Health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan. The funds contributed to an account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account (FSA), HSA funds roll over and accumulate year to year if they are not spent. HSAs are owned by the individual, which differentiates them from company-owned Health Reimbursement Arrangements (HRA) that are an alternate tax-deductible source of funds paired with either high-deductible health plans or standard health plans. The excitement around blockchain technology for HSAs comes from its seamless, simultaneous integration of transactions between multiple parties involved in HSAs. Blockchain creates a secure way to share information and conduct HSA transactions across multiple organizations. Only authorized digital workplace HSA ecosystem participants have the ability to see details of their own transactions, providing confidentiality and privacy. All updates are validated and recorded in immutable/encrypted ledgers, which drives security and accuracy. Because all updates are unchangeable and auditable, digital HSAs can accurately trace past activity. Blockchain technology is poised to completely upend the Health Savings Account (HSA) marketplace. Blockchain technology promises to boost trust & data security, increase efficiency (thus decreasing HSA plan costs) and improving data sharing between participants. Our solutions are based on Intellectual Property (IP) and are US Patented. Moreover each solution is customized at the organization level, irrespective of size and industry, as well as to the needs of each individual employee.
The opportunities are limitless.
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