin to make various recommendations, such as increasing contributions in order to maximize tax savings.
These efforts enable employees to be more engaged in their HSA account and better positioned to improve their pre-tax benefits.
How Freeport Metrics supported HSA with technology?
Unlike some of our clients, Bend already had their own web application development team and was primarily looking for a design partner. We went beyond simply creating screens, and instead developed an entire design system in a very rapid timeframe, giving this client a launchpad for success. Our deliverables included a fully responsive HTML prototype that’s ready for API integration, as well as a documented design framework that is a blueprint for product extension and evolution.
The Bend Advisor is an intelligent engine that helps employers save money while providing valuable information. Because the platform makes it easy for employees to identify eligible expenses and increase their pre-tax payroll contributions, it leads to a growth in contributions. This growth, in turn, increases employer FICA tax savings. In addition, the Bend Employer Dashboard provides easy, at-a-glance access to data, so employers can see the value they and their employees are receiving with Bend.
Bend HSA also automates and simplifies plan administration. Through a variety of third-party integrations, Bend manages enrollments and account setup, making the entire process much more efficient.
Rising healthcare costs have placed greater pressure on employers and employees to find ways of saving money. HSAs have proven to be valuable, but too often, both employers and employees are left in the dark on how to use the pre-tax accounts.
We are happy that we were able to be a part of the project and lead the Bend team through a business model canvas to clarify project drivers and to align around strategic goals.