How AI is Improving HSA Asset Transfers

Automation Reduces Blackout Times, Increases Accuracy, and Fast-Tracks Transitions

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For too long, transferring funds between health savings accounts (HSAs) has been a lengthy and frustrating process. Typically, these transfers take several weeks or even months. The reason - most transfers rely on manual form reviews and administrative steps. This not only slows the process but also leaves account holders without access to their funds for long periods, leading to obvious frustration.

Elevate solves this issue by incorporating AI to speed up the transfer process. Instead of relying on manual document reviews, our AI technology scans and processes forms and checks almost instantly. What used to take multiple days sitting in a queue waiting for human processing—now happens the very same day. Additionally, manual errors are removed, eliminating additional time needed for corrections or rework.

In the first week of launching transfer automation, Elevate’s AI scanned and processed $8 million in incoming HSA assets—all within minutes.‍

“With the introduction of AI-powered HSA asset transfers, we’re not just automating one more step in the entire HSA admin process—we’re saving time for that account holder who is waiting to access funds for needed care.

By automating the entire process, we eliminate the bottlenecks caused by manual reviews, which allows our customers to access their funds faster. This is just another example of how Elevate is outpacing both legacy systems and next-gen competitors. We’re not just meeting the industry standard; we’re setting it.”

– Brian Strom, Co-Founder and CTO, Elevate

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Upgrades Made Easier

Elevate's AI-powered HSA transfers simplify the process of switching solutions. Transitioning to a new HSA can often be complicated and time-consuming, and many employers continue to renew sub-par solutions to avoid transition pain points. One primary pain point is that employees lose access to their funds for a period of time during the switch – often called a “blackout” period. Elevate makes extended blackouts a thing of the past by completing transfers within the same day. As a result, employers and account administrators can confidently upgrade to a better tech platform without the risk of employees experiencing extended delays in accessing healthcare savings.

Broad Impact of Automated Processing

This innovation has a major impact on employers, employees, and administrators. Faster transfers mean employees no longer have to anxiously wait for access to their HSA funds. And for employers looking to change HSA solutions or administrators looking to upgrade their underlying platform, automated transfer processing makes big moves much smoother. Benefits include:

• Faster Access to Funds: Customers receive quicker access to their HSA funds, with transfers completed within the same day, providing greater financial security.
• Greater Accuracy: With AI handling the process, manual errors are eliminated, ensuring transfers are processed accurately every time.
• Easier Provider Transitions: Employers can switch solutions with minimal disruption, with rapid processing reducing blackout periods.
• Transparency for Administrators: Organizations administering HSAs, like TPAs, health plans, PEOs, and benefits platforms, can view transfers in real time. This gives partners insights previously unavailable with other solutions.

"Since switching to Elevate’s AI-powered HSA transfers, we've seen a huge improvement in both speed and efficiency. With Elevate, transfers are deposited almost as quickly as they are received, which means our members get quicker access to their funds. It saves time, makes our business more efficient, and improves the overall experience. We’re extremely pleased with the results."

- Jordan Davis, President, Rocky Mountain Reserve

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Elevate's AI-powered HSA transfer process provides faster access to funds for employees, better provider transitions for employers, and greater accuracy. By automating this process, Elevate increases transparency while delivering a better experience for everyone involved. This technology provides a faster and more reliable way to manage healthcare savings

If you’re ready to learn more about HSA automation in action, request a demo today.

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