Press Release
Consolidated Health Plans Partners with Tango Health for Health Savings Account Administration
Agreement Enables Companies Offering CHP Health Plans to Increase Employee Participation in HSAs and Save Tax Dollars
Springfield, Massachusetts and Austin, Texas — December 15, 2011 — Consolidated Health Plans (CHP), a Preferred Provider Organization (PPO) and third-party health plan administrator and Tango Health, a provider of Health Savings Account (HSA) management software and services, announced today that Tango Health will provide HSA administrative services and software to CHP customers that offer HSA-compatible health plans to their employees.
As part of the agreement, CHP is integrating claims data with Tango Health's web-based HSA management software and will rebrand the software under their own name. The integration provides a much simpler way for CHP clients to manage their HSAs. With the Tango Health solution, CHP expects their clients to see a dramatic increase in employee adoption of HSAs, leading to greater tax savings for both the employees and employers.
Employees of companies offering CHP health plans can now use Tango Health's online software to view and manage processed health claims. They also have the option to immediately reimburse themselves from their HSA for expenses paid out of pocket. Since money in an HSA is deposited tax-free, employees get an immediate 25%-35% tax break. Employers also benefit, saving 7.65% in FICA payroll tax for every dollar in contributions to employee HSA accounts.
Tango Health's online software makes managing HSAs simple with innovative features. These features include the ability to upload receipts from a computer or smartphone, add major credit cards for identification of HSA-qualified expenses, and create a reimbursement directly from the HSA to the employee's own banking account.
CHP uses the state-of-the-art LuminX claims management system, which is the most sophisticated system of its type on the market today. Their HSA participants will have increased simplicity in HSA record-keeping and tax reclamation through addition of the claims data integration.
"Top employers are looking for tools that save money and drive employee participation in HSAs," said Duncan Van Dusen, Tango Health Co-Founder and CEO. "CHP and Tango Health are using technology and data integration to deliver both of these benefits."
Industry reports show that in 2010 alone, HSA under-use cost employees as much as $4 billion in avoidable payroll and income taxes. Employers also lost over $1 billion in payroll tax breaks. Tango Health has increased HSA open rates from the industry average of 55% to nearly 100%, resulting in boosted tax savings for employers and their employees.
About Tango Health®
Tango Health is the premier provider of Health Savings Account (HSA) management software and services. The company offers the only HSA management solution that serves the needs of an employer's entire population of HSA-eligible employees, which ensures employers get the maximum HSA usage and tax benefits for themselves and their employees. Tango Health's user-friendly, web-based software provides unprecedented visibility and control over HSA management. Tango sells directly to employers, and partners with the nation's top custodial banks, insurance brokers, consultants and insurance carriers to enhance their offerings. Founded in 2008, Tango Health is a privately held company headquartered in Austin, Texas. To find out more about the tax savings, automated administration and employee satisfaction benefits that Tango Health offers, visit www.tangohealth.com or call 855-468-2646.
About Consolidated Health Plans
CHP is an industry leading claim administrator providing affordable health insurance and special risk solutions for thousands of policyholders worldwide. CHP offers: student health and accident plans; employee health and dental plans; FSA and HRA administration; participant accident insurance and back-room claim administration for carriers. For more details on our services, visit www.consolidatedhealthplan.com.
Media Contacts
For Tango Health
Nicole Watson
nwatson@tangohealth.com
855-468-2646 x 817
Tango Health is a registered trademark of Tango Health, Inc. All other names may be trademarks or registered trademarks of their respective owners.