SOURCE: Array Health; HealthEquity

Array Health; HealthEquity

Array Health; HealthEquity

April 13, 2015 09:00 ET

Array Health and HealthEquity Partner to Address Growing Demand for Personal Health Accounts

Array Health to Integrate HealthEquity's Personal Health Account Offerings Into Array Spectrum® Health Insurance E-Commerce Platform

SEATTLE, WA--(Marketwired - Apr 13, 2015) - Array Health and HealthEquity, Inc. (NASDAQ: HQY) today announced a partnership to provide personal health accounts on the Array Spectrum® e-commerce platform. Through this transformative partnership, the Array Health private exchange solution will provide seamless access to HealthEquity's personal health account offerings, including health savings accounts (HSAs) and flexible spending accounts (FSAs).

The Array Health private exchange solution enables health insurers to deliver their own branded online exchange -- a strategic channel that helps them differentiate their offerings, better serve their existing customers and attract new members. Array Health's private exchange solution can be used by health insurers to manage active and retiree groups as well as individuals. The solution supports multiple funding models, including defined benefit and defined contribution, and is built upon the Array Spectrum® health insurance e-commerce platform.

The Array Health - HealthEquity partnership will enable health insurers to become more competitive by providing a new, robust and comprehensive offering that keeps pace with market demand. The personal health account offerings will accommodate both employer and employee contributions and provide account holders an opportunity to save money for qualified medical expenses on a pre-tax basis. Seamless integration during the shopping experience will allow members who qualify for an eligible plan to select from a number of personal health account options and desired contribution amounts.

"We are thrilled to partner with HealthEquity to offer a comprehensive personal health account option," said Jonathan Rickert, CEO of Array Health. "HealthEquity is a leader in providing employers and consumers with simplified cost-saving solutions. Through this partnership, we can further expand our branded private exchange offering to help insurers provide an excellent shopping, enrollment and care management experience for employers and consumers."

"Americans are increasingly recognizing the long- and short-term benefits of HSAs and are adopting these personal health accounts at an unprecedented rate. Our new partnership with Array Health allows us to offer our products to an even broader audience," said Jon Kessler, CEO of HealthEquity. "We are excited about the partnership and look forward to providing health insurers with this robust new solution."

Array Health and HealthEquity will present a joint webinar, "Breaking News: How goes the shift to consumerism and retail insurance?" that will showcase the new offering on April 14, 2015 at 11 a.m. PDT. To learn more and register, click here.

About Array Health
Array Health brings consumers and insurers closer together by powering a personalized health insurance experience. Its cloud-based e-commerce software platform enables health insurers to deliver their own branded online exchange -- including e-commerce support throughout the value chain of brokers, employers and consumers, across all lines of business. The company's technology gives employers a new way to control costs and personalizes the health insurance experience for consumers, enabling them to make more informed decisions and to more deeply engage in their health. Array Health is a privately held company based in Seattle. To learn more, visit arrayhealth.com.

About HealthEquity
Founded in 2002, HealthEquity is one of the nation's oldest and largest dedicated health savings custodians. The Company's innovative technology platform and tax-advantaged accounts help members build health savings, while controlling health care costs. HealthEquity services 1.4 million health accounts for 70 health plan partners and employees at 27,000 companies across the United States. To learn more, visit http://www.HealthEquity.com.

Contact Information

  • For Array Health
    Collin Roberts
    Edelman
    (206) 664-7839
    Email Contact

    For HealthEquity
    Cody Dingus
    HealthEquity Director of Marketing
    (801) 633-5466
    Email Contact