SAN FRANCISCO, Oct. 4 /PRNewswire-FirstCall/ -- Wells Fargo today introduced new online portals allowing both businesses and individuals to administer health care benefits online.
Businesses can use the CEO(R) Health Benefit Services to reduce paperwork and increase security of confidential information by administering their employee health benefits online, with all the security of Wells Fargo's best-in-class internet portal, the Commercial Electronic Office(R) (CEO(R)). Individual plan participants, whether employees of Wells Fargo's business customers or individual healthcare consumers, now have the Wells Fargo Health Account Manager(SM), a single, secure site from which to access detailed account activity, claims information, and forms for their high deductible heath plan accounts.
"Unlike other providers, Wells Fargo Health Benefit Services delivers the advantage of an integrated product," said Jose Becquer, executive vice president and head of Wells Fargo Health Benefit Services. "As a diversified financial services company, Wells Fargo speeds up access to healthcare funds and information because we hold not only the account, but also the assets, the investment options, and the processing together under one roof."
In addition to advanced online security and encryption, businesses using CEO(R) Health Benefit Services enjoy a dramatically improved method for submitting benefits information, providing a way to manage employee plans faster and easier. Standard file templates allow for simple uploading of Contribution and Eligibility files, while the ACH Debit electronic funding option eliminates the need for paper checks when submitting contribution funds. Single sign-on to access CEO helps plan administrators view real-time status of file validation, receive immediate file error notification, view file submission history and details, download guides, and generate reports.
Individual plan participants will enjoy similar advantages to using the Wells Fargo Health Account Manager(SM) online at https://healthbenefits.wellsfargo.com/. Using leading edge technology and sophisticated encryption, individuals with high deductible health plans and investment accounts can view detailed account activity, set up or change their direct deposit account, monitor debit card or claim activity, download forms, and access benefit calculators to model outcomes of investment strategies.
Created in 2004, Health Savings Accounts (HSAs) are tax-advantaged investment savings accounts for individuals participating in high deductible health plans. They can help employers reduce company expenses, offer a better benefits package to employees and provide them with added flexibility, choice and tax advantages -- ensuring stability for future health expenses. In 2006, Congress enacted changes to HSAs to make them more attractive to investors, including increased annual contribution limits, simplified contribution rules for mid-year enrollees, and tax-free transfers from an IRA.
Wells Fargo Health Benefit Services (HBS), a division of Wells Fargo Bank, N.A., is a premier provider of health and wealth management solutions for companies across the nation. Headed by Jose Becquer in the Wholesale Services Group, HBS helps companies provide tax-advantaged health care solutions for their employees. With a national service center in Salt Lake City, HBS holds more than $165 million on deposit for 125,000 account holders, and specializes in the administration of:
-- Health savings accounts (HSAs) -- Flexible spending accounts (FSAs) -- Health reimbursement arrangements (HRAs)
Wells Fargo & Company is a diversified financial services company with $540 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."
