Press Coverage Research
This research has provided a summary of the press coverage that the following companies have received over the past 12 months: HealthEquity, Optum Bank HSA, Fidelity HSA, Bank of America HSA, Lively HSA, ConnectYourCare HSA, and BenefitWallet HSA. Fidelity recently launched Fidelity Works, a new solution created for small and mid-sized businesses. Optum Bank, ConnectYourCare, and Lively recently partnered with other companies to expand their offerings. Details on all companies have been provided below.
Presentation at Investor Conferences
- On February 20, 2019, Bloomberg reported that HealthEquity had announced its plans to present at certain investor conferences.
- The company announced that it would participate in the following conferences: BTIG MedTech's Life Science & Diagnostic Tools Conference and Raymond James 40th Annual Institutional Investor Conference.
- This story was covered by Bloomberg, GlobeNewswire, and P&T Community,
- Another topic that had press coverage for HealthEquity was the commencement of the proposed offering of the company's common stock, the pricing of the public offering of its common stock, and the closing of the company's "follow-on offering and over-allotment option".
- Between July 8 and July 12, 2019, this topic made headlines. It was covered by publications such as GlobeNewswire, Willkie Farr & Gallagher LLP, and StockGuru.
Acquisition of WageWorks
- On August 28, 2019, it was revealed that WageWorks' stockholders had "voted to adopt the agreement pursuant to which WageWorks would be acquired as a wholly-owned subsidiary of HealthEquity, Inc. (NASDAQ: HQY) ("HealthEquity") in an all-cash transaction."
- It was expected that HealthEquity will acquire all of WageWorks' issued and outstanding shares "for $51.35 per share in cash, representing a total enterprise value of approximately $2 billion." This acquisition was expected to close on August 30, 2019. The closure was subject to satisfaction of the remaining customary closing conditions.
- On August 30, 2019, GlobeNewswire reported that HealthEquity completed its acquisition of WageWorks. HealthEquity also announced details of the $80-$100 million investment to be made in service.
- This topic was covered by numerous publications, including MarketWatch, Business Wire, INO.com, GlobeNewswire, and Benzinga.
Debunking Common Health Savings Account Myths
- On October 15, 2019, media sources reported that HealthEquity had helped debunk the common myths that people may have regarding health savings accounts (HSAs). This date (October 15) has been marked out as the National HSA Awareness Day, which unites the healthcare benefits industry and the public "to discuss the power of HSAs and their impact in fighting prevalent healthcare issues facing Americans today, including managing health-related out-of-pocket expenses, preparing for unexpected healthcare costs and planning for retirement."
- To clarify certain misconceptions people have about HSAs, HealthEquity addressed these six myths: "HSAs are complicated"; "HSAs are one-dimensional"; "HSAs and 401(k) plans don't really work together"; "HSAs are only for rich people (and wealthy companies)"; " HSAs are designed for Baby Boomers"; and "HSAs are nothing but a tax shelter for the wealthy".
- Notable publications that covered this story include GlobeNewswire, MarketWatch, Yahoo Finance, and Business Insider.
Partner Growth and Year-End Sales Outlook
- On January 13, 2020, several media outlets reported that HealthEquity announced significant growth in its network of partners, as well as employers, served. The company also revealed that "it will provide final sales results for its fiscal year 2020, on February 18, 2020, while providing estimates of HSA members, HSA assets and Total Accounts for its fiscal year ending on January 31, 2020."
- Additionally, HealthEquity disclosed yield expectations on health savings accounts cash assets for its fiscal year 2021. These results and estimates were to be discussed during the company's presentation at the 38th Annual JP Morgan Healthcare Conference on January 15, 2020.
- Notable outlets that covered this story include the GlobeNewswire, New York Times, The Fly, and MarketWatch.
OPTUM BANK HSA
Optum Bank Partners With Betterment
- On June 12, 2019, InvestmentNews reported that Betterment had partnered with Optum Bank to offer "automated investing and advice for Optum Bank HSA".
- A major highlight of this partnership was the fact that it provided the robo advisor service access to "3 million customers and $9 billion in Optum's HSAs."
