Fifth Third Bank Introduces New Consumer Directed Healthcare Solution
April 18 2016 - 10:15AM
Business Wire
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160418006029/en/
Fifth Third BankLaura Trujillo,
513-534-4361Laura.trujillo@53.com
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