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Publish Date : 25-Oct-2012

Tango Health, the premier provider of health savings account (HSA) management software and services, and SelectAccount®, one of the Top 10 HSA custodians in the country, announced today an agreement to deliver best-in-class flexible spending account (FSA) and HSA solutions to employers.

Beginning in January 2013, SelectAccount, a Minnesota-licensed insurance company and affiliated business of Blue Cross and Blue Shield of Minnesota, will become a preferred custodial banking option for Tango Health customers. This arrangement gives employers an opportunity to combine the consumer-directed health care and technology expertise of two proven leaders. Through the bundling of SelectAccount’s industry-leading medical spending accounts with Tango Health’s innovative HSA management software and tools, employers can have a single source for maximizing savings and tackling the increasingly complex challenges of regulatory compliance.

Tango Health’s flagship Web-based HSA solution is the only platform that serves the needs of an employer’s entire population, ensuring they get the maximum engagement, satisfaction, compliance and tax benefit for themselves and their employees. Tango Health’s employer clients have an HSA account-opening rate among eligible employees of more than 95 percent, compared to an industry average of 55 percent, and client payroll contribution dollars are two times the industry average.

A recognized expert in medical spending accounts, SelectAccount is one of the country’s most successful and largest account custodians. An early innovator in FSA, HSA and HRA products, SelectAccount was among the first to offer tiered HSA plan designs, multiple account stacking options and HSA investment options.

“SelectAccount has developed a value proposition that sets us apart from other custodians, based upon consistently fulfilling our commitment to deliver no hidden bank fees and a keen understanding of both the health care and HSA markets,” said Dave Spalding, CEO of SelectAccount. “Our collaboration with Tango Health is an excellent platform for bringing best-in-class health spending solutions to an even broader base of account holders and employers, all while helping customers realize the greatest savings potential and a simplified regulatory compliance process with Tango’s state-of-the-art HSA management platform.”

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