- Jon Stein, the Betterment CEO, announced this new partnership at CB Insights’ annual Future of Fintech conference in New York. Stein described it as a “simple, smart, automated HSA.” Ultimately, the aim of this new service is to help unused cash left in a health savings account to "grow tax-free as an additional retirement savings vehicle."
- This topic was covered by InvestmentNews, The HSA Report Card, Financial Advisor Magazine, and Johor Business Network.
Less Publicized Topics
- Optum Bank posted some news and regulatory updates within the past twelve months in its press center; however, these topics did not receive media attention.
- Topics highlighted in its press page include the following: "Making the most of your HSA" (September 27, 2019); "Action needed: Create your Optum Bank HealthSafe ID™ today" (August 20, 2019); and "Expansion of Health Savings Account (HSA)-eligible preventive care medicines and services for chronic illnesses" (July 19, 2019).
- Besides its partnership with Betterment, there were no additional third-party stories that generated significant coverage within this time.
Full-Service Health Savings Account
- Bloomberg reported on January 9, 2020, that Fidelity is the first company to offer a full-service HSA to financial intermediaries. The company's award-winning HSA was designed to help advisors meet the growing demand of their clients to manage healthcare expenses.
- The Fidelity HSA package is "a full-service, open architecture brokerage account that is fully integrated with [Wealthscape], Fidelity’s advisor technology platform." Through its service, Fidelity acts as the health savings account custodian; it also "provides all services integrated through its robust brokerage platform — allowing advisors to handle all aspects of clients’ HSAs, including professional investment management and operational oversight, in one place."
- This unique full-service HSA topic was featured on several publications including Wealth Management, ThinkAdvisor, Bloomberg, PLANADVISER, and Financial Advisor Magazine.
New Bundled Solution for Small and Mid-Sized Businesses
- On April 11, 2019, media outlets disclosed that Fidelity Investments announced the launch of Fidelity Works. This new solution was designed as "a comprehensive suite of benefits services created exclusively for small and mid-sized businesses."
- Through Fidelity Works, small and mid-sized businesses are offered a single and integrated experience to help in managing a suite of company benefits, including payroll services, retirement savings plans, health savings accounts, HR and benefits administration.
- This story was published on several media outlets including Business Wire, MarketWatch, PLANADVISER, and Employee Benefit News.
Addition of Over $98 Billion to Workplace Benefits Platform
- On August 1, 2019, another story that made headlines last year was Fidelity's addition of "more than $98 billion in sales from new 401(k), 403(b) and company stock plan clients over the past year."
- Fidelity's sales were driven by various factors, including the company's ability to provide personalized benefits experiences that enable employees to address their most important financial goals.
- This story was first reported by Business Wire. Other outlets that covered the topic include Bloomberg, InsiderTracking, US News, and PICANTE.
Health-Care Costs Analysis for Retirees
- On April 2, 2019, CNBC reported that Fidelity had disclosed a breakdown of the health-care costs for retirees. This analysis was broken down by gender. Fidelity revealed that the estimated cost for women is $150,000, while that of men is $135,000.
- Overall, a healthy female-male couple retiring at 65 years in 2019 was expected to spend $285,000 on their health-care expenses in retirement.
- This report received remarkable press coverage. It was featured on numerous outlets, including Yahoo Finance, MarketWatch, CNBC, Post-Bulletin, The Motley Fool, InvestmentNews, and Financial Advisor Magazine.
BANK OF AMERICA HSA
HSA Digital Platform
- Last year, Bank of America (BoA) launched "a new digital platform for health savings accounts (HSAs) designed to make the tax-advantaged savings vehicle more accessible and easier to use."
- This new platform includes the following: seamless integration between mobile and online channels; a bar code scanner that validates qualified medical expenses through mobile devices; a personalized user experience through targeted messaging, articles, and banners; and a new online learning platform for better understanding of health savings accounts.
- Bank of America's digital HSA solution was publicized by various media outlets, including PLANADVISER, PlanSponsor, ThinkAdvisor, and Employee Benefit News.
Less Publicized Topics
- Within the past 12 months, the only BoA story that has received significant media coverage is its digital HSA solution. However, the bank was featured on Morningstar's HSA ratings where it ranked as the third best company in terms of investing accounts.
