Optum Bank HSA
Fidelity promotes its Health Savings Account (HSA) as an easy solution for employees' healthcare spending and future investment. There are different proofs it extends to this effect, including promising that the account will grow at a rate of 12% year-over-year, as well as to enable them to earn more.
- Fidelity markets its Health Savings Account (HSA) as an easy solution for employees' healthcare spending and future investment, helping them to "manage their health expenses while they plan, save, and invest for the future."
- For customers who subscribe to its HSA product, Fidelity guarantees that the account will grow annually at a rate of 12%.
- Additionally, Fidelity claims that the HSA product offers employees value and choice, enabling them to earn more, as well as build their savings by rolling over unused funds each year.
- Fidelity, a privately-held financial services company, does not disclose its financials to the public. Therefore, details regarding the amount spent on advertising its HSA product is not available in the public domain.
- There are no specific marketing campaigns driven by Fidelity for its HSA product. However, the firm establishes itself as a thought leader in the industry, providing tips and educational materials, as well as videos related to the product to its customers.
- Fidelity uses videos and short informative bullet points to get its marketing message across. However, conducting a marketing campaign for its HSA product must not be a priority of the bank — even its social media profiles do not feature HSA-related material or campaigns.
Bank of America HSA
- Bank of America markets its HSA product an account focused on saving for its customers' health, using memorable phrases such as "Save for a healthy tomorrow," and "Save it. Use it. Never lose it" to persuade its target group.
- The company claims that the HSA product offers a life tax advantage that allows employees to contribute funds on a pre-tax base to save for current and future medical expenses.
- Other points the company is using to support their claims include; its HSA offers a tax-free contribution, tax-free gains, and tax-free withdrawals, along with the benefit of unused balances rolling over to the next year, thereby increasing savings.
- Bank of America does not disclose its marketing spend on the HSA product, although the company spent a total of $1.5 billion on its marketing spend, in general, in 2018.
- The company has not officially launched a marketing campaign; however, it presented a video on its official website advertising the HSA product. The general textual content of the video includes 'the power to be prepared, healthy saving, save for tomorrow' and more.
- Lively markets its HSA product as a modern health savings account, using memorable phrases such as "save more for the expected and unexpected," "build a healthcare safety net with a Lively HSA," and "the modern health savings account."
- The company claims their account holders have saved over $1,378,858 in fees. It also offers a free account opening for individuals and families.
- Lively is a private company, and so does not publicize its financials. There are, therefore, no data regarding the marketing spend on its HSA product.
- However, it has raised about $27 million in Series B to increase healthcare savings across America.
- There are no specific marketing campaigns driven by Lively for its HSA product. However, the firm establishes itself as a thought leader in the industry, providing tips and educational materials, as well as videos related to the product to its customers.
Connect Your Care HSA
- Connect Your Care uses messages such as "Empower Employees, Save the Bottom Line" and "Control employee benefit costs with HSA on-demand" to persuade customers to subscribe to its Health Savings Account.
- The financial business claims to offer an administration solution that includes payment cards that enable employees to easily access funds, an online portal, and a mobile app at any time.
- The company also claims to offer employees control over their own health care finances, enabling them to realize cost savings.
- Connect Your Care is a private company, and so does not publicize its financials. There are, therefore, no data regarding the marketing spend on its HSA product.
- The company has not officially launched a marketing campaign, but has presented a video on its website advertising its HSA product with the title "HSA On Demand Overview." The video, generally, introduces the Connect Your Care HSA product, listing the benefits and other significant features of the product.
Benefit Wallet HSA
- The marketing message used by Benefit Wallet to promote its Health Savings Account is: "Get more from your HSA with a Benefit Wallet HSA; it’s your money to save, spend or invest."
- Benefit Wallet claims its HSA is FDIC-insured with a trusted bank custodian — with no minimums, no loads, and no transaction fees.
- The company also promises its clients up to 35% savings on healthcare costs, which they can use together with their families.
- Benefit Wallet is a private company, and so does not publicize its financials. There are, therefore, no data regarding the marketing spend on its HSA product
- The company has not launched any marketing campaign; however, whenever they do post about their HSA product, they focus on providing tips and educational materials to its customers. They have also used videos to talk about this.
To provide data on the companies marketing strategy (Fidelity HSA, Bank of America HSA, Lively HSA, Connect Your Care HSA), including their messaging, and campaigns, advertising spend, and more, the research team searched for their financials, including the annual reports, and SEK filings, but found that the companies are privately-held, and so do not disclose their financial reports to the public. We also searched the official websites, press releases, and social media platforms, and was able to obtain their marketing message specific to HSA products and the different points or proofs they are using to support those claims. However, we were still unable to establish any marketing campaign or market spend for each company. We believe the information is not readily available because the companies are private; private companies are under no obligation to publicize their financial data. Also, the HSA product seems to be a new offering for most of the companies and, therefore, they are yet to launch any marketing campaigns in their favor.