Helps Business Customers Administer High-Deductible Health Plans, and Makes it Easier for Employees to Manage Tax-Advantaged Accounts

Fifth Third Bank is introducing a 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).

The Fifth Third CDH Solution also makes it easier for employees to manage their healthcare dollars, and tax-advantaged accounts.

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 product launches today.

“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.”

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 $141 billion in assets and operates 1,254 full-service Banking Centers, including 95 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,593 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. 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 December 31, 2015, had $297 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.

Copyright © 2016. Fifth Third Bank, Member FDIC, Equal Housing Lender, All Rights Reserved.

Fifth Third BankLaura Trujillo, 513-534-4361Laura.trujillo@53.com

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