- Bank of America's ratings, as compiled by Morningstar, were also included in other publications such as The Balance.
New Mobile App to Expand Accessibility to HSAs
- In April last year, Lively launched a new mobile app in order to expand accessibility to health savings accounts.
- Through the new app, users can track their spending, obtain receipts, get reimbursements quicker, and manage their accounts. The app was built to run on iOS devices.
- Examples of publications that covered this story include Bloomberg, Crowdfund Insider, Business Wire, and Mobile Payments Today.
Release of 2019 Data Showing HSA Users are Spending, Not Saving
- On January 23, 2020, "Lively released its second annual HSA Spend Report, giving a view into how and where consumers spend on healthcare costs each year." The report found that 96% of annual contributions were spent on routine visits and expected expenses.
- This was an indication that rising health-care costs are preventing people from being able to achieve the "long-term benefits of using an HSA to save for unexpected health events and the high cost of healthcare in retirement."
- This insight provided by Lively was covered by several publications, including Business Wire, Yahoo News, Bloomberg, and Tullahoma News.
Lively Partners With Visa
- On September 24, 2019, Business Wire reported that Lively had "announced a collaboration with Visa to bring Visa’s industry leading debit card processing to HSA spending."
- Through the partnership, Lively’s customers would get easier access to their health savings account funds quickly. They also now have access to reliable debit transactions that are secured by the innovation and strength of Visa Debit Processing.
- This story was publicized by Business Wire, Crowdfund Insider, Employee Benefit News, and MarketWatch.
CONNECT YOUR CARE HSA
Benefits Broker Industry Research Report
- On January 23, 2020, ConnectYourCare "announced the release of its first benefits broker research report". This report — "The Broker Guide to Refining Benefits Strategies for 2020 and Beyond" — surveyed health-care benefits brokers throughout the United States.
- The report uncovered the current challenges that brokers are facing. It also reveals how the role of these brokers has evolved as a result of changing employer needs.
- Findings reported in the research showed "that navigating the rising costs of health care benefits, while considering employee experience and the need for integrated technology, are top challenges for benefits brokers."
- This story was covered by Markets Insider, University Chronicle, and Cision PRWeb.
Partnership With T. Rowe Price
- On December 18, 2019, ConnectYourCare "announced that it will offer an integration of its health savings account (HSA) solution into T. Rowe Price Retirement Plan Services Inc.'s retirement plan offering."
- This product was scheduled to launch in early 2020. In the partnership, ConnectYourCare serves as the product administrator and custodian.
- This report received coverage from publications such as Markets Insider, PR Newswire, Benzinga, and PLANSPONSOR.
Partnership With Winston Benefits
- On May 23, 2019, ConnectYourCare announced that it had partnered with Winston Benefits to offer "current and future clients an expanded set of enrollment options." Through the collaboration, employers will be able to access more benefits solutions that they can offer to their employees.
- Benefits that would be available through the partnership include ConnectYourCare's health saving accounts (HSAs), health reimbursement arrangements (HRAs), flexible spending accounts (FSAs), and COBRA administration benefits. All these will be available in addition to Winston Benefits' carrier partner alliances and enrollment channels.
- This partnership was featured on Markets Insider, Employee Benefit Adviser, and Apps Run The World.
BenefitWallet up for Sale
- Within the past twelve months, there has been very little press coverage of BenefitWallet. Upon inspection, it appears this company is currently experiencing a financial crisis. In June 2018, Seeking Alpha reported that a $2 billion Texas Medicaid lawsuit would "empty Conduent's 'Benefit Wallet.'"
- The Seeking Alpha report was referenced by various publications, including News Quantified and World News Network.
- Recently, a PE Hub report published on October 25, 2019, stated that Conduent was seeking a buyer for BenefitWallet. While this report is only available to registered users, other publications have made reference to PE Hub's findings, including The Fly.
- On October 28, 2019, The Fly made reference to PE Hub's report, saying PE Hub's Luisa Beltran had cited four sources in reaching the conclusion that Conduent was seeking a buyer for BenefitWallet.
- According to Luisa Beltran, the sale plans came after "the company's announcement of a strategic and operational review in August."