Press Release: May 29, 2019
Salt Lake City, UT
The use of health savings accounts (HSAs) as part of employer-sponsored health plans has skyrocketed in recent years, and one Utah company is at the forefront of that movement.
There are currently 25 million HSA accounts in the United States, holding an estimated $53.8 billion in assets, an enormous growth from just a few years ago. HSAs, which are personal, tax-advantaged savings accounts that can be used to pay for medical expenses, are increasingly popular because of the power they give the consumer over their healthcare choices and their healthcare dollars. MotivHealth, formerly HSA Health Insurance, has been offering solely HSA-based health plans since January 2016.
Based in South Jordan, Utah, MotivHealth has successfully implemented the HSA approach for hundreds of Utah companies, their success evidenced by rapid growth in just three years.
“We truly believe that HSA-based plans are a better way to help you pay for healthcare today while building health savings for the future,” says Dave Hall, founder and CEO.
Money, including premium savings, can be deposited tax-free into an HSA to pay for current or future qualified medical, dental, or vision expenses for individuals and their dependents. HSA dollars roll over year to year, making them a powerful financial asset for future security.
The name change came, Hall explains, because the company is motivated to change healthcare, and to challenge the status quo.
“Everything we do focuses on overcoming traditional or outdated notions of health insurance with innovation, creativity, and engagement,” says Cole Hansen, MotivHealth’s Director of Member Experience. “We believe that no matter who you are or what you do, our unique, member-centered approach will transform passive patients into empowered healthcare consumers.”
Many Utah companies are feeling the weight of rising health insurance premiums, which is a nationwide trend. Traditional health insurance models are simply unsustainable for many smaller companies. Many who’ve partnered with MotivHealth, however, haven’t had rate increases.
“We haven’t seen a rate increase in 3 years,” says Dave Rutter, CEO & President of Costa Vida. “In fact we’ve gotten money refunded on the premiums that we paid.”
Hansen says MotivHealth bucks the national trends by working hard to make sure their members are knowledgeable about healthcare benefits, and make smart choices that keep costs down for everyone. MotivHealth provides their members with a price transparency tool, so they can know the cost of care before they receive it. Further, they provide 24/7 support with a local team of personal health assistants, whose job is to help each member get the right care for their situation, and to help them harness the power of their HSAs. Lastly, MotivHealth incentivizes smart healthcare decisions by making contributions into member HSAs.
“Health Savings Accounts are one important part of a solution for greater employee engagement and cost control; this is where all other companies stop,” said JD Oldham, CFO of Great Basin Industrial, headquartered in Kaysville. “MotivHealth provides innovative solutions and value no one else in the market is offering for a better healthcare experience.”
MotivHealth is growing swiftly. After dramatic growth in 2018, their number of members is set to double in two years.