DriveHSA, DriveWealth’s HSA-focused division, believes this new solution will provide a “frictionless” HSA platform that will in turn foster increased engagement of MotivHealth members. “The tax-advantaged HSA can be a critical tool in helping users combat ever-increasing health care and retirement costs,” said Bob Cortright, DriveWealth Founder and CEO. “We’re proud to partner with MotivHealth to provide their clients with the flexibility they need to save for their future via a seamless, digital-friendly experience.”
Not only does this HSA solution help counter soaring healthcare prices and encourage users to prepare for the future, but DriveWealth feels it solves the difficulty of building a diversified portfolio by using the company’s Fracker technology. Fractional shares allow real-time investing of HSA funds and empower holders to achieve a more optimal diversification without holding a large number of assets in their accounts.
The partnership is unique in that most HSAs are offered by a third-party bank, however, the HSA will be offered by technology firms. This allows account holders to manage all aspects of their HSA in a single platform. Additionally, MotivHealth offers incentive program such as their Steps Program, which allows the account holder and their spouse each to earn $1 for every day they walk 8,000 steps or more up to 20 days per month, that allow users to further fund their HSA.
“HSAs are a great way to engage people to help lower overall healthcare costs while preparing for future medical expenses,” said Dave Hall, founder and CEO of MotivHealth. “We have built our own, proprietary API based HSA platform; the missing piece was an API based investment solution that would complete the seamless user experience that we feel is needed to drive better engagement. DriveWealth was the answer and we’re proud of this partnership that helps us stand apart as the only known insurance company to offer a product like this.”