ConnectYourCare, a Baltimore consumer-directed health-care company, said Thursday that it had teamed up with PFPC Inc., a securities-processing subsidiary of PNC Financial Services Group Inc., to offer banks and investment companies an administrative platform for health savings accounts.
Their agreement is expected by April to let financial services companies offer their customers account administration, health-care decision-support tools, and integrated access to a variety of investments including FDIC-insured bank accounts and a selection of mutual funds, according to the unit of Revolution Health Group.
The Wilmington, Del., unit of PNC brings an investment platform to the partnership.
PFPC's HSA outsourcing options include: providing participant-level shareholder record keeping, offering access to variable investment funds through single-sign-on integration with ConnectYourCare's portal and PFPC's multifund platform, acting as custodian for a menu of preselected funds available to ConnectYourCare partners, and supporting a partner that acts as its own custodian and selects its own menu of funds to be placed on the platform.
The agreement will allow banks and investment companies that act as an HSA custodian-trustee to expand marketing of HSAs from employer groups to local health plans and third-party administrators.
