ALBANY, N.Y. — For Members Health Network, LLC, a wholly-owned subsidiary of Members United Corporate Federal Credit Union, the New Year has gotten off to a great start with the signing of its first HealthBanker client–E Federal Credit Union.
The $200 million Baton Rouge, La. credit union has turned to Members Health Network to roll out a Health Savings Account for its members.
HSAs are tax-free portable savings accounts that can be used to pay for medical expenses including prescription and over-the-counter drugs incurred by individuals, spouses or dependents. These accounts are accompanied by high-deductible comprehensive insurance policies that cover preventive care and larger medical bills. Unused HSA money rolls over from year-to-year and can then be used to pay for medical care up to the plan's deductible.
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"We started by giving our employees an HSA plan option in their benefits package. Now we'd like to bring HSAs to our entire membership," said E Federal CU Vice President of Marketing Cris Melancon.
Wanting to go beyond just servicing HSAs, E Federal CU is looking to become a true member resource transforming its Web site (www.efedcu.org) to an HSA portal complete with tools ranging from calculators to compare health plans, to the convenience of opening HSAs online.
As part of Members Health Network's HealthBanker platform, the credit union also has access to the Health Counselor module, which allows users to compare the cost and quality of healthcare providers, and includes a library of health information and service directories. Health Counselor will be available to all EFCU HSA accountholders.
"This partnership is testimony to EFCU's commitment to innovation, to becoming a competitive player in the HSA market, and to improving the member experience. We are honored to be part of that process," said MHN President/CEO Peter Barnard.
Members Health Network was officially launched in September 2007 and for Barnard, the timing of its first client is a sign of things to come in 2008.
"We were thrilled with the response we received from the credit union industry when we opened our doors. HSAs are a prime opportunity for credit unions–and the next two years are critical for our industry in establishing credit unions as leaders in HSAs. With their genuine ethic of quality service, credit unions are in a unique position to help their members better understand and thrive in a changing healthcare system," said Barnard.
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