03 Jun Announcement MHC Selects WEX Health, Inc. to Administer MSA Program
Updated June 3, 2022 As promised, MHC committed to provide ongoing updates as we navigate our way through the RFP process for a new Medical Spending Account administrator. MHC is excited to announce that we have selected WEX Health, Inc. to administer our MSA program beginning July 1st, 2022, and are negotiating a four-year contract.
WEX is an industry leader in payment platform and debit card administration. They are also one of the nation’s largest HSA custodians with more than seven million HSA accounts and over $3.8 billion in HSA assets under management. Additionally, WEX administers VEBA-funded HRAs, HRAs, and health and dependent case FSA.
As a reminder, when Health Equity failed to acquire Further’s VEBA business, we were left with no choice but to find a new partner. MHC released a request for proposal (RFP) in mid-January and moved through the process with five potential partners in consideration.
As part of the process, MHC has successfully leveraged our collective statewide scale to negotiate best-in-class account fees, rates of return, and services that all participating groups and account holders will benefit from.
MHC is actively working in conjunction with WEX and Further to execute the transition. Member accounts will begin transitioning as early as July 1 through October 1, which is the last date available for the transition of VEBA assets. Over the coming weeks we’ll send additional information about the new arrangement and the transition process.
Thank you for your valued participation in the medical spending account program through the Minnesota Healthcare Consortium.
Minnesota Healthcare Consortium
Consumer Directed Healthcare Consultant
email@example.com | (952) 393-2796